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|
|Limit #1 to Qualify as a HDHP – Minimum Annual Deductible|
|Limit #2 To Qualify as a HDHP –Maximum Annual Out-Of-Pocket|
|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.