Shifa Health Savings Account

An HSA is an investment-based savings account that can be used to pay for qualified medical expenses (as defined by the IRS) for you, your spouse, or your dependent(s).

To qualify for an HSA, you must be enrolled in a Qualified High Deductible Health Plan (QHDHP). A QHDHP is a health care plan with a lower monthly premium and a higher deductible. In addition, you cannot be enrolled in another health plan or be claimed as a dependent on another person’s tax return.

Use the questions below to see if you are eligible for an HSA. If you have any questions on how to respond or the impact of your responses on your potential HSA, please consult your tax adviser.

1. Are you covered by a qualified high deductible health plan (HDHP)? In 2025, any plan with a deductible of at least $1,650 for an individual or $3,300 for a family. The maximum out-of-pocket expenses are $8,300 for an individual and $16,600 for a family.

Are you covered by another health plan that is not a qualified high deductible plan that provides benefits already covered under your HDHP?

Are you enrolled in Medicare?

Are you claimed as a dependent on another person's tax return?

To be eligible to contribute into an HSA, you must participate in a Qualified High Deductible Health Plan (QHDHP) and to not be enrolled in any other non QHDHP healthcare plan, which includes but is not limited to Medicare or TriCare.

Please note that Saturna Trust Company is not responsible for providing tax advice. If you have any questions on how to respond or the impact of your responses on your potential HSA, please consult your tax adviser.

Contributions into your HSA can be made by you or your eligible family members. If you are unsure if you are enrolled in a QHDHP, please check with your health insurance provider or company’s HR department.

HSAs provide a triple tax advantage:

• Tax-free contributions
• Tax-free earnings
• Tax-free withdrawals

You can use your HSA balance to pay for qualified medical expenses (shown in IRS Publication 502) up to the amount of your yearly health care insurance deductible. The Internal Revenue Service (IRS) defines allowable expenses. For more information, please visit www.irs.gov/publications/p502 or refer to IRS Publication 502, Medical and Dental Expenses. You may also consult your tax professional.

Common allowable expenses include:

• Acupuncture
• Birth control pills
• Chiropractic services
• Dermatology treatment
• Emergency transportation
• Eyeglasses and contact lens supplies
• Hearing aids
• LASIK surgery
• Nursing homes and care
• Optometry treatments
• Orthodontia and dental treatment
• Orthopedic services (including shoes)
• Osteopathy
• Over-the-counter medications (with a prescription)
• Pediatric services
• Prescription medications
• Psychiatric care
• Psychology services
• Cessation programs
• Vaccines
• Medical weight loss programs

No, you cannot enroll in both. If you are married, you may not have coverage under your spouse’s flexible spending account (FSA). You can only have a “limited purpose” FSA. Examples: unreimbursed dental, vision and/or hearing care expenses and out-of- pocket medical expenses you paid after you met your plan deductible.

You can make contributions to your Saturna HSA by sending a personal check or setting up recurring ACH transactions via your bank. Login in to your account today to make contributions.

You can choose to contribute to your HSA up to the IRS annual limits. For 2025, the maximum contributions for your HSA are $4,300 for individual coverage, and $8,550 for family coverage. If you are 55+ you can contribute an additional $1,000 (in 2025) yearly as a catch-up contribution. These limits include all sources of contributions whether they come from you, your employer, or a family member.

Yes. Within your Saturna HSA Wallet you have an FDIC bank deposit account insured up to a balance of $250,000. Once your HSA balance is greater than $500 you can invest in mutual funds that carry various levels of risk and reward, similar to investments in a retirement savings plan.

You may make a one-time, tax-free transfer into your HSA from your IRA. However, you cannot move money from your HSA into your IRA. You are not allowed to transfer funds from your 401(k) into your HSA.

If you received contributions from your employer or family members, you do not need to claim them on your annual income tax return.

No. You own your HSA, and your HSA money rolls over year after year, making it a great way to save for medical expenses now and in the future. In the case of your death, any funds remaining in your HSA will transfer to the beneficiary named in the HSA beneficiary designation form.

Your HSA is yours, and in the event you change jobs or health care plans, you still own your HSA. Remember, to contribute to your HSA you must be enrolled in a qualified high deductible health plan (QHDHP). If you are no longer enrolled in a QHDHP, you can still use the funds in your HSA for qualified medical expenses but will no longer be able to make contributions.

