Products & Services

Health Savings Account

An HSA is a cost saving, flexible savings account that lets you set money aside for medical expenses. If you are covered by a high-deductible health insurance plan, you may be eligible to contribute money to your HSA each year.

In addition to earning a higher rate of interest than a regular savings account, an HSA can provide tax benefits:

  • You are the owner of your HSA, and your job status doesn't matter. Your HSA will always follow you
  • The HSA is not a "use it or lose it" plan; contributions you make remain yours, allowing contributions to grow, providing a substantial cushion against future medical expenses
  • Your employer may make contributions to your HSA on your behalf
  • Individual contributions may be tax deductible; employer contributions are tax-free
  • Earnings are tax-deferred until a withdrawal is made
  • Distributions for qualified medical expenses are tax-free and penalty-free at any age
  • Distributions over the age of 65 that are not for qualified medical expenses are penalty-free

Your HSA can be used to pay for any qualified medical expenses including co-pays, deductibles, dental and vision care expenses, prescriptions and more. Your Noble Credit Union HSA includes checks and a VISA debit card that can be used at doctors' offices, pharmacies and other locations - with funds coming directly from your HSA. Funds you don't use will stay in the HSA and continue to earn interest.

Even if you're not covered by another plan or are not enrolled in Medicare, an HSA lets you save money by choosing a less expensive, high-deductible plan.

Contributions may be made through payroll deduction or automatic transfer. You can make monthly or annual contributions, and during the first year of enrollment you may be able to contribute the maximum for the year. Plus, if you're over age 55, you may make catch-up contributions.

Visit any Noble Credit Union branch to set up your HSA, and we'll take care of all the details.

For more information including yearly deductible minimums, contribution maximums and qualified medical expense, consult your financial advisor, and visit www.irs.gov.