IRAs & HSAs

IRA's

Individual Retirement Accounts

 

DEPOSIT INSURANCE INCREASED…An IRA is an intelligent investment because of the tax advantages and how it helps you save for retirement.  Now there’s an even greater reason to get an IRA at Brewer Federal Credit Union if you don’t already have one.  Your IRA is now insured up to $250,000.

 

Invest in your future today.  We offer a variety of IRA’s that will meet your needs:

  • Traditional
  • Roth
  • HSA
  • SEP
  • Rollover

 

Investment options to choose from:

  • IRA Share Account
  • IRA Certificate Account

Check our rates here

You can even set up payroll deduction to make it convenient to save for your future!

CHOOSE THE IRA THAT MEETS YOUR NEEDS

 

Benefits:

  • You may be able to defer taxable income, which reduces your income tax liability
  • No annual or maintenance fees
  • You can even set up payroll deduction to make it convenient to save for your future

 

Roth-vs-traditional-IRA

Roth IRA

Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation, with the following MAGI: Reduced contributions allowed for higher incomes:

Know your IRA options using the quick guidelines for Traditional, Roth, HSA, or SEP

 

• Who can contribute?

• How much can I contribute?

• Who can make deductible contributions?

• What are the tax advantages?

• When can I withdraw without restrictions?

 

 

Traditional Individual Retirement Account (IRA)

For for information about IRA’s click here


Health Savings Accounts

Health Savings Accountshealth-care-costs

What is a Health Savings Account?

When combined with a high deductible health plan, a Health Savings Account is an alternative to traditional health insurance. A Health Savings Account is a tax-advantaged savings product that offers a different way for consumers to pay for their health care. The Health Savings Accounts enable members to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.

 

A person must be covered by a high deductible health plan (HDHP) to take advantage of the HSAs. A HDHP generally costs less than traditional care coverage and the money saved on insurance can be put into the HSA.  The HSA owner owns and controls the money in the HSA. Decisions on how to spend the money are made by the HSA owner. The HSA owner also chooses for the account one of the investment options that we offer.

 

What is a High Deductible Health Plan (HDHP)?

A high deductible health plan (HDHP) is required to open an HSA. Sometimes referred to as a “catastrophic” health insurance plan, an HDHP is a less expensive health insurance plan that generally doesn’t pay for the first several thousand dollars of health care expenses (i.e., the “deductible”) but will generally provide coverage after that. Of course, the HSA is available to help pay for the expenses that the insurance plan does not cover.

To contribute to an HSA for 2009, a member must be covered by an HDHP with a deductible of at least $1,150 (self-only coverage) or $2,300 (family coverage). The annual out-of-pocket (including deductibles and copays) for 2009 cannot exceed $5,800 (self-only coverage) or $11,600 (family coverage). HDHP’s can have first dollar coverage (no deductible) for preventive care and apply higher out-of-pocket limits (copays & coinsurance) for non-network services.

 

 

HEALTH SAVINGS ACCOUNTS BENEFITS

  • Protection – You will have an opportunity to save money to pay high or unexpected medical bills.
  • Affordability – High health insurance policy deductibles mean lower premiums.
  • Savings – Your ability to deduct your contributions and the tax deferral of account earnings enables you to build your account
  • Flexibility – You can contribute at any time during the year, and your HSA balance rolls over from year to year.
  • Portability – You own the account, so it goes where you go, regardless of any job changes.

A Health Savings Account (HSA) gives you more flexibility and control over your health care costs. That’s because it empowers you to make your own health care decisions.

 

Call or stop in today….We can explain your options, answer any questions you may have and help you open your Health Savings Account.

 

Note: Not intended as tax advice. Please consult a tax professional.