Holiday Reminder

FAIRWINDS branches will be closed on Thursday, November 23 in observance of Thanksgiving.

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Minimize your tax liability and enjoy peace of mind when you manage your health care costs by building a Health Savings Account.

As of November 15, 2017, FAIRWINDS will no longer be offering new HSA accounts. Members with an existing HSA account can continue to manage their HSA account online.

Overview

If you are enrolled in a High Deductible Health Plan then you may be eligible to open a Health Savings Account (HSA).

Tax Advantages

Contributions may be 100% tax deductible

Withdrawals to pay for qualified medical expenses are not taxed

Interest earnings accumulate tax-deferred, and if used to pay qualified medical expenses, are tax-free

Added Benefits

  • Savings – unlike healthcare premiums, unused HSA dollars remain in the account and earn interest until used
  • Flexibility – the savings account can be used to pay for a broad variety of services including dental, vision and prescription medication
  • Portability – the savings account is yours regardless of job change
  • Timeless – there is no requirement to use the funds by a certain time each year so your balance can roll over and not be forfeited

The Details

Current Rate — rates as high as 0.25% APY

Monthly maintenance — $2.50

Excess contribution, per return — $10.00

Additional HSA debit card — $5.00

See Service Charge Schedule for additional fees that apply to all FAIRWINDS accounts.

APY = Annual Percentage Yield
Fees can reduce earnings on the account.