Health Savings Accounts
Don't let unexpected medical bills harm your financial health. By setting aside money to cover doctor, hospital and dental care costs, you'll enjoy tax benefits as well as some peace of mind.
Scam alert: Some members have reported receiving a text from MSGCU saying their account is locked. MSGCU will never ask for your password, PIN, or log-in verification code. Read more about the details and what to do.
Health Savings Accounts are designed for individuals covered by a High Deductible Health Plan. Once you open an account, you can contribute up to the limit set by law, which is $7,100 per family (or $3,550 for an individual) for 2020. At that point, you can use your Michigan Schools and Government Credit Union account to pay for current health expenses and save for future expenses.
Review complete terms and conditions. *Please consult a tax adviser for more information. **Members are responsible for ensuring that withdrawals are for qualified medical expenses.
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