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.*
Health Savings Accounts (HSAs) are available to individuals
covered by a High Deductible Health Plan (HDHP). The deductible
for 2008 must be at least $1,100 for an individual plan and
at least $2,200 for a family plan.
Once you open a HSA, you may contribute up to the amount
of your HDHP deductible, but no more than $2,850 for individual
and $5,650 for family coverage per year. 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 MSGCU today
and enjoy no set up fees, no monthly fees, and no minimum deposit
requirements. For more information, please contact us at 586.263.8800,
option 6 or 1.866.MSGCU4U, option 6. |