Health Savings Account
Rising costs of medical and healthcare expenses are a concern for many people today.
Health Savings Accounts (HSAs) were established by the Medicare bill by President Bush on December 8, 2003, and were designed to help members save for qualified medical and healthcare costs on a tax-free basis.*
Benefits to Members include:
- Tax deductions for contributions
- Contributions can grow in the account for years
- Dividends in the account are tax-free
- Account belongs to the member
Federal credit unions may offer qualified members the opportunity to establish a Health Savings Account, and Houston Federal Credit Union has been offering these valuable accounts since 2006. According to the Medicare bill, members are eligible for HSAs if they are enrolled in a high deductible health plan of at least $1,650 if individual and $3,300 if a family plan with out-of-pocket expenses not to exceed $8,300 for individual and $16,600 for a family plan.
High-Deductible Plans
If your medical plan qualifies as a high-deductible plan, contact us today and let us help you save money and plan for future medical expenses! For more information on balancing rising health care costs with a Health Savings Account, please review the informational brochures below.
Informational Resources
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Health Savings Accounts
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Health Savings Accounts
for Employer
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This article is not intended as tax advice. Consult a tax advisor regarding the deductibility and contribution limits.
Other criteria may apply for Health Savings Account eligibility.
Other criteria may apply for Health Savings Account eligibility.
*Must be eligible for Houston Federal Credit Union membership and open a share savings account with a $5 minimum deposit in order to become a member and obtain any product or service.
**APY = Annual Percentage Yield.
Rates are subject to change monthly.
Minimum opening deposit for a Health Savings Account is $5. If checks are being ordered for the account, an additional opening deposit of $25 is required (total $30).
Fees and other conditions could reduce the earnings on the account.
Rates are subject to change monthly.
Minimum opening deposit for a Health Savings Account is $5. If checks are being ordered for the account, an additional opening deposit of $25 is required (total $30).
Fees and other conditions could reduce the earnings on the account.