Preparation Can Minimize Your Stress
Consider Our Health Savings Accounts.
If you or a family members had a health setback, how would you handle the costs? An HSA helps our members in Grand Rapids, Lansing and other parts of Michigan avoid the intense financial stress that often comes from unexpected medical expenses.
These special savings accounts create a financial buffer against health-related costs while providing certain tax benefits that your financial advisor can explain in full detail. Use this account to pay for health expenses immediately or in the future, as long as you're currently enrolled in a High-Deductible Health Plan (HDHP).
- You can claim a tax deduction for contributions you or someone other than your employer makes to your HSA, even if you do not itemize your deductions on Form 1040.
- Contributions to your HSA made by your employer (including contributions made through a cafeteria plan) may be excluded from your gross income.
- The contributions remain in your account until you use them.
- The interest or other earnings on the assets in the account are tax-free.
- Distributions may be tax-free if you pay qualified medical expenses.
- An HSA is portable, meaning you keep it even if you change employers or leave the work force.
You must meet these requirements to open an HSA:
- You must be covered under a High-Deductible Health Plan (HDHP), on the first day of the month
- You have no other health coverage except what is permitted
- You are not enrolled in Medicare
- You cannot be claimed as a dependent on someone else's tax return
By transacting online, I’m aware that the credit union will be held harmless on all transactions made via online banking, and that all deposits made between January 1 through April 15th, or the tax-filing deadline, will be coded and reported to the IRS as current tax-year deposits. Per the IRS, Adventure Credit Union is not required to fix mistaken transactions.