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Katy ISD

Gulf Coast Educators Federal Credit Union offers Health Savings Accounts (HSAs) to eligible Katy ISD employees. You may qualify for an HSA if you select the High Deductible Health Plan (HDHP) option during open enrollment. Whether you already have an HSA or are simply considering your options, your HSA team at Gulf Coast Educators FCU is here to help answer any questions you may have.

What is a Health Savings Account?
A Health Savings Account (HSA) is a special savings account designed to help you save and pay for medical expenses tax-free. It allows you to pay certain qualified expenses on a pre-tax basis, thereby reducing your taxable income. Benefits include:

  • Unlike FSAs, there is no “use it or lose it” stipulation. The money rolls over year to year.
  • You have the option to make additional contributions at any time.
  • No monthly service charges.
  • Instantly issued VISA debit card.
  • Your HSA earns dividends and you have the option to invest your funds.

Getting Started

HSA Online Banking Portal

View 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

HSA Online Banking Portal


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.


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

Making Contributions

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.

Using Your HSA

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.


Qualified Expenses

Health Savings Account funds can be used to pay for out of pocket medical expenses, such as your deductible, co-payments for medical care, prescription drugs, or vision and dental bills. Some of the most common examples are included below.

Qualified Expenses

Acupuncture Alcoholism Treatment Ambulance Services
Annual Exams Artificial Limb Bandages
Birth Control Pills Braces Breast Pump
Chiropractor Childbirth Contact Lenses
Crutches Doctor’s Office Fees Dental Treatments
Dentures Dermatologist Diagnostic Services
Disabled Dependent Care Drug Addiction Therapy Eye Glasses
Eye Surgery Fertility Enhancement Gynecologist
Hearing Aids Hospital Bills Insurance Premiums
Lab Fees Lactation Expenses Nursing Home
Nursing Services Obstetrician Ophthalmologist
Oral Surgery Osteopath Oxygen
Physical Therapy Pregnancy Tests Podiatrist
Prescription Drugs Prenatal Care Psychiatrist
Psychologist Service Animal Special Education
Speech Therapy Surgery Therapy
Tooth Removal Transplants Vaccines
Vasectomy Vision Care Wheelchairs

 

Ineligible Expenses

Childcare/Babysitting Controlled Substances Cosmetic Surgery
Diapers Funeral Expenses Hair Removal
Hair Transplant Health Club Dues Household Help
Maternity Clothes Non-Prescription Drugs Supplements
Swimming Lessons Teeth Whitening Veterinary Fees

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 Your 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? 

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.

Get Started


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

HSA Questions

An HSA is a tax-exempt savings account that you can use to pay for qualified medical expenses, such as your deductible, co-payments for medical care and prescription drugs, or vision and dental care bills. To qualify for an HSA, you must be enrolled in a High Deductible Health Plan (HDHP).

No, there are no sign up or monthly administrative fees. The amount of pre-tax money you choose to contribute from your paycheck goes directly into your HSA. Gulf Coast Educators Federal Credit Union, the administrator of your HSA, does not charge any fees, and will even deposit the first $5 into the account for you.

If you decide to invest any of your HSA funds, myHSAinvestments may charge a fee on funds that are invested.

Every pay period, you will have a small portion of your check deposited into your HSA pre-tax. You will receive an HSA debit card that you may use to purchase and pay for qualified medical expenses.

You can use your HSA debit card anywhere that accepts VISA. You are responsible for ensuring that your purchase is a qualified medical expense.

HSA distributions not used for qualified medical expenses are subject to ordinary income tax and, if taken before age 65, a 20% IRS penalty tax (unless the distribution is because of death or disability).

Health plan deductibles, co-payments for medical care and prescription drugs, or vision and dental care bills. You can view the full list of qualified medical expenses by visiting the IRS’ website and viewing Publication 502.

Gulf Coast Educators Federal Credit Union administers your Health Savings Account.

The money that is contributed to your HSA continually rolls over every year and any dividends earned are also tax-free.

You can check your balance by logging into your online banking portal at www.gcefcu.org, through the Gulf Coast Educators FCU mobile app, or by calling 281-487-9333.

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

You are eligible for an HSA if you meet all of the following criteria:
1. You are covered under a High Deductible Health Plan (HDHP)
2. You are not covered under a secondary health plan that is not an HDHP
3. You are not enrolled in Medicare and have not received VA medical benefits within the last three months
4. You are not eligible to be claimed as a dependent on another person’s tax return

You can make as many pre-tax contributions to your HSA as you’d like, as long as you don’t exceed the annual limit set by the IRS. The current year’s limits are displayed below.

