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Health Savings Accounts

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A DFDFCU Health Savings Account (HSA) is an alternative way to save for medical expenses and pay for health care costs. If your insurance policy is a High Deductible Health Plan (often referred to as an HDHP), you can save for qualified medical expenses-doctor visits, prescriptions, dental care and more-and do it tax-free.*

Key Features:

  • No account set-up fee or monthly fee
  • Interest earning account starting at $0
  • Tax –deductible contributions
  • Withdrawals for qualified medical expenses and dividends are both tax-free
  • No annual spending requirement
  • Debit card for easy payment

What you need to open a new HSA:

  • Current health plan details (Provider Name, Deductible Amount, Policy Effective Date)
  • Beneficiary Information (Name, Address, Social Security Number or Date of Birth)

Certain conditions must be met before a Health Savings Account (HSA) can be opened. Please check with the Internal Revenue Service for specific questions and details.

What do you need to rollover or transfer an existing HSA?

  • Name of originating institution
  • Any related account numbers

*Information on this page is not intended as tax advice. Please consult your tax advisor for information specific to your situation. Contribution limits and High Deductible Health Plan limits are revised each year to reflect cost-of-living increases.

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