Safe Harbor Credit Union now offers HSA accounts!!
An HSA account simply put, is a Health Savings Account, which is a special savings or checking account to be used for medical expenses. There are unique tax advantages with these types of accounts, including tax deductions for contributions, tax-free withdrawals for medical expenses, automated carryover of funds from one year to the next and more.
HSA’s are offered by employers as a way to lower health insurance premiums through a “High Deductible Health Plan”, and HSA accounts are portable, so the member can keep the account even when he/she changes jobs.
For 2018, the contribution limit for self-only HSA’s is $3,450 per year. The contribution limit for family coverage is $6,900 per year. If you are age 55 or older, you can make an additional $1,000 catch-up contribution to your HSA.
Anyone who has an HSA-compatible high deductible health insurance policy will qualify.
It’s very easy to get an HSA started, so come into Safe Harbor Credit Union and ask us how!