Take the 'ouch' out of medical expenses
Health Savings Account
When it comes to your finances, covering the cost of doctor, hospital, dental, and vision care may never be pain-free. But, you can remove some of the financial sting by setting aside money in advance. At Afena Federal Credit Union, our Health Savings Accounts offer tax advantages, competitive dividend earnings, and the relief that comes from knowing you and your family have saved for medical expenses.
- Designed for individuals and families with high-deductible medical plans
- Tax-free distributions for qualified medical expenses such as injuries, illness, chronic conditions, exams, prescription medications, and more
- Fast access to your funds with an HSA debit card or through online and mobile banking
- Deposits are made with pre-tax contributions which can help you reduce your taxable income.
- Additional tax benefits include tax-free dividend earnings and tax-exempt qualified withdrawals
- All contributions not used in a specific year are rolled over to the following year, so you never lose access to the funds you've saved
- Unlike employer-sponsored health benefits, you keep your HSA if you change your jobs or become unemployed
- There is no minimum to open, and members may contribute up to the maximum allowable amount per year for single or family plans as determined by the IRS
The information above is provided for informational purposes only and does not constitute legal, tax, or accounting advice relating to health savings investments. Please consult your tax, accounting and/or legal advisor for assistance relating to health savings accounts.
Afena Federal Credit Union is a full-service financial institution headquartered in Marion, IN that serves Grant, Wabash, Blackford, Jay, and Wells counties.
