Altra’s Routing #: 291881216
Savings

Health Savings Accounts

Take charge of your health care spending.

How to Open a HSA

Thank You for your interest in opening up a Health Savings Account. Please click on the button to the left below the picture and we will respond to your email within 24 business hours. You must be a member of Altra Federal Credit Union, click to apply for membership.

You will need to be the primary member on your account for your HSA. Some questions we will ask you to complete your HSA application include:

  • Your marital status. (If you are married and choose to designate a beneficiary other than or in addition to your spouse, we will need authorization from your spouse.)
  • Your beneficiary designation if any. (Upon your death, who you wish your HSA to be paid to. We will need their name(s), address(es), date(s) of birth, relationship, and social security number(s) if you plan on making a contribution at this time.)

 

Before submitting any personal information, or attaching any documents containing personal information, please ensure you are sending the information securely.  If you do not have access to a secure email site to submit your information to Altra, please visit “altra.org/contact” and select “secure email” option.

How to Move a HSA

Do you have a HSA elsewhere you would like to add to your Altra HSA?  We can help.  If you already have an Altra HSA, tell us where your other account is held. We will need the HSA Trustee or Custodian information:

  • Financial Name
  • Full address
  • Phone number
  • Account number
  • Balance

We will send instructions to rollover the full amount to Altra, close out your other account, and ensure that it is coded correctly as a rollover for tax purposes.  We will send you a form to sign and authorize the transaction.  Some financials may require additional paperwork to process. If we need anything additionally signed from you, we will contact you.  If you do not have an Altra HSA, please refer to the how to open instructions.

Before submitting any personal information, or attaching any documents containing personal information, please ensure you are sending the information securely.  If you do not have access to a secure email site to submit your information to Altra, please visit “altra.org/contact” and select “secure email” option.

What is a HSA?

Health Savings Accounts (HSAs) are consumer directed health coverage that combines a high deductible health plan with a tax-free savings account for medical expenses. A HSA enables you to pay and save tax-free for qualified medical expenses, including doctor’s visits, prescriptions, vision, dental, chiropractors, and more.

You control how and when you spend the money in your HSA and your balance can grow year after year, tax-free, through retirement.

You must have coverage under a HSA-qualified high deductible health plan to open and contribute to a HSA. The qualified deductible amount changes each year.

Why choose an Altra HSA?

  • No fees or minimum balance required.
  • Great rate!
  • FREE debit card.
  • Can consolidate other Health Savings plans into one with Altra if needed.
  • Set up automatic deposits.

What are the benefits of a HSA?

High Deductible Health Plan:

  • Can cost less than other health plans.
  • Provides quality health insurance.
  • One calendar-year deductible per family.
  • Can pay 100% of covered expenses after deductible is met.

HSA Savings:

  • Tax-deductible contributions.
  • Tax-free earnings.
  • Tax-free payment of qualified medical expenses.
  • Used to meet your deductible.
  • Rolls over year after year. There’s no “use it or lose it” penalty.
  • Portable, goes with you wherever you go.

What can a HSA be used for?

  • Health insurance premiums when you’re between jobs.
  • Qualified long-term care premiums.
  • Medicare premiums and out-of-pocket expenses.
  • Living expenses after age 65 (pay ordinary income taxes).

Note that HSA funds can no longer be used for over-the-counter medication, except in limited circumstances; check with your tax advisor for details.

For more information, see IRS Publication 969 (PDF)

Do you have an unexpected medical expense, but not enough for your HSA to cover it?

We can help!

  • An Altra Line of Credit or Personal Loan may be an option to help you with your medical expenses.
  • No fees and competitive interest rates make this a great option.
  • Rates and terms are determined by your individual credit history.
  • Loan proceeds deposited to a HSA will be reported as a regular contribution and are tax reportable (for 5498SA).
  • Contributions are limited to IRS limits.
  • Loan proceeds not deposited to a HSA will not have any HSA tax benefits.
  • Loan payment terms and conditions will be disclosed based upon the loan product chosen.

Health Savings Account (HSA) Rates

Rates effective September 1, 2020; subject to change.

 Minimum Balance Dividend Rate APY*
$0-$4,999 0.50 0.50
$5,000 & over 0.75 0.75

*APY= Annual Percentage Yield. Rates subject to change.

2020 HSA Contribution Limits, Deductibles & Out-Of-Pocket Expenses
    Minimum Deductible  
  Maximum Out-of-Pocket    Contribution Limit Under 55 
  Contribution Limit Over 55 
Single
$1,400 $6,900 $3,550 $4,550
Family
$2,800 $13,800 $7,100 $8,100

Please contact your insurance agent to verify your deductibles and out of pocket limits.

Are you a business owner considering offering your employees a HSA?

Contact an Altra Financial Services Representative for more information or to set up an appointment.

Health Savings Accounts for Employers
Health Savings Accounts for Employers

Not an Altra member? Apply for membership!

It’s easier than ever to join Altra Federal Credit Union. We offer several eligibility options that qualify you and your immediate family/household members for membership based on where you live, work, worship, or attend school.

Open a New Account Today

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