Do you have a High Deductible Health Plan (HDHP)? If so, you likely qualify for a Health Savings Account (HSA), a helpful way to save for your current and future medical expenses and reduce your taxable income.
How much you contribute to your HSA each year is up to you; however, you cannot exceed government-mandated maximums. These can vary each year, and for 2023, these limits are $3,850 for an individual and $7,750 for a family. Adults over 55 can contribute $1,000 more.
Deposits into your HSA can be made in person or automatically through direct deposit. Funds can then be used for eligible medical expenses (as determined by the IRS) including deductibles, prescriptions, dental and vision coverage and more.
Benefits of a BCU HSA
Security and Savings: The funds you save through your HSA will be there for you when you need to pay for medical. Also, as you save for future expenses, you can grow the account through investment earnings. Plus, HSAs are covered by your NCUA federal deposit insurance.
Affordability: Switching to an HDHP and opening an HSA can lower your health insurance premiums.
Flexibility and Control: Account owners make all the decisions about how to spend and invest the money in their accounts.
Tax Savings: Employer contributions may be excluded from your gross income, you may receive tax-free earnings through investments, and you will receive tax-free withdrawals for qualified medical expenses.
Portability and Ownership: Account holders keep the account even if they change or lose their jobs. Funds remain in the account from year to year.
Plus...when you open an HSA through BCU, enjoy no fees, free checks, a monthly statement and the ability to view your account information online.
Applying is Easy
Ready to start saving? Open your account using our online application, stop by our office, or give us a call at 715-359-7012.