Take control of your health care decisions. A Health Savings Account (HSA) gives you more flexibility and control over your health care costs. It empowers you to make your own health care decisions.
- Protection-You will have an opportunity to save money to pay high or unexpected medical bills.
- Affordability-High health insurance policy deductibles mean lower premiums.
- Savings-Your ability to deduct your contributions and the tax deferral of account earnings enable you to build your account.
- Flexibility-You can contribute at any time during the year, and your HSA balance rolls from year to year.
- Portability-You own the account, so it goes where you go, regardless of any job changes.
To open an HSA, you must select a high-deductible health plan. The major advantage of high-deductible health plans is lower premiums. Contributions and plan deductible limits change frequently, so consult your tax professional regarding your individual circumstances.
The high-deductible health plan provides you with protection from expensive medical costs, while the HSA provides you with a source of funds to pay any costs not covered by the health plan. Your pre-tax dollars pay for future medical expenses. You will be able to deduct your contributions to your HSA, and the account earnings will accumulate on a tax-deferred basis. Best of all, distributions from your HSA are tax-free, if they are used for qualified medical expenses.*
Your account balance is carried over. Unlike contributions to a flexible spending account, the balance of your HSA at the end of the year is carried over to the next year, so that you’re never placed in a position of having to use it or lose it each year.
An HSA enables you to take control of your health care decisions. And since you are the owner of your HSA, it doesn’t matter what your job status is or whether your employer makes contributions to your plan. Your HSA will always follow you.
Contact us, call 1 (800) 656-2328, or visit any of our branch locations to find out more. We can explain your options, answer any questions you may have and help you open your Health Savings Account.
*Not intended as tax advice. Please consult a tax professional.
†All funds are insured by the National Credit Union Administration (NCUA), a U.S. Government Agency, up to $250,000