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Home > Saving & Investing> Health Savings Accounts

Health Savings Accounts

A Health Savings Account (HSA) is a savings product that allows you to pay for current health expenses and save for future qualified medical expenses with certain tax benefits.*  Begin setting things right with your health care expenses by opening a Health Savings Account.

HSAs are available to individuals covered by a High Deductible Health Plan (HDHP). Once you open an HSA, you may contribute up to the amount of your HDHP statutory limit. Your employer's contributions to your HSA are tax-free (if applicable), and you can deduct your own contributions to your HSA on your income tax return even if you do not itemize.*

2017 HSA Deductibles and Limits
Minimum DeductibleOut-of-pocket MaximumContribution Limit55+ Contribution
Single $1,300 $6,550 $3,400 $1,000
Family $2,600 $13,100 $6,750 $1,000

Unlike contributions to a Flexible Spending Account (FSA), the balance of your HSA at the end of the year is carried over to the next year. You can withdraw money tax-free and penalty-free at any time for qualified medical expenses.** Don't wait! Open your Health Savings Account with Michigan Schools and Government Credit Union today to enjoy no setup fees, no monthly fees, and no minimum deposit requirements.

*Please consult a tax adviser for more information.**Members are responsible for ensuring that withdrawals are for qualified medical expenses.

 

Health Savings Account
APY*Interest Rate
0.600% 0.598%

*APY = Annual Percentage Yield. No Minimum Balance Required.

 

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