Health Savings Account Rates
|Health Savings Account|
|*APY = Annual Percentage Yield. No Minimum Balance Required.|
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). View the minimum deductibles. Once you open an HSA, you may contribute up to the amount of your HDHP statutory limit. View annual limits. 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.*
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.