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 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.
The HSA plan year runs on a calendar year from January - December.
Benefits of an HSADollars 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
Payroll contributions are directly deposited into an HSA account through Educators Credit Union (you must enroll for the HSA elections during a special Open Enrollment period, annually)
Personal contributions may also be made to your HSA account through Educators Credit Union.