Health Savings Account (HSA)
What Is A Health Savings Account?
A Health Savings Account (HSA) is a tax-free account that allows you to conveniently save and pay for your qualified health care expenses. Once you are enrolled in a qualified High Deductible Health Plan (HDHP) through your employer, you're ready to talk with a TCU professional about establishing an HSA. Working together, these programs allow your money to work for you in two ways: You are able to accumulate savings to pay for current or future medical expenses, or you can use it to save money.
Why might an HSA be good for you?
A High Deductible Health Plan (HDHP) combined with the appropriate HSA allows your money to work for you. This combination allows you to accumulate savings to pay medical expenses.
- Savings grow as investment earnings
- You own the account even if life circumstances change
- Funds are not forfeited if you don't use them
- The funds you contribute stay local
- Your HSA may provide tax deferred growth and, if used for appropriate medical expense, may never be taxed
What does a TCU HSA have to offer?
TCU offers you a choice of either a savings or checking account. Both types of accounts can be accessed online 24 hours a day using TCU Internet Banking. You also have these convenient features with your TCU HSA account:
- You can select the account that best meets your needs
- You may earn dividends as your account grows
- No setup-fee
And once you are enrolled in High Deductible Health Plan (HDHP), we’ve made it easy for you to open your HSA and start saving for your health care expenses with convenient access to your account through:
- A TCU HSA Debit MasterCard® and/or checks
- TCU Internet Banking with Bill Pay and eStatements
- TCU Mobile Apps for your iPhone and Android devices
- TCU Text Banking and email alerts
- Surcharge Free ATM’s - Access to more than 30,000 Nationwide
You can trust TCU and your HSA professional to help you choose the plan that is right for your needs and your budget. For more information about Health Savings Accounts, visit www.treas.gov and click on "Health Savings Accounts".
Online applications coming soon.