Health Savings Account (HSA) support

The maximum contribution amounts you can make to your HSA account (based on your coverage) are in the chart above. Please ensure that you meet the eligibility requirements to open an HSA account to contribute.

Sole proprietors and others who are self-employed can have an HSA, and are, in fact, often ideal candidates for an HSA. In such situations, the business owner is both employer and employee. HSAs are often advantageous for the self–employed because:

• high–deductible health insurance plans generally have modest premium costs, and may be an effective cost–containment mechanism
• the self–employed individual is protected against potentially catastrophic healthcare expenses, and
• the HSA may serve the dual purpose of providing for both medical and retirement expenses

You can, but you’ll need to pay a 20 percent tax penalty for the total amount you withdraw.

For standard delivery, send forms for new or existing HSA accounts to:
Patelco Credit Union
HSA Department #25
3 Park Place
Dublin, CA 94568
For overnight delivery, send forms for new or existing HSA accounts to:
Patelco Credit Union
HSA Department #25
3 Park Place
Dublin, CA 94568

Yes. Everyone who has an HSA or contributes to one is required to report: the account holder, employers, and the HSA’s custodian or trustee.

• Contributions are deductible from federal taxes up to the maximum allowable amount. Please consult your tax advisor for details.
• Dividends earned are free from federal tax.
• Qualified medical expense withdrawals are free from federal tax.
• Unused HSA funds may be used for retirement: after reaching the age of 65, funds may be used for non-qualified expenses, penalty-free. Funds taken out of your HSA account during retirement will only be subject to income taxes, not penalties.
• Upon death, HSA assets become the property of a named death beneficiary or estate. A spouse can treat the assets as his or her own HSA. Non-spouse death beneficiaries will need to report the assets as ordinary taxable income.
• Some states allow tax-deductibility. Please consult your tax advisor for details.

• Doctor visits
• Prescriptions
• Transportation to get to medical care
• Dental care
• Long-term care insurance
• Healthcare coverage when unemployed
• Certain continuation-of-benefit healthcare coverage
• Certain health insurance after age 65

See the complete IRS list of qualified medical expenses (PDF).

You are eligible for any calendar month if you:

• are covered under an HDHP on the first day of such month;
• are not also covered by any other health plan that is not an HDHP (with limited exceptions)
• are not enrolled for benefits under Medicare (generally not yet age 65)
• are not eligible to be claimed as a dependent on another person’s tax return

Still not sure whether you qualify for an HSA? Call us at 800.358.8228.

You can find your complete 14-digit HSA account number by logging into Patelco Online™ and tapping on the HSA account. Then select Account Details (will be listed as Show Details on the App) and look for Account Number for Direct Deposit and ACH Transactions. Full Patelco HSA numbers begin with “746” followed by zeroes (enough to make the full number 14 digits long), your Member Number, and a two-digit account type identifier.

For example, the complete 14-digit HSA account number for Member Number 12345 with HSA account suffix 80 is 74600001234580 (746 + 0000 + 12345 + 80)

You’ll need to use your complete 14-digit HSA account number when submitting requests for electronic contributions and/or electronic payments.