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Health Savings

If you have a high-deductible health insurance policy and need an account to save money for health care costs, a CRCU Health Savings Account (HSA) is a great choice.

You contribute a portion of your income before taxes, reducing the amount of federal income tax you pay. Then, you make tax-free withdrawals to pay for expenses such as:

  • Office visit co-payments
  • Eye care
  • Prescriptions
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  • Contribute on a pre-tax basis
  • Distributions for qualified medical expenses are tax-exempt
  • Investment income grows tax-deferred
  • Any extra money in your account at year end rolls over to the next year
  • If you changes jobs, your account remains in place with CRCU.
  • When your Medicare coverage begins, you can access your funds without penalty. However, you pay income tax on these distributions if they are for non-qualifying medical expenses.*
*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.
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