Routing Number: 282075028
Health Savings Account
How does it work?
Looking for a great, tax-advantaged way to save on copays, prescriptions, long-term care, and other qualified medical expenses? Do you have a high-deductible health plan (HDHP)? If so, a Health Savings Account (HSA) may be for you.
An HSA is like no other savings account. The money you contribute to an HSA goes in, grows, and comes out income-tax free when used for qualified medical expenses. Plus, the account is yours to keep even if you change jobs or move off a qualifying HDHP.
Arkansas Federal HSA Benefits
EASY ACCOUNT ACCESS
Use your HSA debit card to pay for qualified medical expenses and monitor your spending through Digital Banking
SUPPLEMENT YOUR RETIREMENT PLAN
After age 65, you can use the funds for non-medical expenses without penalty.
IT’S YOURS TO KEEP
Even if you leave your employer, relocate, or become unemployed, the money is yours.
NO “USE IT OR LOSE IT” HEALTH SAVINGS ACCOUNT RULES
Unlike a Flexible Spending Account (FSA), any unused money in your account is carried over to the next year.
NO MIN. HSA BALANCE REQUIRED
We don’t charge a fee for a low balance.1
You get tax free earnings and tax savings when you contribute.2
Earn 0.20% Variable APY1 on your balance.
Your money is federally insured by the NCUA.
DO I QUALIFY FOR AN HSA?3
To be eligible and qualify for an HSA, you must meet the following requirements:
- You are covered under a High Deductible Health Plan (HDHP)
- You have no other health care coverage, except what is permitted under “Other Health Coverage,” listed on IRS.gov
- You are not enrolled in Medicare
- You cannot be claimed as a dependent on someone’s tax return
- You have not received Veteran’s Affairs medical benefits within the past 3 months
- You do not have a Flexible Spending Account (FSA) or a Health Reimbursement Account (HRA)
1. APY is Annual Percentage Yield. Offer and rates subject to change. APY is valid as of 9/16/2020. Fees may limit earnings. $25 minimum balance required to open account. Certain exclusions may apply.
2. Health Savings Accounts are subject to limitations and/or penalties imposed by the Internal Revenue Service. Please consult your tax advisor to determine your specific tax situation.
3. To confirm your eligibility to open an HSA, check with your employer, health insurance provider or the U.S. Treasury’s website