The winter months are something that you should save for all year long, and it’s not just because of holiday shopping and spending! As the colder weather arrives, so does cold and flu season. Be prepared for those unexpected doctors’ visits, prescriptions, and medical bills with a Health Savings Account from Telcoe Federal Credit Union! Watch below as Ashley explains what they are, how they work, and how we make them convenient for you.
Good health is not a certainty, and it’s always a good idea to prepare for the unforeseen. Telcoe’s Health Savings Account (also simply abbreviated as HSA) is a free account that uses pre-tax dollars for qualified medical expenses. Unlike other plans, you manage your account - not your employer. So, this means your money rolls over from year to year as you need it with no withdrawal fees. In the event that something happens to you, that money is yours to use, tax-free.
Several key benefits of a Health Savings Account from your local credit union include:
- Dramatically improved personal control over healthcare management and expenses
- Contributions are generally tax-deductible and earnings grow tax-free, as long as the money is used for health expenses
- Earn dividends above standard savings on your entire balance
- Triple tax savings, including tax-deductions when you contribute to your account, tax-free earnings through investment, and tax-free withdrawals for qualified medical, dental, and vision expenses...and more!
- No minimum deposit to open
- No “use it or lose it” policy
- Stays in your name, regardless of career or life changes