Health Savings Account (HSA) - Mutual First Federal Credit Union

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Health Savings Account (HSA)

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Mutual 1st Federal Health Savings Account (HSA) allows you to save for future medical expenses when used in conjunction with your high deductible health plan. Accessing your HSA funds is as easy as swiping your HSA debit card.

Health Savings Account Benefits:

  • Allows you to save for future medical costs
  • Conveniently pay for qualified healthcare expenses
  • Check your balance online or with our mobile banking app
  • Account balance travels with you even if you change jobs
  • No “use it or lose it” rule

Health Savings Account Details:

  • HSA account has no minimum balance to open
  • Free debit card
  • Earn tax-free dividends on your balance
  • Balances up to $250,000 are insured by NCUA
  • Contributions accepted through direct deposit or in our branches
  • Must have a Qualified High Deductible Health Plan (HDHP) to open account
  • If not enrolled in a HDHP you may still roll over or transfer funds from your current HSA into a Mutual 1st Federal HSA

For more information on HSAs, talk with your employer or visit the US Department of Treasury.
Employers: To enroll an employee group, contact us at 402.697.8200 or info@mutualfirst.com

Please consult your employer and/or tax professional for complete details on pretax contributions, tax-free gains and tax-free withdrawals. Health Savings Accounts have an annual fee of $25.00, charged on July 31 of each calendar year. Your employer may opt to pay the annual account fee. The following open accounts with the credit union will waive the $25.00 annual fee: Rewards Checking account, a first mortgage loan or a new or used auto loan with a balance of $10,000.00 or more when annual fee is charged. Your Mutual 1st Federal membership is established by a primary share savings account with a $5.00 minimum balance and a Health Savings Account may be opened thereafter. Rates may change after the account is opened. Fees may reduce earnings.

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