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


  • 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


Earn up to


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

Compare Rates

Health Savings Account - $5,000+
Health Savings Account - $0 - $4,999.99

*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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