More information about an HSA (Health Savings Account)
from SCU
Who is Eligible For a Health Savings Account?
Any adult can contribute to an HSA if they:
- Have coverage under an HSA-qualified "high-deductible health plan" (HDHP)
- Have no other first-dollar medical coverage (other types of insurance like specific injury insurance or accident, disability, dental care, vision care, or long-term care insurance are permitted)
- Are not enrolled in Medicare
- Cannot be claimed as a dependent on someone else's tax return
Health Savings Account Benefits:
- Interest earning account
- No minimum balance requirement
- No monthly fee
- Debit card - to pay for qualified medical or health care expenses
- Online access
- Free eStatements
Advantages of a Health Savings Account May Include:
- Tax deductions are realized on a pre-tax basis as soon as you contribute to your HSA Account*
- Lower health insurance premiums in a HDHP
- Control the way your health care funds are spent and invested
- Protection from high or unexpected medical bills
- Withdrawals from your HSA for qualified medical expenses are tax-free*
- Money saved in your HSA account can be used toward qualified medical expenses or for future needs that may arise
- Funds remain in your HSA from year to year. There are no "use it or lose it" rules that apply to HSAs
If you would like to open an HSA account, please stop by any of our locations and we will be glad to help you.
*This information is not intended as tax advice. Please consult a tax professional.
