Health Savings Accounts
Pays qualified medical expenses with tax-free dollars!
A Health Savings Account (HSA) is a savings product that allows you to pay for current health expenses and save for future qualified medical expenses with certain tax benefits.*
You will be able to deduct your contributions to your HSA, and the account earnings will accumulate on a tax-deferred basis. Best of all, distributions from your HSA are tax-free if they are used for qualified medical expenses.
To open an HSA, you must select a high-deductible health plan. The major advantage of a high-deductible plan is lower premiums.
Contributions and plan deductible limits change frequently so consult your tax professional regarding your individual circumstance.
Unlike contributions to a flexible spending account, the balance of your HSA at the end of the year is carried over to the next year. So you’re not placed in a position of having to “use it or lose it” each year.
HSA benefits:
- Protection – You will have an opportunity to save money to pay high or unexpected medical bills.
- Affordability – High health insurance policy deductibles mean lower premiums.
- Savings – Your ability to deduct your contributions and the tax deferral of account earnings enable you to build your account.
- Flexibility – You can contribute at any time during the year, and your HSA balance rolls over from year to year.
- Portability – You own the account, so it goes where you go, regardless of any job changes.
Don't wait! Open your Health Savings Account with DCCU today and enjoy no set up fees, no monthly fees, and no minimum deposit requirements.
* Please consult a tax advisor for more information.
**Members are responsible for ensuring that withdrawals are for qualified medical expenses
For More information stop in and see us or visit www.treas.gov!
