Health Savings Account
Saving for medical expenses can become part of your wellness plan.
Rising healthcare costs pile on stress at the moment you or your loved ones should be healing. With a health savings account from Clearview Federal Credit Union, you can build up your savings in this special account to pay for all kinds of medical needs. Knowing you have money set aside for either preventive or emergency care provides peace of mind, and you may also receive a tax benefit in the process.
- Contributions may be tax-free or tax-deductible*
- Use funds for dental, vision, and other qualified medical expenses
- Account balances left over at the end of year roll over to the following year
- Take your account with you if you change jobs
- Track available funds through digital banking
Key considerations before you open an HSA
How does a health savings account work?
A Health Savings Account (HSA) is a tax-advantaged savings account specifically designed for covering your qualified medical expenses. Any contributions you choose to make are tax-free and tax-deductible and withdrawals are tax-free when utilized for qualified medical expenses. Plus, all interest earned on the account remains tax-free! Although health savings accounts can be offered through your employer, you can take the account with you if you change jobs.
Who is eligible to open an HSA?
Due to federal regulations, you must meet the following qualifications to open an HSA:
- You must be covered by a high deductible health plan.
- You must not be covered by another general coverage medical plan or Medicare.
- You must not be eligible to be claimed as a dependent.
Can I rollover my health savings account funds?
Yes! Contributions roll over year after year so you don’t have to use the funds in the same year you put them in.
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