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Health Savings Account
- Who can open Health Savings Accounts?
Anyone covered by a High-Deductible Health Plan as defined by the IRS.*
- How can I use my Health Savings Account?
Use your CEFCU HSA Debit Mastercard® to pay medical bills, purchase prescriptions, and more. Or, access your HSA funds online or at any Member Center.
- How can I spend my Health Saving Account funds?
Any qualifying medical expense as defined by the IRS. This can include:
- Office visit co-pays
- Prescription drugs
- And more
- Do I have to use my Health Savings Account funds by the end of the year?
You can keep funds in the account from year to year. There are no “use it or lose it” rules.
- What's the annual contribution limit for an HSA?
Visit our Health Savings Account page to learn more about contribution limits.
- Are contributions (deposits) tax deductible?
Yes. Health Savings Account contributions made by an eligible individual or his/her family members are deductible by the eligible individual when determining his/her adjusted gross income. The individual cannot also deduct the contributions as medical expense deductions.
- Are there income limits?
No, there are no income limits when opening Health Savings Accounts.
- Are there fees?
There are no fees for CEFCU members to open and maintain a HSA.
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