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Co-op Credit Union

Health Savings Accounts

A Health Savings Account, or HSA, is a tax-exempt custodial account established to pay qualified medical expenses in conjunction with a "High Deductible Health Plan" (HDHP).

A High Deductible Health Plan is an alternative to traditional PPO and HMO plans. In exchange for a lower monthly premium, you accept responsibility for a higher amount of "out of pocket" expenses.

Federal law sets the minimum requirement for what constitutes a HDHP.

Health Savings Account Limits

 Maximum Contribution Limits  2017 2018
Single HDHP $3,400 $3,450
Family HDHP $6,750 $6,900
Limit #1 to Qualify as a HDHP – Minimum Annual Deductible

Single Coverage $1,300 $1,350
Family Coverage $2,600 $2,700
Limit #2 To Qualify as a HDHP –Maximum Annual Out-Of-Pocket

Single Coverage
$6,550 $6,650
Family Coverage
$13,100 $13,300
Individuals age 55 and Older Can Also Make Additional “Catch-Up” Contributions of $1,000
Co-op Credit Union has Health Savings Accounts available with debit card access. Contact us for more information or to open your account.
See our Fees & Disclosures page for additional account information and terms.