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  • LMCU Health Savings HSA Account

 

 

Have a question?

Opening an HSA

To open a Health Savings Account (HSA) with Lake Michigan Credit Union you must first become a member. Click here to join. Once you receive your savings/checking account number you will be ready to complete the HSA forms on our site using the button below. This button will take you to our HSA service center site. Got a question? Fill out the form on the right.


How to open an HSA with LMCU

Once you click the Open/Service HSA button, follow these instructions to open an account.

  • Fill in your personal information, including your new account number.  Make sure all the boxes with asterisks next to them are completed.  The site will not let you continue until they are completed.

What would you like to do?

    A. Make a contribution to an HSA for tax year (   )
      • If you are planning on sending in a contribution with your application.
      • If your employer will be making deposits from your payroll.
      • Fund the account later.

      1. Selecting Investment(s)

      • For contributions less than $5000, check the first box for the tiered rate of 0.50% APY and enter the amount (may be $0).
      • For contributions more than $5000, check the second box for the tiered rate of 1.00% APY.  (Your interest rate will adjust automatically based on your balance.)

      2. Source of Funds

      • Choose the best option.  If you are not making a contribution at this time select “I do not wish to identify the source of assets at this time.”

      3. Naming Your Beneficiaries

      • Fill in your beneficiary’s information including their Social Security number and date of birth.

      4. Your application is ready to PRINT

      • Click: Access printable versions of the required form(s)
      • Review and print the HSA Application.  You will sign as the HSA Owner on page 2 of the HSA application.  A witness is not required. 
      • If you want someone else to have access to your HSA, please complete the Power Of Attorney (POA) Authorization Form.  We will also need a copy of the POA’s ID if it is not already on file.

      5. The HSA Application must be mailed or faxed to Lake Michigan Credit Union

    B. Use a qualified HSA funding distribution from a Traditional IRA or Roth IRA-If you plan to fund your HSA by using funds from an IRA that is also in your name. 

    • Qualified HSA Funding Distribution Requirements
      • Review and answer each question.
    • Source of Funds
      • Fill in the name, address and phone number of the financial institution that holds the IRA you will be using to fund the HSA.
      • Fill in the account number for your IRA.
      • Choose the type of IRA and the amount you are using to fund the HSA (not to exceed the contribution limit for the current year).
      • Complete the Asset Description and Amount to be Distributed fields, Special Instructions are not required.
    • Follow the steps above (source of funds will be cash or check)

    C. Transfer assets to an HSA-This option will allow you to have LMCU request the HSA funds be sent directly to your new HSA.

    • What is the status of the assets?
      • Select “I need to request the transfer of assets from another financial organization.”
    • Source of Assets for the Transfer
      • Enter the information of the HSA organization you are transferring from including the account number.
      • Enter the Transfer Start Date (today’s date is fine).
      • Enter the amount or the Entire Account and select if this will close the HSA.
      • Complete Asset Description (HSA) and amount to be transferred (enter balance if transferring full amount).

      D. Roll over assets to an HSA -If you select this option you are responsible for getting a check from your current HSA provider.  This transaction will be reported when you file your taxes.

    • Rollover Eligibility
      • Review and answer each question
      • Follow steps 1-5 above (source of funds will be cash or check).