Have a high-deductible health plan? A Dupaco Health Savings Account (HSA) is a smart way to set money aside for current and future medical expenses. It’s like a personal savings account, but with extra benefits!
How It Works
An HSA is basically a savings account with investment earnings and tax advantages*. It gives you the flexibility to pay current medical expenses or save for future medical expenses
- Your contributions to the account may be tax-deductible*
- Your balance may earn tax-deferred* dividends
- Distributions may be tax-free* when the account is used properly
*Consult a tax advisor for additional tax information.
If you don’t use all the funds in your health savings account, don’t worry — your balance carries over from year to year, and it remains with you regardless of changes in coverage or employment.
HSA Eligibility
To be eligible to for a Dupaco HSA, you must meet the following IRS-defined requirements:
- You must be covered under a high-deductible health plan (HDHP)
- You aren’t covered by another health plan (with limited exceptions)
- You aren’t enrolled in Medicare
- You can’t be claimed as a dependent on another person’s tax return
Other restrictions and exceptions may also apply. We recommend consulting a tax, legal or financial advisor to discuss your personal needs and eligibility.
Tax-deductible contributions
Tax-free dividends on contributions
Tax-free withdrawals for qualified expenses
Easy Access to Your Funds
Your Dupaco HSA makes it simple to access and track your qualified medical spending. Easily track your account using free online and mobile banking, electronic statements and notifications, check images, and many other convenient online tools. You’ll also enjoy:
- No limits on check writing and no per-check charges
- Free MoneyCard*/Debit MasterCard with EMV chip and contactless payment technology for use at medical service providers and merchants.
- Free in-person cash withdrawals at any Dupaco branch
*To help you keep your funds separate, your Dupaco HSA MoneyCard (debit MasterCard) will access only your HSA checking package. It will not access your share savings account or provide overdraft protection.
Competitive Dividends
The money you set aside for medical expenses can earn dividends while it’s waiting to be used. Daily dividends are paid monthly back to dollar one, and you earn higher rates for higher balances.
| Balance | Dividend Rate | Annual Percentage Yield (APY)1 | Min. to Open | Min. to Earn |
|---|---|---|---|---|
| $25,000+ | 0.40% | 0.40% | $25 | $25,000 |
| $10,000 - $24,999.99 | 0.35% | 0.35% | $25 | $10,000 |
| $2,500 - $9,999.99 | 0.30% | 0.30% | $25 | $2,500 |
| up to $2,499.99 | 0.25% | 0.25% | $25 | $0.01 |
| Rates are effective as of 04/01/2023 and are subject to change without notice. 1Health Savings Account Rates: Dividends and annual percentage yields (APY) accurate as of the last dividend declaration date. The dividend rate and annual percentage yield may change after account opening. Fees could reduce earnings on the account. |
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Easy Set Up
Once you’ve verified with your health insurance provider that you have an HSA-qualified plan, it’s easy to set up an HSA with Dupaco.
- $25 minimum opening deposit
- One-time set up charge of $15 (reduced to $10 when enrolled in free eStatements)*
- No monthly service fee** if you have a combined average monthly balance of $2,500 in your HSA and/or Dupaco checking***, or if you have Dupaco checking with direct deposit and free eStatements
* Subject to tax
** $2.00 monthly service fee if criteria isn’t met (also subject to tax)
*** Checking account eligibility subject to Chex Systems review
Open a Dupaco HSA
To get started, simply visit any of our locations or give us a call at 800-373-7600, ext. 218. We’ll walk you through the details on contribution limits, expense tracking and other key HSA account facets.
