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Health Savings Account
Save Smart. Stay Healthy. Health Savings Made Simple!
What is a Health Savings Account?
A Health Savings Account (HSA) is a special savings account that helps you set aside money for qualified medical expenses, tax-free. If you’re enrolled in a high-deductible health plan (HDHP), an HSA can help you manage out-of-pocket costs now while saving for future healthcare needs.
What can a HSA be used for?
Your HSA can be used for:
- Dental Care
- Vision Care
- Mental Health & Therapy
- Medical Services and Equipment
- Medications and Treatments
- Family and Postpartum Care
- Emergency & Home Care
- Medical Travel
- Insurance Premiums, under certain conditions
Your HSA cannot be used for:
- Cosmetic Procedures
- Gym Memberships or General Wellness Programs
- Over-the-counter supplements (unless prescribed)
- Non-medical personal items
Transaction Limitations
While there are no transaction limits on this account, IRS contribution limits do apply.
Abbey Credit Union assumes that all deposits and debts to the account are current year contributions unless otherwise stated.
For more information about limitations and contribution amounts, please visit the IRS website.
How to open an HSA at Abbey
You may open an HSA at anytime. Simply visit one of our branch locations and we would be happy to help!
Minium Balance: There is no minimum balance required to open or maintain the account
Fees: No fees are associated with this account
Requirements: A Membership Share is required for opening an HSA
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