You will receive tax advantages with a health savings account and a high-deductible health plan.

Protect yourself against the financial impact of catastrophic medical expenses and pay a lower premium with a qualified health savings account.

As a tax-advantaged medical savings account, an HSA provides you with a tax-free way to pay for qualified medical expenses. By combining your HSA with an HSA-qualified high-deductible health plan (HDHP), you can save for future medical expenses and receive favorable tax treatment.

Who is eligible?

To qualify you must meet all these requirements:

• Be covered under an HDHP
• Not be covered by any other health plan that is not an HDHP
• Not be enrolled in Medicare
• Not be claimed as a dependent on another person’s tax return

Advantages of HSAs

• Security: Financial protection against high medical bills
• Affordability: Lower health insurance premiums
• Flexibility: Payments for current or future expenses
• Savings: Investment earnings
• Control: How much to deposit and when to use funds
• Portability: Job change, relocation to another state or marital status change
• Ownership: No “use it or lose it” rules
• Tax savings: Deductions for contributions, tax-free earnings and tax-free withdrawals

You may make contributions for the current year until April 15 of the following year. You may use tax-free withdrawals for qualified medical expenses including doctor visits, prescriptions and over-the-counter medicines.

Types of accounts

Shoreline Credit Union offers a checking account for your HSA deposits — both checks and a debit card are available. We pay interest monthly.

If you think a health savings account is right for you or if you would like to know more, please contact member services at 920-793-4541.