Health Savings Account

Deposit pre-taxed dollars that you can use for many medical expenses.

Open Account

Account features

Requirements

Must be covered under a qualified, high deductible health plan
Must not have coverage by another type of health plan
Cannot be claimed as a dependent on another person’s tax return
Cannot be enrolled in Medicare
Contribution Limits

Contribution limits are set by the IRS. 2024 contribution limits are:
• $4,150 for a single person
• $8,300 for a family
• A person aged 55 or older may make an additional $1,000 in “catch-up” contributions
What’s an HDHP?

A high deductible health plan (HDHP) is an alternative health insurance plan to a traditional HMO or PPO plan. As the name implies, an HDHP has a higher deductible than regular health insurance plans. This may mean more out-of-pocket expenses up front. But once the deductible is met, an HDHP typically pays for 100% of covered medical costs. So in the long run, an HDHP usually means less — often significantly less — out-of-pocket expenses.
But what about that initial high deductible?

That’s where combining your HDHP health insurance to a health savings account (HSA) comes in. By accumulating funds in your HSA, you will have the cash needed to cover those costs. What’s even better is your HSA is tax exempt.

Include Saving in your Budget

Find Ways to Cut Spending

Set Savings Goals

Establishes your membership with Riverview Credit Union