Having a diverse benefits package is more important than ever due to rising costs of health care and the fact that not all plans are best for everyone. The more diverse the plans you offer, the more diverse the applicants will be that are applying for your open positions. Health Savings accounts, HSA, offer some great benefits for your employees, and for you as well!
Webinar
Watch RCU’s webcast on HSAs for an overview of this unique financial and health tool.
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HSA vs. FSA
What’s the difference between an HSA and an FSA? Compare these two tools with this simple chart.
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Open an HSA
Click here for information on how to open your HSA with Redwood Credit Union.
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FAQs
Click here for a list of commonly asked questions about HSAs, in general, and RCU HSAs specifically.
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Health Savings Accounts Compare
| Health Savings Account (HSA) | Flexible Spending Account (FSA) | |
| Owned by | Individual | Employer |
| Health Insurance | Must be covered by a High Deductible Health Plan (HDHP) | N/A |
| 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 | N/A |
| Access to funds | Use your debit card or Bill Pay or write checks to pay for qualified medical expenses | N/A |
| Monthly Fees | View Fee | N/A |
| Minimum Balance to avoid fees | Â $5 | Â N/A |
Forms
Health Savings Accounts Forms
- Application packet
- Contribution eligibility form
- Contribution and investment selection form
- Direct transfer instruction form
- Beneficiary designation/change form
- Authorized Signer Removal Request
- Authorized Signer Agreement
*You may bring all completed forms into any RCU branch or mail it to the following address:
Redwood Credit Union
Attn: Retirement Services
P.O. Box 6104
Santa Rosa, CA 95406-0104
Education
Get Started
- Health Savings Account (HSA) rates
- Will my Health Savings Account be charged a fee?
- Where can I find concise information about HSAs (Health Savings Accounts)?
- For Health Savings Accounts, what are qualified medical expenses?
- Who is eligible to participate in Health Savings Accounts?
- What happens if you don’t use the money in an HSA (Health Savings Account) by the end of the year?
- How do I close my Health Savings Account (HSA)?
- How do I transfer my Health Savings Account (HSA) from my Current Institution to Redwood Credit Union?
- What is a High Deductible Health Plan (HDHP)?
- What are the contribution limits on HSAs?
- How do I transfer my Health Savings Account (HSA) from Redwood Credit Union (RCU) to another institution?
- Health Savings Accounts (HSA)
- Balancing 401(k) and HSA Contributions
- Interactive Module: Health Savings Accounts
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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