Health Savings Accounts for Katy ISD Employees

Every pay period, a small portion of your check will be deposited pre-tax into an interest-bearing Health Savings Account at Gulf Coast Educators FCU. You will receive a debit card so that you can use your saved funds on out of pocket medical expenses, such as your deductible, co-payments for medical care and prescription drugs, or vision and dental care bills.

Benefits of an HSA:

  • The ability to make deposits via payroll deduction, in person, online, or by mail
  • No monthly service charges
  • Instantly issued VISA debit card to access your money
  • Investment opportunities for your HSA funds
  • Online portal and mobile app to monitor your saving and spending

 

YOUR HEALTH SAVINGS ACCOUNT RESOURCE CENTER

Your HSA

Accessing Your Health Savings Account

 

HSA Online Banking Potal

Computer with online bankingView your HSA funds any time by logging into your HSA Online Banking portal. If you have not already accessed your Gulf Coast Educators FCU online banking portal, click here. Otherwise, you may log in by clicking the button below. Online banking has many features, including:

  • Check your HSA balance anytime & from anywhere
  • Review past transactions
  • Make additional contributions by transferring funds to your HSA from other accounts
  • Deposit checks from your smart phone when you download the GCEFCU mobile app
  • Pay medical bills using our free Billpay feature

Download the Mobile App

You can view your HSA from your phone by downloading the Gulf Coast Educators FCU mobile app for free from the App Store or Google Play. You can also text “Apple” or “Android” to 281-843-8611 to have the download link sent straight to your phone.

   iphone_link


Contact Us

We are here to help answer any questions you may have. For questions regarding your HSA, please contact your Gulf Coast Educators FCU HSA Team. For any benefits questions or concerns, you may contact your Katy ISD Benefits Team.

Your Gulf Coast Educators FCU HSA Team
281-436-5499
hsa@gcefcu.org
HSA Online Banking Portal
Your Katy ISD Benefits Team
866-222-KISD (5437)
Benefits Outlook

Contributions

Making Contributions to Your HSA

 

Contribution Limits

As long as you don’t go over the limits that apply to your type of insurance coverage, you can contribute as much as you want, as often as you want throughout the year until your tax return due date (generally April 15 of the following year). In addition, anyone can contribute for you, even your employer.

HSA Contribution Limits*

2020
Self-Only Coverage: $3,550 ($4,550 if age 55 or older)
Family Coverage: $7,100 ($8,100 if age 55 or older)

2021
Self-Only Coverage: $3,600 ($4,600 if age 55 or older)
Family Coverage: $7,200 ($8,200 if age 55 or older)

*These limits are subject to annual cost-of-living adjustments.


How to Make Contributions

There are several easy ways you can deposit money into your HSA:

Direct Deposit – You can have a portion of your payroll check direct deposited into your HSA each pay period. To adjust the amount that you would like deposited, please get with your Katy ISD Benefits Team.

Mobile Check Deposit – Deposit checks to your HSA by taking a picture with your phone. You must have the Gulf Coast Educators FCU mobile app downloaded in order to use this feature.

Transfers in Online Banking – If you have other GCEFCU accounts, you can make transfers to your HSA directly within online banking. You can also add external accounts from another credit union or bank into your GCEFCU online banking account. Once you have them added, you can transfer to and from those accounts, all within one platform. There is no charge for this service with the deposits taking up to 5 business days to post.

In Person – You can make deposits to your HSA at any Gulf Coast Educators FCU location. After hours, you can use our night drop which will be processed next business morning.

By Mail – Mail your deposit to: GCEFCU, 5953 Fairmont Pkwy, Pasadena, TX 77505 (checks only, please do not mail cash) Click here for a pdf version of the credit union’s deposit slips.

Existing HSA Transfer – If you already have an existing HSA at another administrator, you may rollover those funds into your new HSA by filling out the Direct Transfer Form shown below.

 


Direct Transfer Form

Use this form to transfer your existing HSA balances to your Gulf Coast Educators HSA.

Eligibility

HSA Eligibility & HDHP Limits

 

HSA Eligibility

An eligible individual is someone who:

  • is covered under a high deductible health plan (HDHP),
  • is generally not covered by any health plan that is not an HDHP,
  • isn’t enrolled in Medicare or has not received VA medical benefits in the last three months, and
  • isn’t eligible to be claimed as a dependent on another person’s tax return.

