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Savings & InvestmentSavings & Investment

Health Savings Accounts (HSAs)

Take Advantage of Tax Benefits While You Save for Medical Expenses

A Health Savings Account (HSA) gives you more flexibility and control over your health care costs. If you have a high deductible health plan (in 2008 at least $1,100 for an individual, $2,200 for a family), your employer can make pre-tax contributions on your behalf. Any other contributions you make are tax deductible. You will enjoy these benefits once your account is started:

  • Save against high or unexpected medical bills.
  • High insurance policy deductibles mean lower premiums.
  • Receive dividends that are free from federal taxes (all earnings are tax deferred).
  • You may contribute at any time during the year and the balance of your HSA will roll over year to year.
  • It is your account. If you change jobs, it goes where you go.
  • No income limitations or restrictions.
  • No age limit.
Easy Access

RCU’s HSA is a special dividend bearing checking account, so you will have access via checks and cash withdrawals. All distributions/withdrawals are tax free if they are used for qualified medical expenses.

Open An Account

To open an account, simply fill out the required forms below.

Submit completed forms at any branch or mail to:

    Redwood Credit Union
    P.O. Box 6104
    Santa Rosa, CA 95406

You can also open an account by calling : (800) 479-7928 or by visiting an RCU branch.

Learn More

Rates

Find out if you can benefit from an RCU health Savings Account. Contact us today: (800) 479-7928 or visit an RCU branch.

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