Southern Lakes Credit Union was one of the first credit unions in the country to provide HSAs/Health Savings Accounts to their members. An HSA can be a significant tool in helping you and your family to save and pay for your health care needs.

As health care costs continue to reach record highs, a Health Savings Account enables you to save for current and future medical expenses not covered by your present healthcare plan.

A Health Savings Account (HSA) is a savings account that allows individuals to pay for qualified out-of-pocket medical expenses using tax-free dollars. Unlike more traditional health care accounts, the funds in an HSA belong to the individual, not the employer or the health insurance company, and travel with the individual as they switch jobs, employers and health insurance companies.

Are You Eligible to Have an HSA?

Any adult can contribute to an HSA if they:

• Have coverage under an HSA-qualified "high deductible health plan" - (HDHP.)
• Are not covered by any other health plan that is not an HDHP (with exceptions for plans providing certain limited types of coverage.)
• Are not yet enrolled in Medicare (generally, has not yet reached 65.)
• Cannot be claimed as a dependent on someone else's tax return.

HIGH DEDUCTIBLE HEALTH PLANS AND EXPENSES RELATED TO COVID-19

IRS Notice 2020-15