Health Savings Accounts

Health Savings Accounts

What is an HSA?
A Health Savings Account (HSA) is a special tax-free account created exclusively for the benefit of those covered under a high-deductible health plan (HDHP). The funds in an HSA are used towards qualified medical expenses, and an HSA has the unique potential to offer triple tax savings.

• Pre-tax or tax-deductible contributions
• Tax-free dividends (interest) earned
• Tax-free distributions when used for qualified medical expenses
• Contributions remain in the account until you use them
• HSA is portable. You can keep your HSA even if you change jobs, change your medical coverage carrier (usage of the account will be limited when your health care coverage is no longer a HDHP), become unemployed, etc.

Who is eligible to open an HSA?
To open a Health Savings Account, you must be enrolled in a High Deductible Health Plan (HDHP). A HDHP satisfies specific federal requirements related to deductibles and out-of-pocket expenses. Consult your company's Benefits Administrator or Human Resources Department to determine if you are covered by a HDHP.

If you are enrolled in a HDHP – either through your employer or one you've purchased on your own - chances are you are eligible to open an HSA. However:

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

What can HSA funds pay for?
The tax-free dollars you save in an HSA can only be used to pay for IRS-qualified medical expenses. These include:

• Medical expenses before and after you meet your health plan deductible
• Dental care services
• Vision care services
• Prescription services
• Over-the-counter medications prescribed by your doctor
• Certain medical equipment

Ready to open your account?


 Questions about HSAs?

Stop by our branch   Call our HSA Specialist — Lauren Dean
FIND A BRANCH   513-333-3883


Cinfed offers HSAs for qualifying members. You can invest your HSA funds into a dividend bearing checking account or certificate. 


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


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