Health Savings Account (HSA)

Choose LMCU for your Health Savings Account!

If you’re enrolled in a high-deductible health insurance plan, a Health Savings Account (HSA) will allow you to save toward future medical expenses tax-free. Expenses include:

  • Doctor’s office visits
  • Prescriptions
  • 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 HSAs include a free, dedicated debit card, unlimited check writing, and easy 24/7/365 access to your account through LMCU’s Online Banking or our Mobile 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 several ways to access your funds to pay for medical expenses:

  • An HSA Visa debit card
  • An HSA checkbook
  • Online or mobile banking
  • Stop into any LMCU branch to withdraw cash

Current year contribution limits

  • $3,850 single coverage
  • $7,750 family coverage
  • Individuals age 55 and older are permitted to make an additional $1,000 “catch-up” contribution
Definition of a High Deductible Health Plan (HDHP): 2021 Single Family
Minimum Deductible $1,500 $3,000
Maximum Out-of-Pocket $7,500 $15,000

Features

  • 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

Rates

Earn up to
0.30%APY*

Requirements

Who can contribute? The HSA account holder must satisfy four requirements:


Compare Rates

Account DIVIDEND RATE (INTEREST) APY*
Health Savings Account - $5,000+
0.300%
0.30%
Health Savings Account - $0 - $4,999.99
0.150%
0.15%

*APY = Annual Percentage Yield. Rates as of 01/30/23. Fees may reduce earnings. Rates are subject to change after account opening. $5 minimum to open a membership.

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