Student Loans
Great Lakes Credit Union has everything you need to help manage your money and plan for the future.
Open a Health Savings Account
Invest in your health and financial well-being with a GLCU HSA and earn 1.50% APY*.
You can use HSA funds for IRS-approved items. Examples include:
- Doctor's office visits
- Dental services
- Eye exams, eyeglasses, contact lenses and solution, and laser surgery
- Orthodontia, dental cleanings, and fillings
- Prescription drugs and some over-the-counter (OTC) medications
- Physical therapy, speech therapy, and chiropractic expenses
When it comes to medical expenses, every penny counts. With a health savings account, you can make pre-tax contributions and enjoy tax-free withdrawals. Your funds are always available if you need them for qualified healthcare expenses.
Effective Date: Thursday, September 19, 2024
| Account | Dividend Rate | APY* | How to Open | |
|---|---|---|---|---|
| Health Savings Account | $100 min to earn | 1.500% | 1.50% |
Make the Most of Your HSA
| Grow Your Savings |
| Roll Over Your Funds |
| Your Money, Your Health |
What Our Members Say
“I have always received great service over the years. I’ll never regret switching from Chase to Great Lakes. It’s more personal in every way for all the services that I have needed. I also feel more secure here.”
-James H.
“GLCU provides me with everything I need. Customer service is excellent and staff knows their job. No waiting. Help right away when I come in.”
-Deborah L.
“We have been members since the 1960s and have had nothing but great service.”
-Billy W.
FAQs
Q: Who is eligible to open an HSA?
A: If you are covered under a high deductible health plan (HDHP), are NOT covered under any other health plan, are NOT enrolled in Medicare, cannot be claimed as a dependent on someone else’s tax return, and have not been a recipient of veterans’ medical benefits in the previous three months, then you are eligible to establish an HSA.
Q: How do I know if I have an HDHP?
A: Your health insurance provider would be able to tell you if you have an HSA-eligible HDHP. Your health plan is an HDHP if it meets certain requirements, which vary based on type of coverage you have (self-only or family).
Q: What are qualified medical expenses for an HSA?
A: Qualified medical expenses are medical expenses that are:
- Incurred on behalf of the HSA owner, their spouse, or dependents
- Incurred after an HSA has been established
- Not covered by insurance
- Paid by the HSA owner, their spouse, or dependents
Q: How can I use my HSA assets?
A: As the HSA owner, you can take money out of your HSA at any time to pay for qualified medical expenses tax free, even if you are no longer an HSA eligible individual at the time of the distribution.
As the HSA owner, you are responsible for determining whether an expense is a qualified medical expense and therefore, a qualified distribution. You should also keep your receipts and maintain your records for any tax-free distributions you take from your HSA, in case you need to defend your expenditures or decisions during an IRS audit.
Q: How much can I contribute to an HSA for myself or someone else?
A: The maximum amount you can contribute to an HSA each year depends on:
- Whether or not you are eligible for a contribution, and if so, if you are eligible for a catch-up contribution
- What type of HDHP coverage the HSA owner carries throughout the year (self-only or family)
- How many months the HSA owner is covered by a qualified HDHP
Total contributions made by or on behalf of an HSA owner cannot exceed the annual contribution limit for the given year.
* APY = Annual Percentage Yield. All dividend rates and APY may change at any time.