When you open a Health Savings Account with RCU, you'll enjoy more flexibility and control over health care costs. If you have a high deductible health plan, consider this:
- Health Savings Accounts (HSAs) allow your employer to make pre-tax contributions on your behalf
- Other contributions you make on an HSA are tax deductible, allowing you to save on medical expenses
- Distributions may be tax-free when used for qualifying expenses
- HSA limits can vary year to year
2020 HSA Contribution Limits:
- Single Coverage: $3,550
- Family Coverage: $7,100
- Catch-Up Contributions: $1,000
- You must be eligible to participate in an HSA
- Access your account through checks or your RCU HSA debit card
- Funds carry over year after year, no "use it or lose it" provision
- You must maintain an RCU membership to be eligible
Do you have questions about high-deductible health plans (HDHPs)?
Want to know about HSA contribution limits?