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CFCU is pleased to offer the Health Savings Account (HSA). This account allows you to save for future medical expenses. The account holder generally gets an income tax deduction for contributions by anyone other than the owner’s employer. Distributions from the HSA are tax-free if the money is used to pay or reimburse uninsured qualified medical expenses for the account holder, a spouse, or dependents. Any adult can contribute to an HSA if they:

  • Have coverage under a qualified "high deductible heath plan" (HDHP)
  • Have no other first-dollar medical coverage (other types of insurance like specific injury insurance or accident, disability, dental care, vision care, or long-term care insurance are permitted).
  • Are not enrolled in Medicare
  • Cannot be claimed as a dependent on someone else’s tax return


Contributions to your HSA can be made by you, your employer, or both. However, the total contributions are limited annually and are determined on a monthly basis. Specific limits are based on coverage for single or married plans and are subject to cost of living adjustments each year.

Benefits of an HSA

  • Security: Your high-deductible insurance and HSA protect you against high or unexpected medical bills.
  • Affordability: You should be able to lower your health insurance premiums by switching to a higher deductible plan.
  • Flexibility: Use the funds to pay for current medical expenses that your insurance does not cover, or save the money in your account for future needs. Conveniently access your HSA account by writing a check or using your debit card.
  • Ownership: Funds remain in your account with no timeframe for using the funds. It can transfer to your surviving spouse if you’re married, or to your beneficiaries if you are single.

For more information and to open your Health Savings Account, call or stop by the credit union office and our staff will be happy to assist you.

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