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Health Savings Account (HSA)

  • What is a Health Savings Account?

    • An HSA works in conjunction with a high deductible health plan (HDHP)
    • HSA dollars can be used to help pay the health insurance deductible and qualified medical expenses, including those not covered by the health insurance, like dental and vision care
    • Once you meet the plan-year deductible, health insurance pays the remaining covered expenses per the terms of coverage

    Benefits of an HSA

    • Dollars can be used to meet your deductible
    • Tax deductible off of gross income on federal income taxes
    • Interest earnings grow tax-deferred
    • NEVER taxed when used for qualified medical expenses
    • Rolls over year after year – no “use it or lose it”
    • Portable – it is your money – it goes with you wherever you go

Educators Credit Union - HSA Vendor

Employee Funding Options

    • Direct deposits may be made into your HSA through Educators Credit Union
    • Pre-tax deductions may be set up through payroll
      • Change requests are accepted 1/1, 4/1 and 9/1
      • Click Here for instructions on how to submit your request
    • Please contact Diversified Benefit Services with questions
      • Phone: 262-367-3300