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Health Savings Account
A Health Savings Account provides eligible individuals who participate in a High Deductible Health Plan (HDHP) the opportunity to save for future medical expenses tax-free.
At One CU, the Health Savings Account is easy to use. It acts just like a checking account for your health expenses.
Better yet, it pays you a preferred dividend rate!
Tax Advantages of an HSA
There are three main advantages of an HSA:
- All contributions are tax-deductible
- The earnings on the account are tax-deferred
- Distributions are tax-free if used to pay for qualified medical expenses
For more information and answers to common questions concerning an HSA, visit the U.S. Department of the Treasury