If you have any questions regarding your HSA eligibly status, we recommend visiting www.irs.gov and viewing IRS Publication 969.


Annual HDHP Limits

These limits are subject to annual cost-of-living adjustments:

Minimum Annual HDHP Deductible

2020
Self-Only Coverage: $1,400
Family Coverage: $2,800

2021
Self-Only Coverage: $1,400
Family Coverage: $2,800

Maximum HDHP Out of Pocket Expenses

2020
Self-Only Coverage: $6,900
Family Coverage: $13,800

2021
Self-Only Coverage: $7,000
Family Coverage: $14,000

Using Your HSA

Using Your HSA Funds

 

Your HSA Debit Card

Once your HSA has been opened, you will receive a debit card to use your funds for qualified medical expenses in your New Member Packet. If you did not receive a debit card or if you need to order a replacement one, please give us a call at 281-436-5499 and we will be happy to have one shipped directly to you.
HSA card


Qualified Expenses

Your HSA funds can be used to pay for any qualified medical expenses, including:

  • Your health insurance deductible
  • Co-payments for medical care and prescription drugs
  • Vision bills
  • Dental care bills

You can view the full list of qualified medical expenses by going to www.irs.gov and downloading IRS Publication 502. Another option you have is to purchase items directly from the HSA Store, where all items listed are HSA eligible.

Keeping Track of Your Expenses

With all things tax-related, it is important to keep track of all your HSA purchases. In the event that you are ever audited by the IRS, you can show proof that all of your transactions were qualified medical expenses. To help, you can download our HSA Expense Tracker worksheet. We recommend keeping this, along with all of your receipts, in a safe place so that you have it ready when it is time to file your taxes.

Investing

Investing Your HSA Funds

 

HSA Investment Option

With your HSA you have the option to invest a portion of your HSA funds using myHSAinvestments®. Since your unused HSA dollars roll over each year, investing some of your money may be a wise option if you plan to save more than you spend.

Why would you want to invest your HSA dollars? Let’s consider just a few of the benefits of investing:

  • Maximize your tax savings
  • Earn more on your unused dollars
  • Save for health care in retirement
  • Take control of your money and your investment activity
  • Easy access to your money, when you need it most

 

About myHSAinvestments

myHSAinvestments is a suite of mutual funds available to you that allows you to invest a portion of your health care dollars in a variety of widely recognized mutual funds covering a spectrum of asset classes. The ability to invest in mutual funds gives you the potential to grow your HSA balance and save for future health care expenses.

How does the account work?
myHSAinvestments are self-directed investments, but are still considered part of your HSA for tax purposes. This means you choose from the available list of funds in which to invest a portion of your HSA dollars. Any earnings from your HSA investments grow tax free.

Do I need to understand investing to use myHSAinvestments?
You do not need to be experienced at investing to use myHSAinvestments. Start by visiting myHSAinvestments.com and selecting the “Learn More” button on the “Home” page, and you will be guided through the set-up process.

 

How do I enroll in myHSAinvestments?

Enrolling at myHSAinvestments.com is easy.

  1. Visit www.myHSAinvestments.com and complete the short application linking your HSA account to the investment platform.
  2. You will need to enter your HSA account number and ABA routing number as well as a few pieces of identifying information, and select your initial investment elections.
  3. Once you enroll, your HSA account number and requested balance information will be verified.
  4. When the account has been verified, an ACH transfer will move the money from your HSA to your myHSAinvestments account and invest the money into your initial investment elections.
  5. You will receive a confirmation email from myHSAinvestments notifying you when the account has been set up. At this point, you can view your account.

What research tools are available to me in myHSAinvestments? guided portfolio Mutual fund prospectuses and Morningstar® reports can be found on the myHSAinvestments website. Under “Planning Tools,” you will find the “HSA Guided Portfolio” to help you select investments that fit your objectives, and a variety of other HSA resources to help you get the most out of your HSA.

What is HSA Guided Portfolio?
HSA Guided Portfolio is a planning tool that helps you make the most appropriate investments for your objectives and risk tolerance. Think of it as: “We Guide, You Choose.”

