Home Equity Line of Credit- Hawaii USA Federal Credit Union

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Health Savings Accounts

At HawaiiUSA, we’re focused on your financial health as well as your physical well-being. With the rising costs of healthcare, our Health Savings Account (HSA) was created to temper the impact and help prepare you and your family for any future medical expenses. Since you have control of the account, you decide how you want to use the funds for qualified medical costs and related expenses. 

HSA Benefits

Triple Tax Benefit

  • Tax-deductible contributions
  • Tax-free earnings
  • Tax-free and penalty-free distributions from qualified medical expenses

No “Use It or Lose It” Rule

Since you have control of your HSA, it follows you wherever you go. Whether you change jobs, change coverage, or become unemployed, your HSA funds stay with you and are rolled over automatically year after year. That’s right! Unused funds will rollover each year and continue to earn tax-free dividends.

More HSA Benefits

  • Anyone can contribute to a HSA
  • Funds can be used to pay for qualified medical expenses of yourself, your spouse, or other dependents
  • Penalty-free distributions for non-qualified medical expenses after age 65

Open a HSA

There are four requirements to have a HSA:

  • Must have a high deductible health plan (HDHP)
    • Must have a HDHP on the first day of the month for which you are opening an HSA. For instance, if your HDHP coverage begins on the 15th of the current month, you may open a HSA on the following month. If you already have an existing HDHP prior to the first day of the month, you are eligible to open a HSA.
  • Have no other major medical insurance coverage
  • Not enrolled in Medicare (generally under age 65)
  • Not claimed as a dependent on another individual’s tax return

Choose from our Individual or Family HSA:

  • Minimum opening deposit of $100 (no minimum balance after opening)
  • One-time setup fee of $25
  • Monthly account service fee of $1
  • HSA checks available
  • Five-tiered rates mean the higher your balances, the higher your rate of return
  • Conveniently located branches to help with your contributions, withdrawals, check orders, etc.

HSA Resources

For more information, please consult your healthcare provider, a tax professional, or visit the Internal Revenue Service website at www.irs.gov (Publication 969)

Contribution Limits

A contribution is a deposit of money into a HSA. The chart that follows shows the contribution limits. Additionally, a “catch-up” contribution is available for eligible individuals who are ages 55 or older by the end of the taxable year and have not enrolled in Medicare. 

Tax Year Maximum Annual Contribution - Standard Additional Catch-up Contribution for Owners Ages 55 or Older Deadline to Fund
Self-Only Family
2014 $3,300 $6,550 $1,000 April 15, 2015
2015 $3,350 $6,650 $1,000 April 15, 2016


A distribution is a withdrawal of money from a HSA and is tax-free and penalty-free at any age if used for qualified medical expenses. With a HSA, you can pay for qualified medical expenses of yourself, your spouse, or other dependents. 

Eligible Medical Expenses – IRS Publication 502

High Deductible Health Plan (HDHP)

The IRS sets annual requirements for the minimum deductible and maximum out-of-pocket expenses for HSA-compatible health plans. You can take a full federal deduction so long as you start your HDHP coverage no later than December 1st of that year.  Please verify with your healthcare provider that your plan is compatible. 

HDHP Annual Deductible Maximum Out-of-Pocket Expenses
Tax Year Self-Only Coverage Family Coverage Self-Only Coverage Family Coverage
2014 $1,250 $2,500 $6,350 $12,700
2015 $1,300 $2,600 $6,450 $12,900

Contact Us

Oahu: (808) 534.4300
Toll-Free: (800) 379.1300


Share Savings as high as 0.10%
PMMA as high as 0.30%

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HawaiiUSA FCU For more information, call HawaiiUSA FCU at (808) 534.4300 or toll-free (800) 379.1300, click or visit one of our branches.
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