Spend and Save!
When you use your debit card, Bill Pay or write a check for everyday purchases, we’ll round up the change to the nearest dollar. The difference will transfer into your savings account.
A Health Savings Account (HSA) combines the protection of health insurance with a tax-advantaged savings account.
You must be covered by a High Deductible Health Plan (HDHP) to take advantage of an HSA. An HDHP generally costs less than traditional health care coverage costs, so the money you save on insurance may be put into the Health Savings Account.
An HSA lets you control how you save, invest, and use your healthcare dollars.
Because you fund the HSA with pre-tax money, you're using tax-free funds for healthcare expenses you'd normally pay for out-of-pocket. Your HSA contributions don't count toward your taxable income for federal taxes. They're not taxable in most states, as well.
Money in your HSA always belongs to you, even if you change employers. Plus, unused funds carry over from year to year so you never have to worry about losing your money. With an HSA, your account can grow tax-free in a GLCU interest-bearing savings account. Of course, your funds are always available if you need them for qualified healthcare expenses.
You can use HSA funds for IRS-approved items. Examples include:
You can also refer to IRS Publication 969.
Every time you use your HSA, save your receipt in case the IRS asks you to prove that your claim was for a qualified expense. If you use HSA funds for a non-qualified expense, you'll pay tax and penalty on the ineligible amount.
Visit one of our many branches to open a Health Savings Account or call (800) 982-7850 to speak to a GLCU representative.