Choose a Health Savings Account (HSA) with care
Help your team make tax-free1 healthcare payments with an easy, contract-free HSA.
When it comes to medical expenses, HSAs are a lifesaver.
An HSA is a priceless perk you can offer your team. As savings accounts, HSAs allow for pre-tax contributions, tax-deferred growth, and tax-free withdrawals when used for qualifying medical expenses.
An easier way to get an HSA
- Free to open, with no monthly, maintenance, or transaction fees
- No minimum balance required
- Free VISA debit card
- Unlimited check writing & electronic transactions
- Free 24-hour phone, online & mobile access to funds
- Online or in-person assistance
- Members can invest a portion of their balance into 20 mutual funds
Save smarter
Give employees a tax-advantaged way to support their wellness: today and in the future.
No-cost setup
With no contracts or setup costs, it’s an additive employee perk without any added complexity.
Keep it rolling
Unused balances grow year after year, helping your team build long-term healthcare savings.
HSA rates
Our Employer Group HSAs aren’t just easy to set up — they’re easy to earn more with, too.
| Feature |
Dividend Rate |
APY |
|
|---|---|---|---|
| Feature | |||
| $0 – $4,999.99 | 0.250% | 0.25% | |
| $5,000+ | 0.499% | 0.50% | |
Looking for a personal HSA?
Don’t worry: we’ve got you covered there, too.
Our HSAs have earned healthy praise.
“LMCU’s commitment to innovation aligns with ours, and I can't think of a better partner.”
— Wendy, Benefits Manager at ADAC Automotive
“LMCU's HSA education is great, and they’ve overall been amazing partners for our staff!”
— Maddie, Benefits Administrator at Mary Free Bed Rehabilitation Hospital
Employer Group HSA FAQs
An HSA, short for “health savings account” is a tax-advantaged benefit you can offer your employees. It allows them to pay for medical expenses tax free, so they can do more with their income and address current and future healthcare expenses with confidence.
Not at all! Getting started is simple, as we require no contracts, no setup costs, and minimal ongoing administration, so you can offer HSAs as a seamless benefit for your whole team — without any complex management.
Employees with an HSA can use their funds for qualified medical expenses by using a debit card (included with our HSA program), checks, and digital banking tools.
HSAs come with three main tax perks:
- Contributions are pre-tax, lowering your employee’s total taxable income and saving them money on their taxes each year.
- Account growth is tax-deferred, meaning tax isn’t charged on interest earned, as long as it’s used for qualified medical expenses.
- The same applies for withdrawals, as these can also be spent tax free on qualifying medical expenses.
Unlike some healthcare accounts, our HSA balances roll over year after year and stay with your employees, allowing them to build their healthcare savings over time.
Employees must be enrolled in a qualified high-deductible health plan (HDHP) to contribute to and use an HSA.
Let’s get started.
Your bottom line is our top priority.
Disclosures
Lake Michigan Credit Union does not provide tax or legal advice. Please consult your tax advisor or attorney before making any decisions or taking any action based on this information.
