Tax Free Savings On Medical Expenses

Imagine a tax-free account that allows you to pay for qualified medical expenses, including dental and eye care, while you earn interest on your balance. Wouldn’t that be great? Our Health Savings Account (HSA) allows you to do that just. And now it has a top HSA earning rate in the market, 2.50% APY*.

•   Triple Tax Advantage: contributions, earnings, and withdrawals are tax-free
•   Convenient way to save for out of pocket medical costs
•   2.50% APY* on all balances—unlike other financial institutions
•   No fees or minimum balance
•   Easy access to funds via your free HSA Visa® debit card and/or checks
•   We gladly accept rollover funds

Open a Health Savings Account
Manage Your Existing Health Savings Account

HSA Benefits

Here are just a few of the many HSA benefits:

You can reduce your taxable income with triple tax benefits:
Automated payroll/folio contributions are made with pre-tax dollars
Interest earned is non-taxable
Qualified medical expenses are tax-free1
Another form of pre-tax retirement savings
Take the account with you no matter where you go, even once you retire
Balances roll over from year to year, so you don’t have to spend all the money you have put away during the year

Employers: By offering HSAs to your employees, you potentially have much to gain.

Contributions are considered employer-provided coverage for medical expenses
Increased ability to attract and retain employees
Lower overall health insurance costs

Learn more about how an HSA works.

Who Is Eligible?

To be eligible to establish a HSA, you must meet all of the following requirements:
•   Covered under a high deductible health plan (HDHP) on the first day of the month
•   Not enrolled in Medicare
•   Not able to be claimed as a dependent on another person’s tax return

Learn more about how an HSA works.

Consult your tax advisor or refer to IRS Publication 502. Contribution limitations and other restrictions apply to HSAs. To have a Federally Qualified HSA, you must purchase and maintain a HDHP with minimum deductibles of $1,300 (individual) and $2,600 (family), and maximum out of pocket expenses less than $6,850 (individual) and $13,700 (family). Generally you cannot be covered by another low-deductible health insurance policy. The tax treatment of HSA contributions and distributions under your state's income tax laws may differ from the referenced federal tax treatment, and from state to state. Consult with your financial or tax advisor for more information. This Credit Union is federally-insured by the National Credit Union Administration.

1Refer to section 213 (d) of the IRS Tax Code. Visit the U.S. Department of Treasury website for up-to-date contribution limits and more detailed information on plans and taxes.
*APY = Annual Percentage Yield. Yields are subject to change at any time. Fees could reduce the earnings on an account.

Health Savings Account (HSA)

Pay Medical Expenses Tax-Free