If you have a high-deductible health insurance policy and need an account to save money for rising health care costs, a Credit Union of Colorado Health Savings Account (HSA) is a great choice.
HSAs are effective at managing costs because contributions to these accounts are tax-deductible and distributions are tax-free when used for qualified medical expenses.* And, these accounts do not have a "use it or lose it" clause, so balances can be carried over from year to year. Pairing up these tax-advantaged savings accounts with high-deductible health insurance policies helps to lower health care costs.
Interest is paid on the Credit Union of Colorado Health Savings Accounts based on the amount in the account (HSA Interest Rates) . For convenience, access funds by check or the HSA VISA debit card. And, we provide the checks and debit card at no-cost! Members can monitor their HSA through Online Banking.
Here are some basic eligibility guidelines for an HSA:**
- You're currently covered under a high-deductible health plan (HDHP) and are not covered under any other type of health plan that is not an HDHP. (HDHP plans have annual deductibles which are determined by law and are subject to change annually. To learn about deductibles for the current year, visit the Department of the Treasury.)
- You're not currently receiving benefits under Medicare (generally, have not reached age 65).
- You're not being claimed as a dependent on another individual's tax return.
Please contact us at 303-832-4816 or 800-444-4816 to inquire about opening a Health Savings Account.
* Check with a tax professional regarding tax deductibility.
** To confirm eligibility for Health Savings Accounts, check with your employer, health insurance provider or tax professional.
Health Savings Account Rate Sheet
Savings & Investments Brochure [click here to download PDF]