Checking & Savings

Health Savings Accounts

Get the most out of your savings with a Health Savings Account (HSA) from your credit union. Much like an IRA, these accounts offer a tax-advantage savings account to be used for paying healthcare expenses not covered by health insurance.

Benefits of an HSA

  1. Tax Savings. Annual contributions are tax-deductible* from federal and even several qualifying states taxes. Plus, qualified withdrawals are free from federal income tax.
  2. Ownership. Funds remain in the account from year to year, just like an IRA.
  3. Earned Interest. Dividends earned are tax-free.
  4. Portability. You, not your employer, own the account, so you can always keep your HSA.
  5. Flexibility. You can use the funds in your HSA to pay for medical expenses, including those not covered by your insurance, or you can save the funds in your account for future medical costs.


To make contributions to an HSA you: must be covered under a High Deductible Health Plan (HDHP), may not be covered by any other health plan that is not a HDHP, may not be enrolled in Medicare, may not be a recent recipient of VA medical benefits and cannot be claimed as a dependent on another person's tax return.

Availability of Funds

Withdrawals are tax-free if the funds are used exclusively for paying or reimbursing qualified medical expenses, such as doctor visits, prescription drugs, and over-the-counter medicines for the owner, his or her spouse and dependents. Qualified expenses are those incurred after the account is opened.

Still have questions about HSAs? Click here for answers to frequently asked questions.

For complete details on HSA accounts, eligibility, contributions and withdrawals, simply click here or contact our Call Center at 877-325-CU4U (877-325-2848), Mon-Fri from 8am - 5pm, Central Time.

If you are a credit union member, click here to open an HSA or manage a current account.

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