Health Savings Accounts (HSA)

A Health Savings Account or HSA is a tax advantaged medical savings account that is owned by the individual. They are designed to be used in conjunction with a High Deductible Health Insurance Plan. The money contributed to the account is not subject to the federal tax at the time of deposit, so it’s pre-tax dollars for employees or tax deductible if you are self-employed. The funds in a Health Savings Account can be used to pay all eligible medical related expenses that are not covered by your Health Insurance Plan.

Each year at the beginning of May the IRS releases the HSA Contribution Limits for the coming year. These rules go into affect January 1, 2021. The new contribution limits for Individual HSA Plans will be $3600 For Family Plans the new HSA contribution limits will be $7200. The HSA Catch Up Provisions for plan owners age 55 or over remains unchanged at $1000. This means that if the owner has an individual plan they can contribute a maximum of $4600 or $8200 if they are the owner of a family plan.

This is a wonderful way for Marion City Employees and Self-Employed members to save on their medical expenses.

Stop by either office or Call (765) 662-3969 to see if you are eligible to open a HSA or to ask any questions you may have regarding these accounts.

Riverside Community Federal Credit Union – 101 N. Washington Street, Marion, IN 46952
Phone: 765-662-3969 Fax: 765-668-3457

Gas City Office – 200 E. Main Street, Gas City, IN 46933
Phone: 765-668-8885 Fax: 765-573-4079

Routing Number: 274975107

Your savings at Riverside Community Federal Credit Union is insured up to at least $250,000 through the National Credit Union Administration (NCUA).

© 2023 All Rights Reserved. Unauthorized account access or use is not permitted and may constitute a crime punishable by law. Links to third-party sites are provided as a service only and are not an endorsement. Riverside Community Federal Credit Union is not responsible for the product, service, or overall website content available at a third-party site.

Riverside Community FCU
101 N. Washington St.
Marion, IN 46952
Phone: 765-662-3969
Fax: 765-668-3457

Routing Number: 274975107

Your savings at Riverside Community Federal Credit Union is insured up to at least $250,000 through the National Credit Union Administration (NCUA).

© 2023 All Rights Reserved. Unauthorized account access or use is not permitted and may constitute a crime punishable by law. Links to third-party sites are provided as a service only and are not an endorsement. Riverside Community Federal Credit Union is not responsible for the product, service, or overall website content available at a third-party site.

Please view our Privacy Policy and Patriot Act Notice. Riverside Community FCU is federally insured by NCUA. For ADA Accessibility services please call the credit union directly.

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