Health Savings Account (HSA)

HEALTH SAVINGS ACCOUNTS (HSA)
Even with good, high-deductible health care coverage, out-of-pocket expenses are growing at a seemingly exponential rate.  Health Savings Accounts (HSA) combine the protection of health insurance with a tax-advantaged savings account.

You must be covered by a High Deductible Health Plan (HDHP) to be able to take advantage of HSAs. An HDHP generally costs less than what traditional health care coverage costs, so the money that you save on insurance can therefore be put into the Health Savings Account.

You own and you control the money in your HSA. Decisions on how to spend the money are made by you without relying on a third party or a health insurer.

• Members are eligible if they are covered under an HDHP
• Unused HSA assets may be used for retirement
• Single HSAs and Family HSAs available at GLCU

HEALTH SAVINGS ACCOUNT BENEFITS
Protection – You will have an opportunity to save money to pay high or unexpected medical bills.

Affordability – High health insurance policy deductibles mean lower premiums. 

Tax Benefits – Your ability to deduct your contributions and the tax deferral of account earnings enable you to build your account.

Flexibility – You can contribute at any time during the year, and your HSA balance rolls over from year to year.

Portability – You own the account, so it goes where you go, regardless of any job changes.