Remember to activate and start using your new CapEd Mastercard Debit card. All Visa debit cards are now closed. Learn more about new Mastercard Debit and Credit cards.
Remember to activate and start using your new CapEd Mastercard Debit card. All Visa debit cards are now closed. Learn more about new Mastercard Debit and Credit cards.
Health Savings Account (HSA)
Opening an HSA is a great way to empower yourself for physical and financial well-being. It can serve as an emergency saving technique for eligible medical expenses and a key component of your personal health savings plan.
What is a Health Savings Account?
An HSA is a savings account you can use to save money tax-free1 to pay for deductibles, copayments, coinsurance, and other eligible medical expenses. It is designed to be used alongside an eligible health plan, such as most High Deductible Health Plans.
An HSA is available to taxpayers who are covered by an eligible health plan and meet requirements. The funds you contribute to a HSA may not be subject to federal income tax at the time you deposit them into your account. The funds you deposit into your HSA roll year over year if you don't spend them, so you can save for short-term and long-term medical expenses.
CapEd HSA, Powered by Lively
CapEd has partnered with Lively HSA to offer a comprehensive online and mobile banking experience for health savings account holders.
- Simple, intuitive, online dashboard - Set up, fund, and manage your HSA from your computer browser or on the go with the "Lively" mobile app (available for iOS and Android devices).
- Swipe or get reimbursed - Use your HSA debit card to pay for eligible expenses with HSA funds or pay out-of-pocket and reimburse yourself in just a few steps from your Lively dashboard.
- Personalized investment options - Account holders can choose from two ways to invest their HSA funds with no cash minimum required.
- Comprehensive education & resources - Lively provides dynamic and timely educational content. Find it on the Lively Blog, Lively's online Resource Center, or directly in your inbox.
Why Lively?
CapEd Credit Union has always been committed to helping members improve their financial well-being. That's why CapEd is working with Lively, creators of the modern Health Savings Account (HSA). With Lively's top-rated HSA experience and accessible customer service, CapEd members can maximize healthcare savings with ease.
Individual HSA Benefits
- No minimum deposit required
- No required monthly service charges
- Tax-free spending on eligible medical expenses
- Tax-free contributions and growth
- Lower tax burden
- No transaction fees
- Earn dividends that are compounded and credited monthly
- Long-term savings
Open a Health Savings Account
To begin the account opening process for a CapEd HSA, powered by Lively, let us know which CapEd branch location your CapEd Membership is associated with below (this is the branch you visit most frequently). If you are not yet a CapEd Member, find out how you could qualify for membership and become a member today.
Lively HSA Widget in CapEd eBanking
Managing your CapEd HSA, powered by Lively, is now easier within CapEd eBanking. Using the Lively HSA widget, you will now be able to log into your HSA dashboard using single sign-on (SSO). This means you get to log in once, then get back to it any time you need to without the hassle of typing in your credentials.
Resources
Tools to help you with your Health Savings Account.
Guide to Health Savings Accounts
Learn everything you need to know about getting a health savings account, as well as how to use it effectively.
Learn what you can and can't purchase with your Health Savings Account with this up-to-date list.
Optimal HSA Contribution Calculator
Use this calculator to figure out which type of HSA is right for your financial lifestyle and circumstance.
Use this calculator to figure out how much you'll save on taxes based on contribution amount with this online tool.
FAQs
The following is a list of some of CapEd's top member questions with answers to help you meet your needs faster:
You may be eligible for an HSA if your health plan meets the IRS criteria for a high-deductible health plan (HDHP). In 2023, this means your minimum deductible is $1,400 for individuals or $2,800 for families. And your maximum out-of-pocket is $7,050 for individuals or $14,100 for families.
Other eligibility requirements include being enrolled in a qualifying high-deductible health plan (HDHP), having no additional health insurance coverage (excluding vision and dental plans), not being enrolled in a General Purpose Flexible Spending Account, not being a dependent on any other person's tax return, and not being enrolled in Medicare of Medicaid. Learn more on Lively's blog.
The IRS sets annual contribution limits for HSAs. In 2023, health savings account limits dictate that individuals may contribute up to $3,650, and families may contribute up to $7,300. If you are 55 or older, you may add another $1,000 on top of that. These limits are subject to change year to year. Find out your best HSA contribution amount based on plan type and other demographic and geographic factors with the Optimal HSA Contribution Calculator.
Health savings account rules not only include how much you can contribute to your account annually; they also include specific expenses you can use your HSA funds for. You can use your HSA for a wide range of qualified expenses, such as doctor's visits, prescription drugs, imaging, lab work, medical equipment, contacts lenses, dental work, physical therapy, feminine hygiene products, etc.. Refer to IRS Publication 502 for comprehensive guidelines. What's eligible? Use the eligible expenses checker to find out.
No, unlike with a Flexible Spending Account (FSA), HSA funds never expire. The HSA is owned by you, not your employer, so even when your job situation changes, you don't have to worry about losing the funds in your HSA. This is why HSAs make a great component of any retirement strategy. Since funds never expire, after age 65 you can use them just like a 401(K).
Yes! Check out our HSA for Employers page for more information.
Questions?
Our partners at Lively are ready to answer your HSA questions via phone or email.
Disclosures
1 Consult a tax professional for guidance and tax advice.