Limits & Contributions
These limits are subject to annual cost of living and pro-rated adjustments.

HDHP Limits
2020
Minimum Annual Deductible: $1,400 for self-only, $2,800 for family
Maximum Out-Of-Pocket Expenses: $6,900 for self-only, $13,800 for family

2021
Minimum Annual Deductible: $1,400 for self-only, $2,800 for family
Maximum Out-Of-Pocket Expenses: $7,000 for self-only, $14,000 for family

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.

Yes! Please see the table shown below. You also have the option to invest your HSA funds using myHSAinvestments to grow your Health Savings Account even faster.

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

Yes! You have the option to invest a portion of your HSA funds using myHSAinvestments.

You can keep the money in an HSA even after you leave that job, similar to a 401(k). However, you will get stuck with a 20% penalty, plus an income-tax bill, if you use any of the money for non-medical expenses before age 65.

You can keep your HSA at any age, however, you can no longer make new contributions to the account after you have signed up for Medicare. Some people over age 65 who are still working put off signing up for Medicare if their employer offers a high-deductible health insurance policy with an HSA, especially if their employer contributes to the account.

Investment Questions

myHSAinvestments is a suite of mutual funds available to you through Gulf Coast Educators FCU that allows you to invest a portion of your healthcare 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 healthcare expenses.

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.

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.

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.

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.

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.

When you activate your myHSAinvestments account, you pay a 0.50 percent annual fee invoiced quarterly (0.125 percent per quarter or $1.25 per $1,000 of account value).
The minimum quarterly myHSAinvestments account service fee is $5.00. This will be deducted from your myHSAinvestments account each quarter, around the tenth business day of the month following the end of the quarter that your myHSAinvestments account was opened. Standard expense ratios and fees inside the mutual funds may apply based on the funds you choose.

The current lineup of myHSAinvestments mutual fund options can be found at myHSAinvestments.com under Investment Options.

You can find links to each fund’s prospectus under the “Planning Tools” section of the myHSAinvestments website. Simply click “Mutual Fund Information.” Next to each fund is a link to the prospectus.

You can make changes to your investment holdings once a day. Keep in mind, mutual funds are considered long-term investments and some funds may charge short-term redemption fees to discourage market timing practices. Please review the fund’s prospectus for fees related to the fund’s short-term trading policies.

You can move money back to your base HSA by using the “Transfer to HSA Account” link under the “Plan Services” tab. Your mutual funds will be liquidated according to your current fund percentage allocations and dollars will typically be transferred to your base HSA account within two to three business days.

Your balance and activity status are updated on a nightly basis in accordance with New York Stock Exchange trading days.

No minimum investment amounts apply to the mutual funds through myHSAinvestments.

The mutual funds in this program are either no-load, load-waived, or (where available) institutional share class funds, which means any retail loads or commissions do not apply.

myHSAinvestments is self-directed, which means you’re in charge of important decisions like when to rebalance your portfolio so your investments stay in line with your original asset allocations.
Rebalancing is important because it requires you to review your goals, objectives, health care needs and
risk tolerance on a regular basis (the frequency is up to you). With HSA Guided Portfolio, you can automatically schedule rebalancing and easily maintain your asset allocation strategy. Be sure to consult your personal investment advisor before making any investment decisions.

The expense ratio will vary by fund. You can find this information in the fund’s prospectus or the current Morningstar® report by clicking on the fund name in your myHSAinvestments investment account. We make every effort to provide the share class with the lowest possible expense ratio available.

Redemption and exchange fees will vary by fund and fund family, so you should consult the fund’s prospectus for redemption or exchange fee information. You may also find redemption fee information on the fund’s website under the “Realignments” link.

Dividend or interest income earned on your mutual fund investments is automatically reinvested back into the fund based on your investment selections.

From time to time, we may make changes or additions to the group of available funds. As a self-directed offering, you may invest in any or as many funds as you choose.

The mutual funds in myHSAinvestments are traded without a “load” commonly known as “load-waived.” These shares typically would not apply when purchasing load funds of the same family outside of myHSAinvestments. Contact the fund company directly to review their individual policies on breakpoints.

No. Mutual funds are not insured by the FDIC NCUA, nor are they guaranteed by Gulf Coast Educators Federal Credit. As is the nature of investing, mutual funds may lose value, so it is your responsibility to understand the risks of investing your HSA dollars.

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.