Not everyone is eligible to open a Health Savings Account.

First, take a look at your health insurance coverage. To contribute to an HSA, you must be covered under an HSA-eligible high deductible health plan (HDHP).

Additionally:

1. You cannot be covered by another health plan (with limited exceptions)
2. You cannot be enrolled in Medicare
3. Finally, you cannot be eligible to be claimed as a dependent on another person’s tax return

If you are out on your own, and are enrolled in a high-deductible health care plan, an HSA can be a great way to meet your deductible tax-free and save for unexpected medical expenses.

Manage it in one place

Simplify your life by managing your finances in one trusted and familiar credit union, while earning competitive interest on balances.

Contribute what you need to cover medical expenses

Contributions to the account may be made through:

• Deposits in person at any branch
• Setting up an ACH transaction
• Payroll deduction
• Requests to our operations department to transfer funds. Requests can be made by sending us a message through the online banking system.

Tools for keeping records

Account holders are responsible for keeping records and receipts for all medical expenses paid using their HSA account. To make this process as simple as possible, we provide several tools through online banking:

• e-Statements – view every statement generated for your account
• Records of your debit card transactions
• Electronic receipt records of contributions

Spirit of Alaska’s Health Savings Account is a limited checking account product, with a debit card issued to access funds in the account.

Due to the tax structure of the account, there are limitations to accessing your funds, which include:

• No paper check usage
• No transfers into the account through online banking
• No overdraft protection
• No Bill Pay checks issued from the account
• $5000 point-of-sale limit
• No ATM access to cash

Check out the FAQ for more detailed information on our HSA account.