Health Savings Accounts
A Health Savings Account (HSA) is a tax-advantaged savings plan that can be used to pay for current and future qualified medical expenses. If you qualify to open an HSA you’ll enjoy these great benefits:
High health insurance policy deductibles mean lower premiums.
Contributions can be made at any time during the year. Plus, there is no “use it or lose it” rule, your balance rolls over from year to year.
You can save money to pay high or unexpected medical bills.
With your HSA you’ll have the opportunity to enjoy triple tax savings1 – tax deductible contributions, tax-free earnings through investments, and tax-free withdrawals for qualified medical expenses.
You control the way your HSA funds are spent and invested. You can place your money in a savings, checking2, or certificate3. Plus, the account is completely portable, it goes where you go.
You’ll have access to your HSA at any DuGood location and through Online Banking and Telephone Account Access. If your HSA is setup as a checking you’ll be able to write checks on the account, or make payments using an HSA debit card.
Qualifications – Am I Eligible to Contribute to an HSA?
You may be eligible to contribute to an HSA if you meet the following eligibility requirements:
- You must be covered by a High Deductible Health Plan
- You cannot generally be covered by other health plans
- You cannot be enrolled in Medicare
- You may not be claimed as a dependent on anyone else’s tax return
For full details and a complete list of eligibility requirements so you can determine whether or not you qualify, give one of our friendly Member Relations Representatives a call today!
1DuGood Federal Credit Union does not offer tax advice. Please consult your tax advisor for potential tax benefits.
2Overdraft protection and courtesy pay are not available on HSA checking accounts. NSF fees may apply and will be considered a loss of investment.
3Early withdrawal penalties may apply to HSA certificates. Restrictions apply. Contact the credit union for full details.