Health Savings Accounts

Pioneer Credit Union is proud to offer our newest product, Health Savings Accounts. In order to help our members become more familiar with Health Savings Accounts, we have provided answers to the most frequently asked questions. To determine if you are eligible for a Health Savings Account, please speak with your Benefits Administrator at your place of employment. When you are ready to open an account, please speak with a Relationship Manager at any branch.

What is a Health Savings Account?

A Health Savings Account, or HSA, is a tax-advantaged medical savings account. It provides members with a tax-free way to pay for qualified medical expenses.

Who is eligible for a Health Savings Account?

• Individuals who are covered by a high-deductible health plan.
• Individuals may not be entitled to Medicare.
• Individuals cannot be claimed as a dependent on someone else's tax returns.
• Individuals may not be covered by additional health plans that do not qualify as a high-deductible health plan.

What types of accounts are available?

Pioneer Credit Union offers a savings and a checking account for your Health Savings Account deposits.

How do you make deposits into a Health Savings Account?

• Through direct deposit.
• In-person at any Pioneer branch location.

What are the maximum amounts that I am able to contribute to a Health Savings Account?

You can view what the maximum contribution amounts are for a particular year by going to the government's website or click here. It is your responsibility to ensure you do not exceed the maximum contribution amounts.  If maximum contributions are exceeded, it is the responsibility of the account holder to report the excess amount on federal income taxes and pay any applicable taxes on the amount.  Please contact a financial advisor or tax preparer for more information on the taxation of excess HSA contributions.

How do you take distributions from a Health Savings Account?

Withdrawals may be made at any Pioneer branch for qualified medical expenses. If you choose to have a checking account, withdrawals may also be taken by a debit card or check.

For more details on Health Savings Accounts, please visit any Pioneer Credit Union location and ask to speak with a Relationship Manager.

Please consult a tax advisor regarding the specific tax implications of any withdrawals or deposits to a Health Savings Account.