General Eligibility Requirements:

  • Covered under a high deductible health plan (HDHP)
  • Cannot be covered by another health plan (with limited exceptions)
  • Cannot be enrolled in Medicare
  • Cannot be eligible to be claimed as a dependent on another persons tax return

Benefits of an HSA:

  • Savings tool
  • Flexibility to pay current medical expenses or save for future needs
  • Tax-deductible contributions
  • Tax-deferred earnings
  • Tax-free distributions, if used properly
  • Balance carries over from year to year
  • Remains with you, regardless of change in coverage or employment

 

Each member's individual financial picture is different.  No statement on this page should be considered tax advice.  Your credit union advises members to consult with their tax adviser or Certified Public Accountant to determine if a Health Savings Account is the right fit for you.

Have a question?

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Visit: 700 E Sharon Ave., Houghton, MI 49931