Health Savings Account
Features at a glance
- Interest earning account
- No minimum balance requirement
- No monthly fee
- Debit card – to pay for qualified medical or health care expenses
- Online access
- Free eAlerts & eStatements2
A Scott Credit Union Health Savings Account helps you save money and pay for medical expenses with pre-tax
We offer both individual and family Health Savings Accounts that allow different levels of annual contribution. Please
ask us for more details.
If you are in a High Deductible Health Plan (HDHP), open a Scott Credit Union Health Savings Account (HSA) today. You may be eligible to save and offset rising medical costs.
As the cost of health care coverage continues to increase, there is a tax-free savings account that can help you hold the line on medical expenses. Even with a good high-deductible health care plan, your out-of-pocket expenses are likely continuing to grow. That’s why it is a perfect time to open a Health Savings Account.
With a HSA, you can put federally tax-deductible money into your account up to the maximum annual contribution and earn a dividend on your money. You can then withdraw the money tax-free to pay for qualified medical expenses, such as doctor visits or prescriptions.
What is a HSA?
Health Savings Accounts (HSA) combine the protections of health insurance with a tax-advantaged savings account.
Your “high-deductible” health insurance plan provides you with coverage you need and our HSA allows you to save on your federal income taxes by paying for medical expenses with pre-tax dollars.3
Expenses Covered by Your HSA Account May include:
- All medical expenses
- Doctor visits
- Dental care
- Long-term care
- Health care coverage when unemployed
- Hospital stays
Still have questions?
Who is Eligible For a Health Savings Account?
Any adult can contribute to a 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
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 Account3
- 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-free3
- 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 a HSA, please stop by any of our locations and we will be glad to help you. Please note that
HSA’s cannot be opened online at this time.
2Message and data rates from your carrier may apply.
3This information is not intended as tax advice. Please consult a tax professional.