Health Savings

HSA Account

  • Like a personal savings account but the money is used only for qualified healthcare expenses
  • Allows members with a high deductible health plan to pay for current medical expenses and save for future health expenses on a tax-favored basis
  • Cannot be enrolled in Medicare to qualify for an HSA account
  • Withdrawals from HSA accounts are tax free if used for qualified medical expenses
  • Checks can be written against your HSA at the Credit Union anytime you need to pay for health expenses
  • No annual or administrative fees
  • Annual contribution limits are set by IRS
  • Funds in account can be rolled from one year to the next which means the money in the account can build over time with no limitation

 

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