Health Savings Account (HSA)
A Health Savings Account (HSA) is a tax-advantaged account designed to help you save and pay for qualified medical expenses. If you have a high-deductible health plan (HDHP), an HSA can be one of the best ways to reduce healthcare costs, both today and in the future.
At Greater Iowa Credit Union, we make it easy to open a health savings account that works as hard as you do.
Learn More About Opening a GICU HSA Account
Why Choose a GICU HSA?
With a GICU HSA bank account, you get more than just a place to store funds, you gain a smart financial tool built to give you flexibility, security, and tax advantages.
Benefits of a Health Savings Account:
- When applied to qualified medical expenses, all withdrawals are tax free
- Contributions are 100 percent deductible
- Provides the option to choose a lower cost health care plan
- Your earned interest is tax-deferred
- You own your account, and your unused balance can be carried from year to year, earning interest.
Who Can Open an HSA?
To be eligible to open an HSA account in Iowa, you must:
- Must be enrolled in a high-deductible health insurance plan
- Must be 18 years old or older and not listed as a tax dependent
- Cannot be covered by another health insurance plan, including Medicare
Note: Contribution limits change annually and may vary based on your coverage level (individual or family). You should consult your tax advisor with any questions about the tax benefits and tax liabilities associated with an HSA.
What Can You Use an HSA For?
Your HSA account can be used to pay for a wide range of qualified medical expenses, including:
- Doctor visits and prescriptions
- Dental and vision care
- Mental health services
- Medical equipment and supplies
- Health-related transportation
Plus, after age 65, your HSA can even be used for non-medical expenses (taxes may apply) — making it a powerful retirement planning tool.
Why an HSA Is a Smart Choice for Iowans
Many Iowans are balancing rising healthcare costs with growing family needs. A GICU Health Savings Account offers peace of mind by helping you plan ahead, reduce your taxable income, and prepare for medical expenses, expected or unexpected.
Ready to Get Started? Open a health savings account today with Greater Iowa Credit Union and take control of your health—and your finances.
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