Health Savings Account (HSAs)
Health Savings Accounts (HSAs) from EFCU Financial are a great way to take control of soaring health insurance expenses. An HSA provides you with an excellent tax-preferred savings option for a wide range of medical expenses. In order to take advantage of the benefits of an HSA, you must be enrolled in a qualified HSA-eligible health insurance plan, also referred to as a High Deductible Health Plan (HDHP).
With an HSA, you enjoy the following advantages:
- Triple Tax Savings - Tax-free deposits up to a federally established annual limit (similar to an IRA), tax-free dividend accrual, and tax-free withdrawals for a vast range of eligible medical expenses — including many types of non-traditional treatments.
- Annual Rollover - There is no “use it or lose it” penalty with HSAs. Your HSA funds roll over from year to year.
- Portability - It doesn’t matter if you change jobs, insurance plans, or even marital status — your HSA belongs to you!
- Control - You are in charge. You decide where to open your HSA, how much to contribute, when and how much to withdraw, and when and where to invest your earnings.
- Flexibility - Anyone can contribute to your HSA — you, your employer, even a third party. You can also use your HSA funds to pay for eligible medical expenses for family members not covered under your health plan.
With an EFCU Financial HSA, you will receive additional benefits including:
- Competitive tiered interest-bearing account
- HSA Checks to access your account
- Easy and convenient online set-up and funding
- Top-notch online database of health information
And all this from a local, convenient and secure financial institution that you can trust. Don’t just be good to your health. Be GREAT with an EFCU Financial Health Savings Account.
For more information and to sign up for your HSA, contact an HSA professional at (225) 214-6800
Tax situations vary. Consult with a tax advisor for additional information.