Who is eligible?
Save for medical expenses with a Health Savings Account (HSA)
Protect yourself against the financial impact of catastrophic medical expenses and pay a lower premium with a qualified health savings account.
As a tax-advantaged medical savings account, an HSA provides you with a tax-free way to pay for qualified medical expenses. By combining your HSA with an HSA-qualified High-Deductible Healthcare Plan (HDHP), you can save for future medical expenses and receive favorable tax treatment.
To qualify you must meet all these requirements:
- Be covered under an HDHP (High-Deductible Healthcare Plan)
- Not be covered by any other health plan that is not an HDHP
- Not be enrolled in Medicare
- Not be claimed as a dependent on another person’s tax return
Advantages of Health Savings Accounts (HSA's)
- Security: Financial protection against high medical bills
- Affordability: Lower health insurance premiums
- Flexibility: Payments for current or future expenses
- Savings: Investment earnings
- Control: How much to deposit and when to use funds
- Portability: Job change, relocation to another state or marital status change
- Ownership: No “use it or lose it” rules
- Tax savings: Deductions for contributions, tax-free earnings and tax-free withdrawals
You may make contributions for the current year until Tax Day of the following year. You may use tax-free withdrawals for qualified medical expenses.
Shoreline Credit Union offers an interest-bearing checking account for your HSA deposits — both checks and a debit card are available.
If you are interested in an HSA, contact us to schedule an appointment.