Who is Eligible to Open an HSA?

The main requirement for establishing an HSA is being enrolled in a high-deductible health plan (HDHP) that meets IRS guidelines for the annual deductible and out-of-pocket maximum.

How It Works

Once the HSA is established it’s easy to contribute and distribute funds. Since HSAs are individually owned accounts, funds always stay with the participant, even if they change jobs in the future or retire. Unused funds stay in the account and roll over year to year.

For Employers

Features of Offering HSAs

  • Tax savings
  • A stronger retirement package
  • Lower insurance premiums
  • The ability to better attract and retain employees
  • Ease of implementation
  • Health promotion
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For Participants
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Features of Having a HSA

  • Triple tax advantage
  • Serves as a safety net for unexpected medical expenses or unemployment
  • HSA dollars never expire
  • HSA-compatible health plans have lower monthly premiums than traditional health plans
  • Provide additional retirement savings
  • Participants can invest for even more savings potential

Before deciding whether to take part in a Health Savings Account, consider various factors including, but not limited to: eligibility requirements, fees and expenses, contribution limits and tax or withdrawal penalties for non-qualified purposes.

Investment Calculators

Our comprehensive calculators can help you make smarter, more-informed decisions.

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*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Consumers Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.