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Health Savings Accounts

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When you open a Health Savings Account with RCU, you'll enjoy more flexibility and control over health care costs. If you have a high deductible health plan, consider this:

  • Health Savings Accounts (HSAs) allow your employer to make pre-tax contributions on your behalf
  • Other contributions you make on an HSA are tax deductible, allowing you to save on medical expenses
  • Distributions may be tax-free when used for qualifying expenses
  • HSA limits can vary year to year (ie: 2015: $3,350 for individuals; $6,650 for families)
  • You must be eligible to participate in an HSA
  • Access your account through checks or your RCU HSA debit card
  • Funds carry over year after year, no "use it or lose it" provision
  • You must maintain an RCU membership to be eligible

Do you have questions about high-deductible health plans (HDHPs)?

Want to know about HSA contribution limits?

*You may bring all completed forms into any RCU branch or mail it to the following address:
Redwood Credit Union
Attn: HSA Department
P.O. Box 6104
Santa Rosa, CA 95406


Health Savings Account (HSA)

Flexible Spending Account (FSA)

Owned by



Health Insurance

Must be covered by a High Deductible Health Plan (HDHP)


Maximum Annual Contribution

Yes, as established by the IRS

Yes, limited to the lesser of amount established by IRS or Employer

Tax Advantages

Yes, on contributions, earnings and distributions for qualified medical expenses

Yes, on contributions made via payroll deduction

Carryover of Funds Yes, funds can carryover year after year No, the funds are a "use it or lose it"
Account Options

Savings or checking


Access to funds

Use your debit card or Bill Pay or write checks to pay for qualified medical expenses


Monthly Fees

View Fee


Minimum Balance to avoid fees



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