Health Savings Account (HSA)
You may be able to reduce your healthcare expenses by choosing an HSA-eligible plan—a High Deductible Health Plan (HDHP) designed to be used with an HSA.* HDHPs can have a lower premium than traditional plans and using an HSA can have tax advantages. Using an HSA with your HDHP gives you more control over your healthcare dollars.
*You must be enrolled on a qualified high deductible health plan to be eligible for an HSA. Not all HDHPs are eligible to be paired with an HSA, and other factors may impact your ability to qualify for an HSA.
What is an HSA?
An HSA is similar to a personal savings account, with a few differences:
- An HSA can be used to help pay for deductibles, copays, or other qualified medical expenses that aren’t covered by your HDHP.
- Money deposited into an HSA and the amounts spent on qualified medical expenses (up to a certain limit), are tax free.
- If you’re enrolled on a plan offered through your employer, some employers will match what you contribute to your HSA—you’ll be surprised how quickly your savings can add up.
- An HSA is not a “use it or lose it” situation. The money in an HSA is yours and can be left to grow over time
How do I sign up for an HSA?Many banks and credit unions offer HSAs. Our preferred vendor is HealthEquity, whose integrated services work seamlessly with ours to meet members’ health savings needs. To learn more about qualifying for and enrolling in an HSA, call Member Services at 800-538-5038.
Note: This information should not be used as tax, financial, or legal advice. Personal advisers should be consulted before decisions are made that may impact tax liability.