Choose LMCU for your Health Savings Account!
If you’re enrolled in a high deductible health insurance plan a Health Savings Account (HSAs) will allow you to save toward future medical expenses tax-free. Expenses include:
- Doctor’s office visits
- Vision expenses
- Dental expenses
- Long-term care insurance
Unlike Flexible Spending Accounts (FSAs), the money in your HSA is yours forever. No “spend it or lose it” requirements. LMCU’s HSA’s include a free, dedicated debit card, unlimited check writing, and easy 24/7/365 access to your account through LMCU’s Online Banking portal, or our mobile banking app.
Can I use my HSA funds for non-medical expenses?
Yes, but the funds will be subject to income tax and a 20% IRS penalty (Penalty does not apply after age 65).
How do I access my HSA funds?
Lake Michigan Credit Union provides you several ways to access your funds to pay for medical expenses:
- An HSA Visa debit card
- An HSA checkbook
- Online banking
- Stop into any LMCU branch to withdraw cash
Current Year Contribution Limits
- $3,650 single coverage
- $7,300 family coverage
- Individuals age 55 and older are permitted to make an additional $1,000 “catch-up” contribution
- No opening, maintenance or transaction fees
- No minimum balance requirements
- Unlimited check writing privileges
- Free debit card
- Tiered interest rate structure
- Funds roll over each year and grow until retirement
- Earnings are tax-free when used for a qualified medical expense
- At age 65, you can withdraw from your HSA for any purpose (not just medical) subject to normal income taxes
Who Can Contribute? The HSA account holder must satisfy four requirements:
- Covered by a High Deductible Health Plan (HDHP)
- Not covered by another type of insurance (unless it's a dental or vision plan; or another qualified HDHP)
- Not enrolled in Medicare
- Not claimed as a dependent on another person's tax return