Health Savings Accounts
Thinking about a High Deductible Health Care Plan?
BCU can help with an HSA!
A High Deductible Health Plan, or HDHP, is an alternative form of health insurance where plan holders pay lower premiums in exchange for a higher deductible. Coupled with a Health Savings Account (HSA), they form the backbone of what has been coined, “consumer-directed healthcare” (CDH). Perhaps you have been exploring a Health Savings Account for your High Deductible Health Plan. If so, BCU can assist you!
Our account pays a very competitive rate of interest, and you will have access to extensive information and resources on HSAs – covering everything from how an HSA works, its advantages and savings potential, to tax and compliance information. In addition, you will have access to a suite of health advisory tools so you can calculate health plan costs, research medical conditions, find local caregivers, and compare their costs and quality.
HSA Basics
- Triple Tax Savings
Tax-free deposits up to a federally established annual limit (similar to an IRA), tax-free dividend accrual, and tax-free withdrawals for a vast range of eligible of medical expenses – including over-the-counter medications and many types of non-traditional treatments. - Lower Insurance Premiums
With the high deductible health plans (HDHPs) that accompany HSAs, you’ll see a marked decrease in your monthly premium. - Annual Rollover
There is no “use it or lose it” penalty with HSAs. Your HSA funds roll over from year to year. - Portability
It doesn’t matter if you change jobs, insurance plans, or even marital status – your HSA belongs to you! - Control
You are in charge. You decide where to open your HSA, how much to contribute, when and how much to withdraw, and when and where to invest your earnings. With our Care Counselor online tools, you can comparison shop for healthcare just as you would for a car. - Flexibility
Anyone can contribute to your HSA – you, your employer, even a third party. You can also use your HSA funds to pay for eligible medical expenses for family members not covered under your health plan.
For more information about our Health Savings Accounts, including how to open an account click on the information and resources link under next steps.
