Your health, your money.
Healthcare costs happen. With a Health Savings Account, you’ll be ready when they do.
An HSA is a tax-advantaged account that lets you set aside money for qualified medical expenses. If you're enrolled in a high-deductible health plan (HDHP), an HSA can be a smart way to manage healthcare costs and receive tax advantages.
Not sure if you’re eligible? Learn more.
Features:
- No minimum opening balance.
- Online banking access.
- Free HSA debit card.
- HSA checks are available.
Qualified expenses:
- Doctor visits and prescriptions.
- Dental and vision care.
- Mental health services.
- Medical supplies and equipment.
Tax advantages.
The savings you get with an HSA go beyond your healthcare. They also have a few tax benefits.
✅Tax-deductible contributions:
Contributions reduce your taxable income.
✅Tax-free growth:
Interest or investment gains grow tax-free.
✅Tax-free withdrawals:
Funds used for qualified medical expenses aren’t taxed.
Plus, your HSA can double as a retirement savings tool. After age 65, you can use your funds for non-medical expenses without penalties. However, some regular income tax may apply.
Who’s eligible?
HSAs aren’t available to everyone. You have to be enrolled in a qualifying high-deductible health plan (HDHP). You can’t be covered by any other non-HDHP health insurance nor enrolled in Medicare. You can’t be claimed as a dependent on someone else’s tax return.
Disclosures
*APY=annual percentage yield. APY is accurate as of the last dividend declaration date. Rate is variable and may change after account is open. A $2 fee is charged any month that your average monthly balance goes below $250. One health savings account is allowed per person. No minimum balance to open an STCU health savings account. Fees may reduce earnings. Consult your tax advisor. See all rates and disclosures.