Health Savings Account (HSA)
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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
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- Vendor Partner Educators Credit Union
- Online HSA Application
- Withdrawal in Error form (use this to deposit funds back into your HSA so it does not count as an additional contribution)
Employee Funding Options
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- Direct deposits may be made into your HSA through Educators Credit Union
