Be financially prepared for the unexpected. Contribute to a Health Savings Account (HSA). Sioux Falls Federal Credit Union (SFFCU) can help you get your healthcare savings in order for when it counts. Stop in and open your account today.

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Your HSA can be treated much like a checking account. You can deposit funds at a SFFCU branch or have it automatically deducted from your paycheck. And you can pay directly to a care provider via your HSA Check Card or withdraw funds at an ATM for qualified medical expenses.

Most medical care and services are including, as well as dental and vision care and drugs. You generally cannot use the money to pay for medical insurance premiums, except under specific circumstances, including COBRA continuation coverage, long-term care insurance and Medicare premiums.

You can use the money in an HSA to pay for medical expenses for yourself, your spouse or your dependent children. Any amounts used for purposes other than qualified medical expenses are taxable as income and subject to an additional 20 percent penalty.

You must have coverage under a qualified “High Deductible Health Plan” (HDHP) before you can open and contribute to an HSA. Generally, this is health insurance that does not cover first-dollar medical expenses. There are deductible and out-of-pocket limits that adjust each year.

There are annual limits on how much can be contributed to your HSA. Check with a SFFCU team member what the most recent limits are. All contribution limits must also be pro-rated if you do not have HDHP coverage for the entire calendar year.