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health savings account

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 2009 must be at least $1,150 for an individual plan and at least $2,300 for a family plan.

Once you open a HSA, you may contribute up to the amount of your HDHP statutory limit, but no more than $3,000 for individual and $5,950 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.

Current Rates
Health Savings Account
APY*Interest Rate
0.600%0.599%
   

No Minimum Balance Required

Retirement Calculators



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


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40400 Garfield Road • Clinton Township, MI 48038 • 586.263.8800

Routing number: 272480173

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