Secure Your Health & Financial Well-Being!

A Health Savings Account (HSA) is a tax-favored consumer savings arrangement available for individuals and families covered by certain High Deductible Health Plans (HDHPs). These arrangements allow for tax-deductible contributions and, in turn, permit tax-free distributions when the distributed amounts are used for qualified medical expenses. CCU offers a Health Savings Account as a checking account that earns dividends and includes a debit card for convenience.

Key Features:

  • Tax-Advantaged*
  • No Monthly Service Fees
  • Free Online Banking, eStatements, and Bill Pay


  • Expenses can include: doctor’s office visits, prescriptions, vision expenses, dental expenses, and many more.
  • Contributions can be made by you, your employer, or anyone.
  • You own the account. It goes where you go, regardless of career or life changes.
  • The balance in your HSA at the end of the year is carried over to the next year.
  • HSA dollars never expire – no “spend it or lose it.”
  • HSAs can provide additional retirement savings.
  • At age 65, you can withdraw from your HSA for any purpose (not just medical) subject to normal income taxes. *


The following four statements must be true before your HSA is established:

  1. You are covered by an HSA-compatible HDHP as of or before the first day of the month in which you establish your HSA.
  2. You have no other health insurance coverage.
  3. You are not enrolled in Medicare/Tricare.
  4. You cannot be claimed as a dependent on someone else’s tax return.

Contribution Limits:

For 2024, the contribution limit for self-only HSAs is $4,150. The contribution limit for family coverage is $8,300. If you are age 55 or older, you can make an additional $1,000 catch-up contribution to your HSA.

*Consult a tax advisor.

Health Savings Account

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