More people are signing up for health savings accounts (HSA) than ever before due to the continued high deductible health plans.
The concept of an HSA is simple: It’s a debit card you can only use for approved medical transactions like a prescription, over the counter medicines, or your co-pay at the doctor or dentist office.
The benefit of an HSA account is that it can be taken out of your paycheck pre-tax, which means it’s not included in your gross income and therefore, not subject to federal income tax.
The best part about this policy is that funds roll over from year to year, so you can save for future healthcare expenses.
HSA accounts continue to accrue
There is no timeline to use the funds
Funds are not loaded up front. They accumulate monthly onto your EECU card
Maximum $4,400 individual and $8,750 family annually
Pre-tax savings