Health Savings Accounts (HSAs) are designed to help individuals save for future qualified medical and retiree health expenses on a tax-free basis. Contributions to your HSA are tax-deductible and earnings will accrue on a tax deferred basis. Distributions from your HSA are tax-free as long as they are used for qualifying medical expenses. Any balance at the end of the year is carried over the next year.
With an HSA, you are in control. You decide how and when to spend the money within the government guidelines. And since you’re the owner of the account, it will always follow you. Basically, you can use it for any medical expense – dental, vision, prescriptions and even over-the-counter drugs like aspirin. And, with free checks and a debit card, we make it easy for you to pay anywhere!
Visit one of our branches today to learn more about Health Savings Accounts, or for general information on HSAs, visit the U.S. Treasury Department website.
*All savings accounts are insured to $500,000 and all IRAs are insured up to $500,000. That is a combined total of $1,000,000 if both types of accounts are maintained at Land of Lincoln Credit Union. This insurance is provided through NCUA (National Credit Union Administration), an agency of the Federal Government, and through ESI (Excess Share Insurance), a wholly owned subsidiary of American Share Insurance and is provided absolutely free by this credit union.