What is a Health Savings Account?
Credit Union Health Savings Accounts (HSAs) work in connection with high-deductible health plans (HDHPs) to help save for medical expenses. Distributions may be tax-free when used for qualified medical expenses, such as co-pays, prescriptions and more. Unlike flexible spending accounts, your unused funds roll over year after year so you don't lose what you've saved. If you are eligible for an HSA, open yours with ProFed today! Our hassle-free features include:
- no minimum balance
- no enrollment or maintenance fees
- digital banking
- share to share transfers
- payroll deduction
- Visa® Debit Card
- checks
- ATM access
Are you Eligible for an HSA?
An eligible individual is:
- covered by a qualified High Deductable Health Plan (HDHP)
- not covered under a nonHDHP
- not enrolled in Medicare
- not eligible to be claimed as a dependent on another individual's tax return
What are the Benefits of an HSA?
A Credit Union HSA has a number of benefits including:
- Tax Savings
- Tax Deferred
- Can be used for long term care
- No penalty for withdrawals after 65+ (potential tax implications if the funds are used for non-qualified expenses)
- Can be used on medical related purchases (Learn More)
Let's get your savings started using a ProFed Credit Union HSA!