You may transfer the balance from another HSA into your Saturna HSA and continue to make after-tax contributions that you can deduct when filing your annual tax return. Once you established your new Saturna Trust Company HSA, you have two ways to transfer your existing balance:

• A direct transfer of all the balance from another HSA.
• Distributing funds to yourself, and then rolling over all or part of the HSA balance into your Saturna HSA.

If you have funds available, you can withdraw money from your HSA whenever you need it, either now or in the future. If you withdraw money for non-qualified purchases, under the age of 65, you will be subject to income taxes plus a penalty fee. However, if you are over the age of 65, you may withdraw money for non-qualified expenses without penalty, but you will pay income taxes on the withdrawn amount.

Both accounts offer the same advantages of HSAs, as well as the unique benefits of Saturna’s investment accounts. The key difference between the two HSAs is that the Shifa HSA is designed to comply with Islamic Investment Principles.

• The Shifa HSA allows investors to take advantage of halal funds, which invest according to Islamic Principles.
• To avoid riba (interest), the associated spending account tied to your debit card will not accrue interest.

Make the most out of your Saturna Trust Shifa Health Savings Account (HSA) by investing. The Shifa HSA offers “Halal mutual funds” — investment options that are compliant with Islamic Investment Principles, allowing Muslim investors to take advantage of an HSA that aligns with their religious beliefs. Mutual funds that invest according to Islamic Principles typically avoid speculation.

To see which funds this includes, visit the Halal Funds page 

Saturna has partnered with UMB Bank to bring you an interest bearing, FDIC-insured bank account to pay for qualified medical expenses.

1. Saturna HSA VISA© Debit Card: You no longer need to use cash, checks, or wait to be reimbursed for out-of-pocket expenses such as prescriptions and over-the-counter items. Instead, simply use your VISA Debit Card at point of purchase.
2. Online Bill Pay: For medical procedures or hospitalization, you may decide to use the Saturna online banking feature to pay your invoice.
3. Online Reimbursement: For out-of-pocket expenses, you can transfer money from your HSA account into your personal checking/savings account or request a reimbursement check.

The IRS may request that you show proof of how you spent your tax-free money. The recordkeeping of your HSA receipts is solely your responsibility. It is important to maintain all receipts, records, and other documentation as proof that the money withdrawn from your HSA was used for qualified medical expenses. Within the Saturna HSA Wallet, the ReceiptVault is available to store and organize receipts online for qualified healthcare expenses for as long as you maintain your HSA with Saturna.

All new HSA contributions go into your FDIC Insured bank account within your Saturna Wallet.

Yes. We know that it can be troublesome to remember to login and invest your new contributions each time. Saturna’s “Change Contribution Elections” feature will automatically help you invest any new contributions in various mutual funds once you meet your required $500 minimum Wallet balance.

You can also increase the minimum Wallet balance by using the “Set Wallet Balance” feature. This allows you to build a larger bank account balance with new contributions to accommodate higher than expected medical expenses. Money held in your HSA Wallet is FDIC insured against loss and is a safe place to keep assets that do not have a long enough time horizon to be invested in mutual funds.

You’ll receive a Saturna Visa® debit card to pay for qualified expenses not covered by your QHDHP. Simply swipe/tap the debit card at a point of purchase or store your debit card in a digital wallet like Apple Pay, Samsung Pay, Garmin Pay, or FitBit Pay.

Use Saturna’s ReceiptVault to store and organize receipts for your qualified health care expenses. Save your receipts, since you may need them as proof in an IRS audit. Out-of-pocket expenses can be reimbursed to you from your HSA.

We offer a variety of methods to access your Saturna HSA. Visit www.saturna.com/HSA to log in into your account. Once logged in you may check your balance, update investment options, and make non-payroll contributions.

You can call us at 1-888-333-1879 or email us at [email protected]. Our website, www.saturna.com/hsa, is also a great resource for many FAQs.

Reimbursement does NOT include insurance premiums with the exceptions of long-term care insurance premiums, premiums on a health plan during any period of continuation coverage required by federal law (for example, “COBRA” coverage), or premiums for health care coverage while you receive unemployment compensation. You can find a full list of qualified expenses at www.irs.gov/forms-pubs/about-publication-502.