Health Savings Accounts
Don't let unexpected medical bills harm your financial health. By setting aside money to cover doctor, hospital and dental care costs, you'll enjoy tax benefits as well as some peace of mind.
Your insurance won’t cover everything. So be ready for anything.
- Health Savings Accounts have no monthly fees or minimum deposit requirements
- Manage your account within Online Banking
- Your contributions to your account are tax-deductible*
- Withdraw money tax-free at any time for qualified medical expenses**
- Year-end account balances carry over to the next year
Health Savings Accounts are designed for individuals covered by a High Deductible Health Plan. Once you open an account, you can contribute up to the limit set by law, which is $8,300 per family (or $4,150 for an individual) for 2024. At that point, you can use your Michigan Schools and Government Credit Union account to pay for current health expenses and save for future expenses.
Review complete terms and conditions. *Please consult a tax adviser for more information. **Members are responsible for ensuring that withdrawals are for qualified medical expenses.
