Members who are covered by high-deductible health plans (HDHPs) now have access to Health Savings Accounts (HSAs) through the Credit Union.
HSAs are individually-owned accounts to which you can make tax-deductible contributions, accumulate tax-deferred earnings, and take tax-free distributions whenever you need to pay for qualified medical expenses.
To contribute to an HSA, you must meet the following eligibility requirements:
- Not covered by any health plan that is not an HDHP
- Not enrolled in Medicare
- Not eligible to be claimed as a dependent on someone else’s tax return
One of the biggest advantages for having an HSA is that, unlike flexible spending accounts (FSAs), any unused savings in the HSA accumulates year over year with tax-deferred (potentially tax-free) earnings and can be used to pay for qualified medical expenses in the current or future years for you, your spouse, or your dependents.
The Credit Union’s HSA Checking and HSA MarketEdge accounts earn the same great rates as our regular Checking and MarketEdge accounts. There are no monthly administration fees or minimum deposit, balance, or distribution limitations.
For more information, please click here, stop by your branch, or give us a call at 510-627-5000 or toll-free 800-232-8101.