Health Savings Account
Combined with an affordable high deductible health care plan (HDHP), you can use a MCCU Health Savings Account (HSA) to help pay for current medical expenses and even save for future needs. HDHP means that the individual deductible is at least $1,100 per year for self-only coverage or $2,200 for family coverage.
Features: 
- Tax-favored individually owned account for the purpose of paying or reimbursing qualified medical expenses (current or future).
- Contributions
- Annual contributions (for 2008) are up to $2,900 for an individual or $5,800 for a family.
- Catch up contributions may be available for members age 55 or over.
- Contributions are made with pre-tax dollars and earnings are tax-deferred.
- Withdrawals
- You can make withdrawals from your HSA at your discretion.
- To realize the tax advantages, your withdrawals must be used to pay for uninsured medical expenses.
Benefits:
- An HSA will follow you through job changes, unemployment, and retirement.
- Tax advantaged contributions, growth, and withdrawals (for qualified medical expenses).
- Unused funds remain in the account and continue to accumulate.
- Competitive rates, low fees.
Fees and Account Set Up:
- $10 set up fee.
- $10 fee is charged if the HSA is closed within 6 months.
A minimum daily balance of $1,000 is required to receive dividends. | 
