CFCU is pleased to offer the Health Savings Account (HSA). This account allows you to save for future medical expenses. The account holder generally gets an income tax deduction for contributions by anyone other than the owner’s employer. Distributions from the HSA are tax-free if the money is used to pay or reimburse uninsured qualified medical expenses for the account holder, a spouse, or dependents. Any adult can contribute to an HSA if they:
Contributions to your HSA can be made by you, your employer, or both. However, the total contributions are limited annually and are determined on a monthly basis. Specific limits are based on coverage for single or married plans and are subject to cost of living adjustments each year.
For more information and to open your Health Savings Account, call or stop by the credit union office and our staff will be happy to assist you.Contribution and Out-of-Pocket Limits for Health Savings Accounts and for High-Deductible Health Plans (PDF)
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