Deposits

Health Savings Account (HSA)

A Health Savings Bank Account is a savings product for Florida credit union members that are enrolled in a High Deductible Health Plan (HDHP). HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis. You own and control the money in your HSA, whether you use it now or save it for the future. Dividends

Frequently Asked Questions:

What is a Florida High Deductible Health Plan (HDHP)? The consumer must have an HDHP if they want to open an HSA.Sometimes referred to as a "catastrophic" health insurance plan, an HDHP is an inexpensive health insurance plan that generally doesn't pay for the first several thousand dollars of health care expenses (the deductible) but will generally cover you after that.

Who is eligible for a Health Savings Account?

To be eligible for Health Savings Accounts, an individual must be covered by HSA-qualified Florida High Deductible Health Plan (HDHP) and must not be covered by other health insurance that is not an HDHP. Certain types of insurance are not considered "health insurance"

What is a qualified medical expense?

A qualified medical expenses are services that are typically covered by health care plan, such as office visits, emergency room services and hospitalization. Qualified medical expenses also include prescription drugs and many over-the counter drugs, vision expenses including eyeglasses and contact lenses, medical plan deductibles and copays, as well as non-cosmetic dental expenses, which a health savings account would be useful. For complete list of-allowable health expenses, please see IRS Publication 502 Medical and Dental Expenses available online under :Forms and Publications" at www.irs.gov or by calling 1-800-829-3676.