If You Have a High Deductible, You Need an Health Savings Account | Town & Country Credit Union

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Town & Country Credit Union

Town & Country Credit Union

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If You Have a High Deductible, You Need an Health Savings Account

Open a Health Savings Account with a green piggy bankIf you have a high deductible health insurance plan, you understand that it's a trade-off. You generally get a cheaper premium in exchange for agreeing to the higher deductible, which can be great! However, that also means you're on the hook for healthcare expenses up to the deductible. But, we've got the good news — you can make the most of those healthcare expenses with a free Health Savings Account or HSA.

Health Savings Accounts (or HSAs) function like a personal savings account, except the money is designated for healthcare expenses. These accounts are not tied to your insurance provider in any way, but you do have to have a high deductible insurance plan to qualify for an HSA. Once setup, you can transfer pre-tax dollars directly into the account, earn interest on that balance, and then use that money to cover hospital bills, prescription costs and more.

Benefits of a HSA:

  • Earn 1% APY* on the balance of your HSA, tax-deferred.
  • Make pre-tax contributions from your paycheck.**
  • No annual fee.
  • Includes a free debit card to easily access account funds and pay your bills.
  • Any money left in your account at the end of the year will roll over into the next year.
  • Portable – not tied to your current employer, so you can take it with you if you get a new job.

Already have an HSA? We accept rollovers! Contact us today to find out how you can transfer your HSA to Town & Country and start earning more for your health.

Click here to find an expert

Ready to open a new Health Savings Account? Click the button below to set up the account without ever stepping foot in the branch! We'll give you a call to talk through the details after we get your application.  

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*APY=Annual Percentage Yield. **Other limitations may apply. Your tax advisor can help determine if you are eligible.