Health Savings Accounts
Gale Credit Union can assist you with managing your healthcare expenses with a Health Savings Account (HSA). The HSA allows you to deposit money into the HSA tax free and withdraw funds to pay for qualified medical expenses - all without paying taxes on the money.
A Gale Credit Union Health Savings Account has many advantages, including:
- Contributions (deposits) to your HSA are 100% deductible (up to the legal limit, as qualified)
- Withdrawals from your HSA to pay for Qualified medical expenses are never taxed
- Dividend earnings accumulate tax-deferred, and if used to pay qualified medial expenses, are tax-free
- You do not lose any of your unused savings - it continues to grow tax-free, rolling over year after year
- Typically, qualified medical expenses include most medical care, dental, eye glasses, prescription drugs, lab fees, etc.
- For the official list and more details, visit www.irs.gov or consult your tax advisor
- Access your funds with a debit card or check, your choice
- A Minimum of $25.00 is needed to open a Health Savings Account
- See Gale Credit Union for more details
Call or visit our Member Services today to start saving money with a Gale Credit Union HSA!