Health Savings Account
Save for medical expenses & get tax benefits
A Genisys Health Savings Account (or HSA) can help you plan and save for health expenses you may incur when you are covered by a High Deductible Health Plan. A HSA is a tax sheltered account set aside for qualified medical expenses.
At Genisys Credit Union, your Health Savings Account funds can be deposited to a HSA Checking account that pays dividends at a highly competitive credit union rates so your balances grow as they remain in your account and makes paying medical expenses easy.
To open your Health Savings Account at Genisys visit our Retirement Central page and click on
"Open an IRA".
Benefits of a Health Savings Account
- No fees
- No minimum balance requirements
- HSA Checking earns dividends computed daily, paid and compounded monthly.
- Convenient Debit Card Access
- Funds not used in a given year are rolled over to the next year and grow tax-free with interest earned.
- Tax benefits
- Annual contributions are deductible from federal taxes up to the maximum allowable amount
- Dividends earned are free from federal taxes
- Qualified withdrawals are free from federal taxes
- Some states allow tax deductibility and do not tax dividends earned. Consult a tax advisor for details.
Open an HSA!
- Open an HSA Online
- Visit a local branch
- Call a Financial Services Representative at 800-521-8440, ext. 5