Health Savings Account (HSA)

Plan & Save for Wellness

There’s nothing quite like the peace of mind that comes from saving for unexpected expenses–especially when it comes to your health. Get yours with a Greater Nevada Credit Union HSA.

What is a Health Savings Account?

A HSA is a tax-advantaged account. Money that you deposit in an HSA is meant to be used only for qualifying medical expenses, like health insurance and health care costs. However, HSA funds can also be withdrawn for non-medical expenses with penalties–similar to Individual Retirement accounts (IRAs). HSA accounts with Greater Nevada also earn dividends.

Benefits of a Health Savings Account

Your health is an asset worth investing in, and HSAs make it easy to do just that–especially when you open an account at Greater Nevada Credit Union. Our HSA account also pays a monthly dividend at a competitive rate.

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Tax Deductible

Contributions made to your HSA can be deducted on your federal income tax return.

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Tax Advantaged

HSA distributions used to pay for qualified medical expenses are tax-free.

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Rollover Balance

HSA balances automatically carry over from one tax year to the next.

Health Savings Account Rates

All Amounts

1APY (Annual Percentage Yield) effective October 3, 2022, and subject to change without notice. Dividends will be credited to your account and compounded every month. Fees could reduce the earnings on the account.

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Health Savings Accounts Frequently Asked Questions (FAQs)

It’s never too early to start saving for your health (or that of a qualifying loved one). Opening a HSA is usually a straightforward process, but just in case, here are a few handy answers for the most common questions we receive.

Am I eligible to open an HSA?

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Only people with qualified high-deductible health plans are eligible to open a HSA. High-deductible health plans are plans with lower premiums and higher deductibles than traditional plans. They’re considered forms of catastrophic coverage.
In order to open a HSA with GNCU, you must also qualify for membership. Membership is open to anyone who either works or lives in Nevada, or those with immediate family members who do.

When can I open an HSA?

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If you have your own health plan, you can open an HSA anytime. You can also open one during your open enrollment period if you have healthcare through your employer.

What can I use an HSA to pay for?

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HSAs can be used to pay for qualifying medical expenses. These expenses may change from year-to-year, and the best way to determine whether something qualifies is by checking the official IRS website. Generally speaking, certain medical procedures, services, and medications are covered.

What’s different about opening an HSA through a credit union?

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Greater Nevada Credit Union HSA accounts are federally insured by the National Credit Union Administration (NCUA).

Save For a Better Future

Whether you’re saving for yourself or a loved one, an HSA is a great way to prepare for future medical expenses, so contact us today or schedule an appointment at your local branch to learn how you can open your own account.