After completing a few simple questions about your risk tolerance, how you intend to use your HSA investment account, and your need to access the money in your myHSAinvestments account, a potential allocation mix is provided.

This allows you to choose your investment options; select the rebalancing timing that meets your needs; and enroll in the autorebalance option, which automatically rebalances your investment assets on a monthly, quarterly, or yearly cycle.
 


myHSAinvestments is powered by Devenir.

Neither Gulf Coast Educators Federal Credit Union, nor Devenir Group, LLC, the third party, can provide investment advice to you on this program. Once you transfer funds from your HSA to myHSAinvestments, these dollars are no longer covered by applicable FDIC or NCUA insurance. We recommend you speak with a licensed investment advisor or consult the prospectus should you have questions about any investment. Carefully weigh the advantages and disadvantages of investing your HSA funds before doing so. Investment products are not federally-insured; may lose value and are not a deposit account. Investment accounts are not obligations of the credit union and are not guaranteed.
Funds should not be considered a deposit of or guaranteed by Gulf Coast Educators FCU, may lose value, and are not NCUA/NCUSIF Insured.
 

FAQs

Frequently Asked Questions

 

HSA Questions

















Investment Questions























Rates & Disclosures

Rates & Disclosures

 

HSA Rates

BALANCEDIVIDEND RATEANNUAL PERCENTAGE YIELDMINIMUM OPENING BALANCEMINIMUM BALANCE TO EARN DIVIDENDS
$0 - $499.99No dividends paidNo dividends paid$100 for all IRA types. No minimum to open HSA$500 for all types
$500 - $9,9990.15%0.15%
$10,000 - $49,9990.20%0.20%
$50,000 - $99,9990.25%0.25%
Over $100,0000.30%0.30%

Dividends compounded monthly Dividends credited monthly Dividend Period is monthly Balance Method is daily

 


HSA Disclosures

Truth in Savings Account Disclosures

Health Savings Account Agreement
Except as specifically described, the following disclosures apply to all of the accounts.

  1. Rate information.

    The Dividend Rate and Annual Percentage Yield on your accounts are set forth above. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and the frequency of compounding for an annual period. Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union’s Board of Directors. A withdrawal will reduce earnings.

  2. Nature of Dividends.

    Dividends are paid from current income and available earnings after providing for the required reserves. The Dividend Rates and Annual Percentage Yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.

  3. Compounding and Crediting.

    Dividends will be compounded and credited as set forth above. The Dividend Period for each account is set forth above. The Dividend Period begins on the first calendar day of the Dividend Period and ends on the last calendar day of the Dividend Period.

  4. Balance information.

    The minimum balance required to open each account is set forth above. Dividends are Calculated by the Daily Balance method which applies a periodic rate to the balance in the account each day.

  5. Accrual of Dividends.

    Dividends will begin to accrue on cash deposits on the business day you make the deposit to your term account. Dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued but unpaid dividends will be paid on term share certificates; accrued but unpaid dividends for all other accounts will not be paid if you close the account before accrued dividends are credited.

  6. Transaction Limitations except for checking transactions.

    During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order of instruction. No more than three of the six transfers may be made by check, draft, debit card, if applicable, or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account may be subject to closure by the credit union.

  7. Fees could reduce earnings on the account.


 


 
GCEFCU is federally insured by the NCUA. Funds transferred from GCEFCU to myHSAinvestments are not federally insured by NCUA. GCEFCU does not charge any monthly fees, but myHSAinvestments may charge a fee on funds that are invested. Please consult with a licensed investment advisor for any investment related questions.

myHSAinvestments is powered by Devenir

Neither Gulf Coast Educators Federal Credit Union, nor Devenir Group, LLC, the third party, can provide investment advice to you on this program. Once you transfer funds from your HSA to myHSAinvestments, these dollars are no longer covered by applicable FDIC or NCUA insurance. We recommend you speak with a licensed investment advisor or consult the prospectus should you have questions about any investment. Carefully weigh the advantages and disadvantages of investing your HSA funds before doing so. Investment products are not federally-insured; may lose value and are not a deposit account. Investment accounts are not obligations of the credit union and are not guaranteed. Funds should not be considered a deposit of or guaranteed by Gulf Coast Educators FCU, may lose value, and are not NCUA/NCUSIF Insured.