Health Savings Account (HSA)
Medical expenses can catch us off guard, but with our HSA, you can be ready on your terms.
Stay One Step Ahead of Health Cost on Your Terms
If enrolled in a High-Deductible Health Plan (HDHP), a PACU Health Savings Account (HSA) gives you a tax-advantaged way to save for qualified medical expenses, both big and small.
From surprise prescriptions to your children’s braces to that trip to urgent care you didn’t see coming, your HSA has your back. Because it’s your account, your money stays with you. No expiration dates. No forfeiting unused funds. Just more control over how you spend and save for healthcare.
First Things First: What’s an HDHP?
A High-Deductible Health Plan (HDHP) is a health insurance plan that trades lower monthly premiums for a higher deductible, meaning you’ll pay more out of pocket before your insurance coverage kicks in.
To be eligible for an HSA, your HPHP must meet IRS guidelines. For 2025, this means:
- A minimum deductible of $1,650 for individuals or $3,300 for families.
- A maximum out of pocket limit of $8,300 for individuals or $16,600 for families.
Think of it like this. Your HDHP keeps monthly insurance costs low, and your HSA helps you handle the bumps along the way.
Why are Funds in the HSA called “Contributions,” Not Deposits?
When you add money to your HSA, it’s called a contribution because the account is governed by IRS rules, just like a retirement account.
- Contributions can be made by you, our employer or even someone else on your behalf.
- The IRS sets annual contributions limits: $4,300 for individuals and $8.550 for families in 2025 (plus an extra $1,000 if you’re 55 or older).
- You get tax advantages on your contributions, earnings and withdrawals for qualified medical expenses.
One More Thing: Do You Need a minimum $5 Deposit?
Yes, but let’s clarify.
To open an HSA at a credit union like ours, you first need to be a member. That’s where the $5 deposit comes in. It goes into your Regular Share Savings Account, the foundational account that makes you a member-owner of PACU.
Once that’s in place, you can open your HSA and begin making contributions. So, think of that $5 as your ticket in.
Your actual HSA balance starts growing from our first contribution.
Piedmont Advantage HSA Benefits
- Great solution for those with a high-deductible health plan.
- Access your HSA with a Piedmont Advantage debit card. No paperwork, no waiting on funds.
- Earn interest on balances over $100.
- Unused balance rolls over into the next year.
- Your HSA can follow you as you change employment.
- Contributions can be tax-deductible (consult a tax advisor regarding deductions and how to claim tax-free HSA distributions).
Check the Required Documents to Open Your HSA
To get started, you’ll need a few essential documents on hand so we can verify your identity and set you up for smart, stress-free savings. It’s all part of keeping your money secure and your goals within reach.
Also, visit one of our branches or contact us to open your HSA. This personalized approach ensures we can verify your eligibility and provide tailored assistance. While some financial institutions may offer online HSA openings, our process provides direct support during setup.
For more information and disclosures about this account, please click the Personal Disclosures link at the bottom of this page.
Lottery Scam Awareness
In a lottery or prize scam, scammers may contact you via phone, text, or email to inform you that you’ve won a prize in a lottery or sweepstakes. They will often request an upfront payment for fees and taxes. Sometimes, they might pretend to represent a federal government agency, such as the CFPB.
Avoid sharing personal or financial information, such as credit card details or Social Security numbers, with anyone you don’t know. Additionally, never pay upfront for a promised prize, especially if they ask for immediate payment.
Headquartered in Winston-Salem, North Carolina, and founded in 1949 within the aviation industry, Piedmont Advantage Credit Union (PACU) serves member-owners, who reside, work, worship, attend school or operate a business in one of the six counties it serves in North Carolina or who are employed by one of its many employer companies. These six counties are Davie, Forsyth, Guilford, Iredell, Mecklenburg and Rockingham.