Save now for future medical expenses
Be prepared for the future with our health savings account (HSA).
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Good to know
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Only offered on high-deductible plans
You must have a high-deductible health plan to qualify for an HSA.
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Keep your receipts
You should keep receipts to prove that your withdrawals were used for qualified health expenses.
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Low monthly fee
Beginning 12 months after enrollment, keep $5.00 or more in your HSA to avoid a low monthly fee.
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Exclusions apply
An HSA cannot be used to pay for some types of healthcare costs (see IRS Publication 969).
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Can't be used with Medicare
Once you enroll in Medicare, you can no longer contribute to an HSA.
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1
Become a Member
You must maintain an RCU membership to be eligible.
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2
Check your health plan
You must have a high-deductible health plan.
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3
Apply for an HSA
Once you're approved, you can start saving!
Have a question?
At RCU, we're known for our reliable service, and we'll answer your questions and calls quickly.
Be prepared for future healthcare costs
Open an HSA and take control over your healthcare expenses.
Rates
All Highlights
Pre-tax contributions from employer
Employers can contribute pre-tax funds to your HSA.
Tax deductible
You may be able to subtract HSA contributions from your taxes—consult a tax professional to learn more.
Tax-free spending on healthcare
Qualifying medical expenses are exempt from taxes, allowing you to afford more healthcare.
Funds carry over each year
Unlike Flexible Spending Accounts, you won’t lose your HSA funds if you don’t use them.
Flexible payment options
You can use checks or an HSA Visa® debit card to pay for your healthcare expenses.
Contribution limits up to $7,100 for families and $3,550 for individuals
You can save more pre-tax dollars for healthcare costs with HSAs than other types of savings accounts.
Manage your HSA account in online and mobile banking
Open your account, make deposits, withdrawals, and transfer funds within RCU online and mobile banking.
Federally insured
Redwood Credit Union’s accounts are federally insured by the National Credit Union Association for a minimum of $250,000.
HSA online application
Already have an RCU account?
(We’ll pre-fill your application)
New to RCU?
Eligibility
You can become a Member of RCU if you meet any of the following criteria:
- You live, work or own a business in the counties of Sonoma, Marin, Napa, Mendocino, Lake, San Francisco, Solano, or Contra Costa.
- You are an immediate family member of a current RCU Member.
- You work for a designated Select Employer Group.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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