Health Savings Account (HSA)

A Health Savings Account (HSA) is a tax-advantaged personal savings account that can be used for qualified medical expenses. You set aside pre-tax money, meaning you won’t pay taxes on it going into the account, to use for things like co-pays, prescriptions, and more. An initial deposit is required when opening one, and any unused funds roll over year after year, so you don’t lose what you’ve saved.

General Qualifications:

In order open an HSA, there are a few qualifications that need to be met, by law:

• Individual must be 18+ years of age
• Must be covered under a qualified High Deductible Health Plan (HDHP).
• Cannot be claimed as a dependent on someone else’s individual tax return
• Must not be enrolled in Medicare

HSAs with Rockland Federal Credit Union:

HSAs opened at Rockland Federal Credit Union are draft accounts – operating much like your checking account.

• No annual fee
• No minimum balance
• You can draft your HSA by check
• Debit Card available
• Bill Pay service available
• Competitive dividend rates

For more information about HSAs at Rockland Federal Credit Union, contact us at (800) 562-7328.