Health Savings Accounts

A Health Savings Account (HSA) is a type of personal savings account you can set up to pay certain health care costs. An HSA allows you to put money away and withdraw it tax free, as long as you use it for qualified medical expenses, like deductibles, copayments, coinsurance, and more. You’re eligible to contribute to an HSA when you’re covered by certain high deductible health plans. You can’t contribute to an HSA if you have Medicare coverage, or a plan that pays its share of a covered service without you having to pay deductibles or copayments first.

Benefits of an HSA

  • No federal income tax. You aren’t taxed on money you put into it, or on interest earned, in an HSA account. You also don’t pay tax on withdrawals for qualified medical expenses. Note: Generally, insurance premiums aren’t considered qualified medical expenses.
  • No expiration date on funds. Your HSA contributions don’t expire. The money stays in the HSA until you use it.
  • Possible use for spouse and dependents. Sometimes, you can use your HSA to pay for qualified medical expenses for your spouse and dependents, even if your high deductible health plan doesn’t cover them.
  • HSA doesn’t go away if job changes. You can keep your HSA, even if you change employers or retire.

Call the credit union for more details about HSA accounts.

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