Frequently Asked Questions
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- Is there a limit on the number of IRA rollovers that can be done?
Yes, an IRA holder can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own. The limit will apply by aggregating all of an individual’s IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of the limit.
- Which IRA is right for me?
We offer a variety of IRAs to meet your individual needs. We will be glad to help you find the IRA that's right for you. Please call 800-342-3086 and ask to speak with an IRA/Certificate Support Representative.
- When can I access the money in my IRA without penalty?
This depends upon the type of IRA you have and your circumstances. For complete details, please call 800-342-3086 and ask to speak with an IRA/Certificate Support Representative.
- What is the penalty for withdrawing from my IRA before I retire?
For complete details, please call 800-342-3086 and ask to speak with an IRA/Certificate Support Representative.
- What is a Money Market account used for?
A Money Market account is a great place to park emergency or vacation funds, save for starting a new family, supplement retirement savings, or save for major purchases.
- Is an HSA right for me?
If you work for a company that offers a high deductible health plan, a health savings account (HSA) could be right for you. We will be glad to discuss the benefits of our HSA with you. Please call 800-342-3086 and ask to speak with an IRA/Certificate Support Representative.
- Who is eligible to open an HSA?
Any eligible individual may establish an HSA. Eligibility is determined on a monthly basis. To be eligible, an individual must meet all of the following requirements: Covered under a high deductible health plan (HDHP) on the first day of the month; generally not covered by any health plan that is not an HDHP (exceptions exist for coverage that is not part of an HDHP for accidents, disability, dental care, vision care, long-term care, or permitted insurance); not enrolled in Medicare; and not able to be claimed as a dependent on another person’s tax return. The owner of an HSA is called the "HSA owner." Note: Permitted insurance is insurance under which substantially all of the coverage provided relates to liabilities incurred under workers’ compensation laws, tort liabilities, liabilities relating to ownership or use of property (e.g., automobile insurance), insurance for a specified disease, or illness and insurance that provides a fixed payment for hospitalization.
- Which medical expenses qualify to be paid for by my health savings account?
Qualified medical expenses are expenses incurred after an HSA has been established, are not covered by insurance, and are paid by the HSA owner, his or her spouse, or dependents. Types of qualified medical expenses include: diagnosis, cure, mitigation, treatment or prevention of disease, or for the purpose of affecting any structure or function on the body; transportation for the essential medical care listed above; qualified long-term care services; premiums for qualified long-term care insurance, COBRA health care continuation coverage, health care coverage while an individual is receiving unemployment compensation; for individuals over age 65, premiums for Medicare Part A or B, Medicare HMO, and the employee share of premiums for employer-sponsored health insurance, including premiums for employer-sponsored retiree health insurance; and certain amounts paid for lodging while away from home that is essential to medical care.