Health Savings
Take control of your healthcare spending! An SCE FCU Health Savings Account (HSA) is an easy way to save for healthcare expenses. You deposit money into your HSA, where it earns interest tax-free. Funds are not taxed when they’re used for qualified medical expenses. Although there are limits set by the federal government on how much you can contribute, your balances carry over year to year and belong to you even if you change employers. When you incur a qualified medical expense, such as a doctor or hospital visit, you can pay using your SCE FCU HSA Check Card. It couldn’t be easier!
Who can have an HSA?
Any adult may contribute to an HSA if they meet each of the following:
- Have coverage under an HSA-qualified high deductible health plan (HDHP)
- Have no other medical coverage
- Are not enrolled in Medicare
- Cannot be claimed as a dependent on someone else’s tax return
Qualified & Non-Qualified Medical Expenses
The following list provides examples of eligible and ineligible medical expenses.
| Qualified Medical Expenses | Non-Qualified Medical Expenses |
|---|---|
|
|
Basic Elements - Legal Text
This list is not all-inclusive. Please note the IRS may modify its list of eligible expenses from time to time. We always encourage you to consult your tax advisor should you require specific tax advice. Insured by NCUA up to $250,000.
Rate Table: Checking & Savings
| Dividend Rate7 | APY8 | Compounding | Minimum Balance | Minimum Deposit | |
|---|---|---|---|---|---|
| Rewards Checking | 0.30% | 0.30% | Monthly | $0 | |
| Free Checking | 0.00% | 0.00% | None | $0 | |
| Fresh Start Checking | 0.00% | 0.00% | None | $0 | |
| Teen Checking9 | 0.00% | 0.00% | None | $0 | |
| Prime Savings | 0.12% | 0.12% | Quarterly | $250 | $5 |
| Super Saver | 0.22% | 0.22% | Quarterly | $0 | |
| IRA Savings | 0.40% | 0.40% | Monthly | $0 | |
| Health Savings Checking | 0.05% | 0.05% | Monthly | $0 | $50 |
| Non-Dividend Savings | 0.00% | 0.00% | Monthly | $0 | |
| Youth Savings9 | 0.12% | 0.12% | Quarterly | $5 | |
| Youth Super Saver9 | 0.22% | 0.22% | Quarterly | $0 | |
| Holiday & Vacation Club10 | 0.22% | 0.22% | Monthly | $0 | $10 |
Rates shown effective as of January 2, 2020
7Dividends are calculated on the Daily Balance Method for all accounts. 8APY = Annual Percentage Yield, and is based on the assumption that requirements will be met. Your statement will show the actual Annual Percentage Yield Earned (APYE). This may be different from the APY if the conditions are different from the above assumptions. Early withdrawal is subject to penalty on all Certificates. For example, if there are any fees, they could reduce the earnings on the account. 9Open to members under the age of 18. 10One scheduled distribution per year on both the Holiday Club and Vacation Club accounts - November 1 and June 1, respectively. Both accounts carry an early withdrawal fee of $15.