A Health Savings Account (HSA) is designed to help eligible individuals with a High Deductible Health Plan (HDHP) save for qualified medical expenses on a tax-advantaged basis. HDHPs is a health insurance plan that generally offers lower premiums in exchange for a higher deductible. You can save by contributing money to an HSA and use that money to pay for qualified medical expenses for you and
your family.
The benefits of HSAs:
Flexibility and control over your health
care costs.
Tax-savings three ways: Tax deductions
when you contribute to your account,
tax-free earnings on dividends,
tax-free withdrawals for qualified
expenses.
Opportunity to save money to pay high
or unexpected medical bills.
Funds roll from year-to-year, so there’s
no need to worry about using up the
balance by year’s end.
Your HSA goes where you go, regardless
of any job changes.
Easy access to funds with the MCU Health Savings Visa Debit Card or checks.
No minimum balance requirement.
Free MCU Online Banking including free transaction history, bill payment, eStatements, eAlerts and check images.
Open an MCU Health Savings Account
To open an HSA, you must be 18 years or older, eligible for MCU membership, and enrolled in a qualified High Deductible Health Plan (contact your health insurance provider or employer to confirm coverage). Fill out the MCU Health Savings Account form and an MCU Financial Service Associate will contact you in opening your HSA account.
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