Not everyone is eligible to open a Health Savings Account.

First, take a look at your health insurance coverage. To contribute to an HSA, you must be covered under an HSA-eligible high deductible health plan (HDHP).

Additionally:

1. You cannot be covered by another health plan (with limited exceptions)
2. You cannot be enrolled in Medicare
3. Finally, you cannot be eligible to be claimed as a dependent on another person’s tax return

If you are out on your own, and are enrolled in a high-deductible health care plan, an HSA can be a great way to meet your deductible tax-free and save for unexpected medical expenses.

Spirit of Alaska’s Health Savings Account is a checking account product, with a debit card issued to access funds in the account. Simplify your life by managing your savings in one trusted and familiar credit union, while earning competitive interest on balances.

You will also enjoy no statement, paper or maintenance fees on our HSA account.

Due to the tax-advantages of the account, access limitations include:

• No paper check usage
• No transfers into the account through online banking
• No overdraft protection
• No Bill Pay checks issued from the account
• $5000 point-of-sale limit
• No ATM access to cash

Contributions to the account may be made through deposits in person at any branch, setting up an ACH transaction, and payroll deduction. You may also request that our operations department transfer funds through sending us a message on our online banking system.

Check out the FAQ for more detailed information on our HSA account.