Saving For Your Health

Rising costs of medical care have driven many employers and individuals alike into high-deductible health plans (HDHPs). While an HDHP features more affordable monthly premiums, medical expenses under the high-deductible can put a family or person outside of their budget. Demonstrating our tag line, “we’re with you” we are excited and pleased to bring solutions to people and families who need better health care options. We have begun offering Health Savings Accounts (HSAs) to our members who meet the eligibility requirements.

An HSA is a savings account you can set up here at the credit union exclusively for the purpose of paying for medical expenses of you, your spouse, and your dependants. The great benefit of the HSA is that the money you contribute to the account is tax-exempt as well as the interest earned on that account (as long as it is used for qualified medical expenses). Here at USUCCU, we have established a special HSA with a healthy return. You may get an even higher return by opening a savings certificate within your HSA. The account is as easy to use as any checking account. Use checks to make qualified medical payments (we’ll give you a free box at account opening) and get monthly statements from the credit union to keep track of your account.

So, how do you know if you qualify for an HSA? One quick test is this question: what is the annual deductible on your current health plan? You may qualify if that number is $1,100 or more but less than $5,500 for self-only coverage; and, $2,200 or more but less than $11,000 for family coverage.

If you think you may qualify, call (435-753-4080 or 800-248-6361) or visit one of our five branches. There are no administrative or account set-up fees. We can help you further determine your eligibility and set you up on a plan to keep more of your money for these expenses, putting less stress on your monthly budget.