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Health Savings Accounts

 

Health Savings Accounts

 
 

Health Savings Account

Pay for doctor visits, prescriptions, dental check-ups and more with pre-tax (or tax deductible) dollars.

 



 

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. HSA is portable meaning you can keep it if you change jobs, medical coverage carriers (usage of the account will be limited when your health care coverage is no longer a HDHP) or become unemployed, etc.

• 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

 

 


 


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


 


 

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 HSA account?


 
Stop by your local branch

FIND A BRANCH 
 
Call our membership department

513-333-7863
 




 


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



CONTACT CINFED

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

MEMBER REVIEWS

They always go above and beyond at the Oakley branch and truly care about each of their members. And, I absolutely love their kids' membership program. It makes it fun for them to learn about money... 
— Courtney Snow
Just closed on a Home Equity line of credit loan, and the process couldn't have been any easier. With this I was able to pay off 2 high interest credit cards and deposited the rest into a checking... 
— Thomas
Been a member since I moved to the Queen City in 1978. Cinfed has always provided customer service that other financial institutions only dream about. Thank you for almost forty years of outstanding... 
— Tim Grabenstein
I recently became a member here at CINFED and it was the best decision I have ever made. I walked in with tears and despair and left with dry eyes, a smile, and I even received a hug from the branch... 
— Melanie
As a long time member, I have always received great service from all CinFed employees. I just wanted to say a special thank you to Dee Dee Day and Dawn Strickland. I had to make some changes to... 
— John-Member since 1990
Earlier this year my much younger sister passed away and with that many obligations were to be met by my husband and myself ..My sister was survived by a daughter and son. We have since then taken on... 
— Vonda
How lucky I am to have Liz Frey managing the office I use! I live in Florida but maintain Cinfed as my main banking office. Everytime I need special help a simple email or call to Liz and it is... 
— Debbie G
Emily Snyder took the best care of my two auto loans. She was professional, courteous and very knowledgeable of the available services for me. She went out of her way to make sure I felt like I was... 
— Sarah Amyotte
I have been member with Cinfed since 1986. The Roselawn Cinfed staff greeted the customer phone calls friendly and polite willing to help you with your needs. They have excellent customer service.... 
— Marian Dudley
I have been a member of CINFED since about 1981 when I was transferred from SLC, Utah with the US Army Recruiting Command and have always received excellent service and support . Hope Dee Dee is... 
— Robert Olguin
I have been a member at the Roselawn Branch for a long time and I couldn't be more satisfied with the customer service. No matter how often I come in with a question or issue and no matter what... 
— Andreya T Williams
I been a member since 1985 and can not imagine banking anywhere else. This credit union as taken care of my every need. 24/7 services is excellent.
— Edward, member since 1985

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