Health Savings Account (HSA)

Individuals and families with high health insurance deductibles can save money on current and future health care expenses with a USU Credit Union Health Savings Account (HSA).

Health Savings Account benefits include:

  • Tax-Deductible – Contributions to the HSA are tax deductible, similar to an IRA.
  • Tax-Free – Withdrawals to pay qualified medical expenses are never taxed.
  • Tax-Deferred – Interest-earnings accumulate tax deferred, and if used to pay qualified medical expenses, are tax-free.
  • HSA Money Is Yours To Keep – Unused money in your HSA can rollover from year to year.

Members have several options to fund their USU Credit Union HSA, including:

  • Payroll direct deposit
  • In-person deposits

For added convenience, you may access your HSA funds by the following means:

To open a USU Credit Union HSA, visit any USU Credit Union branch or contact the member contact center at 800-248-6361.

2020 Minimum Deductible Maximum
Contribution Limit Catch-Up Contribution Limit*
Single $1,400 $6,900 $3,550 $1,000
Family $2,800 $13,800 $7,100 $1,000

*A "catch-up" contribution is in addition to the standard contribution limit and is available for eligible individuals who are age 55 or older by the end of their taxable year and are not enrolled in Medicare.