Health Savings Accounts (HSAs)

Are you an employee who has a high deductible health plan?  Or, are you an employer who is looking to switch from a traditional plan to a high deductible plan?  SCCU now offers Health Savings Accounts to help you, or your employees, save for current and future qualified medical expenses.

Much like an IRA, a Health Savings Account has contribution limits.  For calendar year 2008:

·        Those covered by an individual heath insurance plan may contribute $2,900

·        Those covered by a family health insurance plan may contribute $5,800

·        Those 55 and over, can make a “catch-up” contribution of $900

Once you are enrolled in Medicare, you are no longer eligible to contribute to an HSA.  HSAs also allow you the flexibility to contribute when you'd like and in some instances, your contributions may be tax-deductible.*  Account balances also carry over from year to year, so the balance can grow throughout your lifetime.

SCCU's Health Savings Account offer competitve rates (click here for rates), a low one-time setup fee of $25, and no annual fees.  We also offer you a Health Savings Account debit card, so you can make unlimited signature transactions to easily pay for your health expenses.

For more information on setting up Health Savings Accounts, stop in and see a Financial Specialist at any of our five, full-service offices.  Click on the locations and hours tab above to find our offices and hours.

*Consult your tax professional.