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Money Matters for Cinfed Members

Can You Take Advantage of a Health Savings Account?

Posted on July 20, 2020
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Can You Take Advantage of a Health Savings Account?

By Coach Fin

If you have a high deductible health plan (HDHP), you have the opportunity to open an account with a health savings account (HSA) partner. By pairing your health plan with a tax-free HSA, you can cover your deductible, copays and other medical expenses.

What is a high deductible health plan?

HDHPs usually offer lower premiums, whether you have coverage through your employer or purchase your own plan. This means you will pay for more of your medical costs (higher deductible) before your insurer pays. The IRS sets minimum deductibles and maximum out-of-pocket costs (the most you would have to pay). For 2020, an HDHP:

  • Has at least a $1,400 deductible for individuals.
  • Has at least a $2,800 deductible for families.
  • Limits out-of-pocket costs to $6,900 for individuals.
  • Limits out-of-pocket costs to $13,800 for families.

What is a health savings account (HSA)?

If you have an HDHP, an HSA offers you specific benefits to offset your out-of-pocket costs. You can use pretax dollars to fund an HSA. In fact, your HSA offers triple tax savings:

  1. Contributions are pretax or are tax-deductible
  2. You earn tax-free dividends (interest) on your account
  3. When used for qualified medical expenses, distributions are tax-free

You designate an amount from each paycheck to be saved into your HSA. You can then use those funds to cover your copays as well as IRS-qualified medical expenses, until you meet your deductible. Eligible expenses include:

  • Dental care
  • Vision care
  • Prescriptions
  • Certain medical equipment

Here’s a full list of qualified medical expenses from the IRS.

Your HSA balance carries over year to year, so there are no deadlines to use it – any funds you don’t use this year can be used in the future. You can deposit up to $3,550 for individual coverage or up to $7,100 for family coverage in 2020, per IRS limits.

Learn more about how HSAs work with high deductible health plans.

How can I set up an HSA with Cinfed?

Many employers partner with a bank or credit union to offer their employees HSAs. If you have coverage through your employer:

  • Let them know you’d like to use Cinfed as your HSA partner.
  • Ask if they will make direct deposits from your paycheck to your Cinfed HSA.

If you have purchased an HSA-qualified high deductible health plan on your own, ask your insurer if you’re able to specify Cinfed for your HSA.

HSA accounts at Cinfed are free – no fees and no monthly charges. In addition to having an HDHP, you’ll also have to meet these requirements to open an HSA:

  • You must have a valid Social Security Number.
  • Your primary residence must be in the U.S.
  • You can’t be claimed as a dependent on anyone else’s tax return (except a spouse’s).
  • You can’t be covered by any other type of health plan, including Medicare.

You can apply for a Cinfed HSA online or call 513-333-7863. Visit the Cinfed Financial Education Center to learn more about insurance.


Cinfed Credit Union
4801 Kennedy Avenue
Cincinnati, OH 45209
(513) 333-3800
Routing #242076656


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