Health Savings Accounts

What Are Health Savings Accounts?

Health Savings Accounts (HSAs) are designed to help individuals save for future medical and retiree health expenses on a tax-advantaged basis.

An HSA permits eligible individuals, who are not enrolled in Medicare, to pay for current medical expenses as well as to save for future "qualified" medical and retiree health expenses that are not covered by insurance on a tax-advantaged basis. See the section What Are Qualified Medical Expenses? for more information about what kind of expenses can be paid by an HSA. These accounts may be offered through employers. However, HSAs are independent of employment so that any eligible individual can establish an HSA with any eligible financial institution.

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*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a Registered Broker-dealer (Member FINRA/SIPC) and SEC-registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. General Electric Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.