Health Savings Account

A Health Savings Account (HSA) is a U.S.-government-sponsored individual investment account that eligible individuals can establish to make tax-deductible contributions, earn tax-free dividends on contributions, and withdraw money tax-free for qualified medical expenses. Please check with your health insurance provider to verify that you have an HSA-qualified plan.

Benefits of an HSA include:

  • Savings tool with investment earnings
  • Flexibility to pay current medical expenses or save for future needs
  • Tax-deductible contributions
  • Tax-deferred earnings
  • Tax-free distributions (if used properly)
  • Balance carries over from year to year
  • Remains with you regardless of change in coverage or employment

Dupaco's dividend-bearing Health Savings Account gives you ready access to your HSA funds by providing you a free MoneyCard (debit MasterCard), checks, and in-person cash withdrawals at any Dupaco branch.1 

You can access your Dupaco HSA to pay for qualifying medical expenses any of the following ways: Writing a check from your HSA,  using your HSA MoneyCard at any medical service provider/merchant that accepts payment via MasterCard®, or by calling or visiting Dupaco and requesting a withdrawal. (Please note that your HSA MoneyCard will access only your HSA checking package. It will not access your share savings account or provide overdraft protection.)

With your account, you'll also receive:

  • No per-check charges
  • No limits on check writing
  • Tiered daily dividends paid monthly back to dollar one on your deposits of $2,500 or more
  • Balances of $10,000 and $25,000 earn even higher dividend rates
  • Free online and mobile banking
  • Free online check images
  • Free eStatements and eNotifiers

There is a one-time $15* set-up charge to establish the account ($10* when enrolled in free eStatements). This account has a $2* monthly account service fee which will be waived if you have $2,500 in combined balances in your HSA and/or Dupaco checking OR if you have Dupaco checking with Direct Deposit and free e-statements.

Once you've determined that you're eligible for a HSA, simply visit any of our locations or contact the IRA department at (563) 557-7600 / 800-373-7600, ext. 218, for account opening. We'll step you through the details on contribution limits, expense tracking, and other key HSA account facets.

* Fees subject to applicable state and city taxes.
1 Checking account eligibility subject to Chex Systems review. Money Card eligibility subject to credit qualification. Please note that your HSA Money card will access only your HSA account. It will not access your share savings account or provide overdraft protection.

 

Can I have an authorized agent on my HSA?
Yes. Dupaco allows you to designate one authorized agent on your HSA checking account because we want to make it convenient for you and your family to access funds and pay for medical expenses.

Can I choose my own PIN?
Yes. Instructions on activating your card and selecting a PIN will be included when your card arrives.

How can I track my HSA account?
HSA account activity will appear on your monthly credit union statement. You can also monitor activity through Shine Online Banking.

How do I make contributions to my HSA?
You can contribute to your HSA via the teller line at any Dupaco location; by mail deposit; and/or through Payroll Deduction, Direct Deposit, or periodic transfer. Deposits into an HSA cannot be made from Shine Online Banking since a contribution form must be signed for each deposit or to set up an automatic contribution. Credit union membership is required. Contact Dupaco for contribution limits per year.

Will my deposits be protected?
Yes. Your deposits are insured to the legal limit ($250,000) by the National Credit Union Association (NCUA), an agency of the U.S. government.  

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