Health Savings Accounts (HSAs) are designed to help individuals save for future qualified medical expenses on a tax-free basis. You must be enrolled in a High Deductible Health Plan before you can begin making HSA contributions. Once your HSA is established, anyone, including employers, can make contributions into the account on behalf of an eligible individual.
- First set of 50 checks are free
- Earns interest rate of .10% APR*
- You DO NOT receive a Debit Card with this product
What is great about an HSA?
- You get the tax break going in (the money you contribute to the account, usually through payroll deductions, goes in pre-tax.
- The money you contribute grows tax-free.
- If you use it for out-of-pocket healthcare expenses, including deductibles, distributions are tax free too. (A 20% penalty and income taxes apply if you take money out before you’re 65 and spend it on something other than eligible healthcare expenses).
Stop by an LFCU office to open an Heath Savings Account today!