A Health Savings Account (HSA) combines the protection of health insurance with tax-advantaged savings account. Members Choice Credit Union is now offering members or members of VIPs the chance to participate in our new HSA program. We took note that our members are concerned about rising health care costs and how unexpected medical expenses can be a drain on savings. Members Choice HSAs are a great way to achieve peace of mind where healthcare is concerned.
Earn Interest on Members Choice HSAs
If you’re on a high deductible health plan, you should open your Members Choice Health Savings Account (HSA) today. We offer a competitive interest rate on all HSA balances. Did we mention, Members Choice HSAs may be completely tax deductible*?
Unused funds remain in the HSA year after year, earning tax-deferred dividends. Unlike a Flexible Spending Account (FSA), there’s no “use it or lose it” provision in an HSA.
Once you are age 65 or become disabled, you can withdraw funds from your HSA for both medical and non-medical expenses (but the non-medical uses will be taxable at that time.)
You can use HSA funds for IRS-approved items. Examples include:
- Doctor’s office visits
- Dental services
- Hearing aids
- Eye exams, eyeglasses, contact lenses and solution, laser surgery
- Orthodontia, dental cleanings, and fillings
- Prescription drugs and some over-the-counter (OTC) medications
You can also refer to IRS Publication 969.
Is an HSA right for me?
Coupled with a High Deductible Health Plan, an HSA might be a great way for you to handle your medical costs.
Click here to learn more about an HSA and if it is the right choice for you.
Check out the current HSA rates here.
Every time you use your HSA, save your receipt in case the IRS asks you to prove that your claim was for a qualified expense. If you use HSA funds for a non-qualified expense, you’ll pay tax and penalty on the ineligible amount.
Visit one of our many locations to open a Health Savings Account or call (606) 326-8000 to speak to a MCCU representative.