Health Savings Account - HSA

A Health Savings Account is owned by an individual to help save for future qualified medical expenses and retiree health expenses using a medical expense account. At Connexus Credit Union, we understand how unexpected emergencies can affect lives and that healthcare can be an expensive added cost to all the other expenditures. That is why our HSA accounts are built around you saving.

Health Savings Accounts are used in conjunction with a high deductible health plan, and they allow you a more flexible spending account to manage your health care costs while protecting yourself from a financial crisis in the event of a costly medical expense.

High deductible health plans are an important issue for small business owners. Flexible spending accounts allow employees who elect high deductible health plans to enjoy great tax savings over the years. Plus, there is no cost to you to offer these accounts.

Let us give you peace of mind knowing that your health savings account will have you covered for the important things, such as your health. Contact us and become a member today!

Health Savings Account HSA Benefits:

  • Tax savings when you contribute to your account
  • Tax-free earnings
  • Tax-free withdrawals for qualified medical expenses
  • No annual fees
  • Earn dividends on balances
  • Free balance alerts
  • Free online banking with bill pay
  • Free eStatements
  • Easy access to funds with a Debit Card

Contributions can be made to an HSA by you and/or your employer up to the maximum specified by law. 2017 limits are as follows:

  • Single: $3,400
  • Family: $6,750

Contributions can be pre- or post-tax dollars, and individuals 55 and older can also make additional catch-up contributions.

Who Qualifies for an HSA?

Any adult can open an HSA, provided they:

  • are covered by a High Deductible Health Plan (HDHP)
  • are not covered by other health insurance that is not an HDHP
  • are not enrolled in Medicare
  • cannot be claimed as a dependent on someone's tax return

Additional HSA resource is available at: