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Health Savings Account (HSA)

A convenient financial tool for managing your High-Deductible Health Plan medical expenses.

Covered Medical & Dental Expenses footnote 1

Send a request to open an HSA

Give us a call at 1.800.633.7077, ext. 33409

Schedule an appointment at a Member Center

Health Savings Account Benefits:

Pay for your expenses easily with a free CEFCU HSA Debit Mastercard®.

  • Use your HSA Debit Card wherever Mastercard, Cirrus®, or Maestro® are accepted.
  • Get Mastercard Zero Liability Protection footnote 2 on qualifying purchases.
  • Authorized signers are supported.

Free Online & Mobile Banking.

  • Bill Pay Services with an HSA Checking account.
  • Complimentary budgeting tools, account alerts, and security features.
  • eStatements — get access to current and archived statements at no cost.

Not just a Savings account! These additional HSA options can be opened to best fit your needs:

  • Checking
  • Dividend Checking
  • Insured Money Market Account
  • Certificates

It’s your money — there are no “use it or lose it” rules.

  • Any remaining funds in the account will roll over year after year.
  • If you change jobs or medical coverage — you can keep your account and continue to use your funds for qualified expenses.

Advantages of an HSA

HSA Contribution Limits

Contribution Deadline: You have until the tax-filing deadline (generally April 15) of the following year to make allowable contributions.

For more detailed information on HSA plans and taxes, visit the IRS website  or talk with your tax advisor.

Health Saving Account FAQs

  • Are contributions (deposits) tax deductible?

    Yes. Health Savings Account contributions made by an eligible individual or his/her family members are deductible by the eligible individual when determining his/her adjusted gross income. The individual cannot also deduct the contributions as medical expense deductions.

  • Are there fees?

    There are no fees for CEFCU members to open and maintain a HSA.

Schedule an appointment at a Member Center

Other Ways to Save

IRAs Insured Money
Market Account Savings Account Certificates Youth
Accounts

1. Consult your tax advisor for help determining your eligibility to open an HSA and your allowable contributions and withdrawals. As custodian/trustee of your HSA, CEFCU is not responsible for determining your allowable contribution amounts or whether distributions are used for qualified medical expenses. Your total contributions and withdrawals are reported annually to the IRS.

HSAs were developed by Congress for consumers with high-deductible health plans. If you are not enrolled in Medicare, you can use tax-free savings to pay for current or future qualified medical costs.

2. Zero Liability: Pay only for purchases which you have authorized on your Mastercard card. Unauthorized purchases are not your responsibility. Conditions and exceptions apply. Get Details .

3. Your personal contribution limit may be lower than Internal Revenue Code maximums. Individuals are responsible for monitoring their contributions limits — CEFCU does not monitor it. Consult your tax advisor with questions about how limits apply to your situation. Contributions may be subject to state taxes in some states. The annual contribution limit includes employer contributions.

4. Catch-up Contributions (55+): Eligible individuals over the age of 55 are allowed to make additional catch-up contributions to their HSAs. The catch-up amount is $1,000. If you turn 55 during the year, you can contribute the full $1,000.

mastercard