Health Savings Account (HSA)
Your Personal Medical Savings Account
A Health Savings Account (HSA) is designed to help you manage the rising costs of health care by allowing you to set aside money to pay for out-of-pocket medical expenses and save for retirement. You can think of it as a personal savings account specifically for medical expenses, where unused funds will earn interest until they are withdrawn at retirement. With this type of account, you can choose whether you want to defer your money on a tax-deductible basis or have it contributed pre-tax through payroll deduction.Reasons to Consider an HSA
Tax Benefits
If you contribute through payroll deduction, the money will be set aside on a pre-tax basis1. You can then access these savings to cover eligible medical expenses, without ever having it taxed.
Retirement Savings
HSA funds can be invested and any unused amount will continue to gain interest until you can withdraw penalty-free, after age 65.
Funds Roll Over
Any unused HSA dollars will roll over each year, so your money remains in your account. It doesn’t expire or become forfeited at the end of the year.
How It Works
In order to use an HSA, you must have a High Deductible Health Plan (HDHP). A qualifying HDHP is a medical insurance plan that includes an individual deductible of at least $1,300 or a family deductible of at least $2,600 per year.Once you have an HDHP in place, you may open an HSA. An HSA is essentially a savings account where you can defer money on a tax-deductible (or pre-tax, if made by payroll deduction) basis to cover future medical costs. It can be invested or just sit there, depending on your comfortability. The money can be withdrawn, tax-free, to pay for qualified medical expenses, such as unreimbursed health care bills. Any unused money is rolled over to the next year.
Eligibility requirements:
You’re eligible to participate in a Health Savings Account if you:- Have health coverage under a qualifying HDHP
- Are not eligible for Medicare
- Are not eligible to be claimed as a dependent on someone’s tax return
- Are not covered by any other non-qualifying health plan (i.e. a health plan offered through your spouse’s employer)
- And/or your spouse is not enrolled in a Health Care Flexible Spending Account (FSA)
Get Your Customized Quote
Profit Payout
As a not-for-profit credit union, we return our profit to those who bank with us in many ways—like better rates, lower fees and our Profit Payout2. This year we gave back a record-breaking $9.5 million to our members. See how having insurance with us could help you grow your share.
Learn More 
Green Insurance Agency
The CommunityAmerica Insurance Agency is committed to operating a sustainable, green business. To do our part in our community, we also contribute to a number of local environmentally friendly organizations.
Get the Scoop Member Favorites
College Planning
We’ve got the resources and tools to help your family plan and prepare your student for college.
Learn More 
Premier Money Market
Enjoy a higher rate of return, plus the flexibility of liquid funds.
Learn More Insurance products may be sold through CommunityAmerica Insurance Agency, LLC, a wholly owned subsidiary of CommunityAmerica CUSO One, LLC and a licensed insurance agency in Missouri and Kansas. Insurance products:
|
Are Not Federally Insured |
Involve Investment Risk |
May Lose Value |
Are Not Obligations or Guaranteed by the Credit Union |