Safe Harbor Credit Union offers health savings accounts. 

September 18, 2018

Safe Harbor Credit Union offers health savings accounts. 

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LUDINGTON — Safe Harbor Credit Union is now offering health savings accounts (HSAs) to its members. An HSA is a special savings or checking account that is used for medical expenses. According to Kyle Gurzynski, executive vice president of operations, the accounts offer unique tax advantages including tax deductions for contributions, tax-free withdrawals for medical expenses, and automated carryover of funds from one year to the next.

“HSAs are often offered by employers as a way to lower health insurance premiums through a high deductible health plan,” Gurzynski said.  “HSA accounts are also portable, so the member can keep the account even when he/she changes jobs.”

For 2018, the contribution limit for individual HSAs is $3,450 per year.  The contribution limit for family coverage is $6,900 per year.  If you are age 55 or older, you can make an additional $1,000 catch-up contribution to your HSA.

Anyone who has an HSA-compatible high deductible health insurance policy will qualify.

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