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Health Savings Account

Be prepared for a variety of health expenses

Life happens – and so do health expenses. So, if you, your spouse, or your dependents are under a High Deductible Health plan, get an account designed exclusively for paying for your qualified medical expenses with a Health Savings Account.

What to know

  • Interest is compounded and credited monthly
  • Debit cards are not available for this type of savings product
  • IRS sets annual limits on maximum contributions
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Why it’s great

  • Expenses covered include medical, dental, and vision care
  • The interest you earn is tax deferred and may be tax free*
  • Contributions may be tax deductible, depending on who makes the contribution*
  • You or your employer may make contributions to your HSA
  • May be set up as a Family HSA or Single HSA type of account
  • No “use it or lose it” rule
  • No monthly service fee
  • Available in savings and CD options

Need Assistance?

We're here to help. Drop by your neighborhood CRCU branch or give us a call at
(800) 238-3228.

*Distributions for non-qualifying medical expenses prior to age 65 or the time you become eligible for Medicare will be subject to ordinary income tax, as well as an additional 10% penalty assessed by the IRS.

Frequently Asked Questions

How do I qualify? 

You may qualify if you have a qualified High Deductible Health Plan through your employer or spouse or have purchased one on your own.

What expenses are considered qualified? 

Medical, dental, vision care, and prescription costs. For a complete list of IRS qualified expenses, go to

May I have a debit card on this account? 

No, we do not offer debit cards for HSA accounts. We will give you a set of starter checks and you may order more checks when needed.

What if I use my account for a non-qualified expense? 

Consult if a qualified tax consultant for details. 

Do I have to pay the expense directly from the account, or can I repay myself later?   

You may use this account to repay yourself for any qualified expenses.

Do I lose funds I have contributed at the end of the year?    

No, there is no "use it or lose it" rule.  The fund will roll from year to year.