So, how does an HSA work?
- Save. When enrolled in a HDHP, you can contribute funds into your HSA, up to the annual maximum.
- Use. Access funds from your HSA when needed, to pay for qualified medical expenses (e.g. wellness visits, prescriptions, dental checkups, or a dependent’s medical expenses).1 Funds can be accessed using an HSA debit card, checks, or through Online Banking and our mobile app.2
- Never lose. One of the biggest perks to an HSA is there are no use-it-or-lose-it rules. Any funds in your HSA roll over from year to year, no matter if you change jobs, insurance plans, or retire. Your health savings are yours – for life!
Benefits of an HSA
Tax savings. Your contributions go into your account tax-free, grow income tax-free, and come out income tax-free when used for qualified medical expenses.
Control. You’re in complete control of your account and decide:
- How much to contribute (up to the maximum contribution limit per year)
- Who makes the contributions
- Which expenses to cover
Flexibility. The money saved in an HSA can be used for qualified healthcare expenses for: yourself, your spouse, and your dependents, even if they aren’t covered under your insurance plan.
Free. We realize the importance of saving for healthcare expenses for you and your family, so we don’t charge the fees commonly associated with an HSA and offer convenient online or mobile app access for free.
Setting up an HSA
Making HSA contributions
You can make current-year, regular contributions by:
- Transferring funds from an external account through Online Banking.1
- Setting up payroll deduction.
- Making an in-person deposit with a teller.
- Mailing a deposit to our Reading Road branch using an HSA Regular Contribution Form (this form can also be put into our Night Deposit Boxes or Express Boxes at select locations).
Get the most out of your savings
One of the benefits of an HSA is you'll never lose the funds in the account. Funds you don’t use throughout the year(s) or need immediate access to can be used to open an HSA Certificate, where you'll earn higher returns.
We offer HSA Certificates with terms ranging from three months to three years. Open one with just $500 and enjoy our competitive rates. HSA Certificates will automatically renew at maturity at the prevailing rate unless you choose otherwise.
General Electric Credit Union is a full-service financial institution headquartered in Cincinnati with branches in Ohio and Kentucky.