[Ogden, 03/07/2017] – Wasatch Peaks Credit Union offers Health Savings Accounts that allow customers to put away pre-tax money for present or future qualified medical expenses. The money that clients contribute to this account is tax-deductible. Furthermore, the dividends paid to the account are tax-free.

HSA Features and Benefits

Clients need not pay anything to open an HSA account; there are no enrollment fees. As of press time, the annual percentage yield of this account is 0.05%. Furthermore, it provides clients with easy access to funds. Clients can also have their payroll directly deposited into this account without paying any fees.

The distributions for both interest and contributions in an HSA account are tax-free, provided that clients use it for qualified medical expenses. The National Credit Union Administration (NCUA) insures the funds up to $250,000. Additionally, the funds will stay in the account from one year to the next until the client uses it to pay for medical costs.

Eligibility Requirements

Those interested to apply for a Health Savings Account at Wasatch Peaks Credit Union have to meet these eligibility requirements:

• The customer should have no other health coverage.
• The customer should not be included as a dependent on another person’s prior yearly tax return.
• A High Deductible Health Plan (HDHP) is required.
• The client has not enrolled in Medicare.

Enrolling in HSA

After enrolling in an HDHP from a private insurance carrier or employer, clients may visit a branch to fill out an HSA application. Alternatively, they may call 801-627-8700 for assistance.

About Wasatch Peaks Credit Union

The credit union offers various types of financial products, such as mortgage loans, savings accounts, insurance, and business loans. It takes pride in these core values that direct its communication, actions, and member service: trust, excellence, innovation, integrity, vision, and community. It aims to become the first choice for trusted and innovative financial services in the communities it serves.

Visit https://wasatchpeaks.com/ for more information.