Save for healthcare with tax advantages
If you’re enrolled in a high-deductible health plan, an HSA helps you save for qualified medical expenses with tax-free benefits1 and convenient access to your funds.
Healthcare costs are unpredictable. Your savings strategy doesn’t have to be.
A no-fee, tax-smart health savings account that helps you save for qualified healthcare costs. Funds roll over, grow, and stay yours year after year.
Triple tax advantage
Contribute pre-tax. Grow tax-free. Spend tax-free on qualified expenses. HSA dollars go further.
Your money. Forever.
Unlike an FSA, your HSA balance never expires. It rolls over every year, even into retirement.
Access made easy
Free Visa debit card, unlimited check writing, and 24/7 access online and in the app.2
Your HSA. Your membership. All in one place.
Your LMCU HSA lives inside your membership. Same login, same branch, same people you already know.
No maintenance fees. No minimums. No expiration.
No opening or maintenance3. No minimum balance. Funds roll over every year, grow tax-free on qualified expenses, and stay yours until you need them. Access by debit card, check, online, mobile, or branch. After age 65, funds can be used for any purpose. Funds used after age 65 for non-qualified expenses are simply subject to income taxes.
HSA Calculator
See how much you could save by contributing to your HSA this year.
To open an HSA, you need to be enrolled in a high-deductible health plan (HDHP). For 2026, that means a minimum deductible of $1,700 for single coverage or $3,400 for family coverage, and out-of-pocket maximums of $8,500 (single) or $17,000 (family). You also can’t be enrolled in Medicare, covered by a disqualifying secondary plan, or claimed as a dependent on someone else’s taxes.
The IRS defines a long list of qualified medical expenses. The obvious ones: doctor visits, prescriptions, dental and vision co-pays, and glasses or contacts—for you, your spouse, and any qualified dependents. But there’s more. Sunscreen, over-the-counter medicines, menstrual care products, breast pumps, smoking cessation programs, acupuncture, chiropractic care, blood pressure monitors, and blood sugar test kits may be eligible. When in doubt, check the IRS guidelines or ask your HSA provider.
For 2026, you can contribute up to $4,400 for single coverage or $8,750 for family coverage. If you’re 55 or older, you can add an extra $1,000 catch-up contribution on top of that. Contributions can come from you, your employer, or both — as long as the total stays within the limit.
FAQs for HSAs
The biggest benefit is the triple tax advantage. Contributions reduce your taxable income. The balance grows tax-free. And when you spend it on qualified medical expenses, withdrawals are tax-free too. On top of that, there’s no opening, maintenance, or transaction fees and no use-it-or-lose-it rule — your balance rolls over every year, grows with interest, and stays yours whether you change jobs, move, or change health plans. After age 65, you can withdraw for any reason, not just medical expenses.
The biggest difference is what happens to the money you don’t use. With an FSA, unused funds typically expire at year’s end — the classic use-it-or-lose-it rule. With an HSA, your balance rolls over every year and keeps earning interest. Your HSA also belongs to you, not your employer, so it travels with you if you change jobs. The trade-off is eligibility: an HSA requires enrollment in a qualifying high-deductible health plan (HDHP), while an FSA is generally available with any employer-sponsored health plan.
You qualify for an HSA if you’re covered by a qualifying HDHP, you’re not enrolled in Medicare, you’re not covered by a disqualifying secondary insurance plan, and you’re not claimed as a dependent on someone else’s taxes. For 2026, a qualifying HDHP has a minimum deductible of $1,700 for single coverage or $3,400 for a family plan, and out-of-pocket maximums of $8,500 (single) or $17,000 (family).
| Definition of High Deductible Health Plan | Single | Family |
| Minimum Deductible | $1,700 | $3,400 |
| Maximum Out-of-Pocket | $8,500 | $17,000 |
You can use your HSA for any qualified medical expense as defined by the IRS — and the list is longer than most people expect. The straightforward ones: doctor visits, prescriptions, dental and vision co-pays. The less obvious ones: sunscreen, over-the-counter medicines, menstrual care products, breast pumps, smoking cessation programs, acupuncture, chiropractic care, blood pressure monitors, and blood sugar test kits. Some expenses only qualify with a doctor’s recommendation, so check the IRS guidelines or ask your HSA provider when in doubt.
No. Your HSA balance is yours until you spend it. Funds roll over every year with no deadline and no use-it-or-lose-it pressure. They’ll keep earning interest and growing in the background until you need them, which could be next year or twenty years from now.
Yes. Your health savings account belongs to you, not your employer. You can take it with you when you change jobs, transfer it to another provider, or simply keep using it as-is. The only catch: to keep making new contributions, you’ll need to stay enrolled in a qualifying HDHP. But the balance you’ve already built? That’s yours no matter what.
Sometimes our members say it best.
See what people are saying about Lake Michigan Credit Union.
“We've been with Lake Michigan Credit Union for over 10 years.”4
The Garcia Family, LMCU Members
One of America's Best Regional Banks & Credit Unions for 2026.
Newsweek, January 2026
One membership. A lot of possibilities.
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.
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All featured LMCU members were compensated for their time.
