Tax-Free Funds for Health, Dental, Vision Care
If you’re enrolled in a High Deductible Health Plan, a Healthcare Savings Account (HSA) can help you set tax-free funds aside to pay for qualified future medical expenses—including dental and vision care.
In addition, you can deduct contributions made to your HSA on your federal income tax return. Your funds carry over from year to year, and your HSA remains with you if you change health plans or employers.
- HSA contributions are deductible, just like an IRA.
- HSA withdrawals are not taxed when used to pay for qualified medical expenses.
- Interest earnings are tax deferred and tax free when used to pay for qualified medical expenses.
- The IRS-established annual HSA contribution limits for 2022 are $3,650 for a single policy and $7,300 for a family policy.
Just visit a Members Heritage Credit Union branch near you and we’ll be happy to help you set up an HSA account. We’re also ready to answer any questions you may have about how an HSA can help you pay for medical expenses.
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