Health Savings
Take control of your healthcare spending! An SCE FCU Health Savings Account (HSA) is an easy way to save for healthcare expenses. You deposit money into your HSA, where it earns interest tax-free. Funds are not taxed when they’re used for qualified medical expenses. Although there are limits set by the federal government on how much you can contribute, your balances carry over year to year and belong to you even if you change employers. When you incur a qualified medical expense, such as a doctor or hospital visit, you can pay using your SCE FCU HSA Check Card. It couldn’t be easier!
Who can have an HSA?
Any adult may contribute to an HSA if they meet each of the following:
- Have coverage under an HSA-qualified high deductible health plan (HDHP)
- Have no other medical coverage
- Are not enrolled in Medicare
- Cannot be claimed as a dependent on someone else’s tax return
Qualified & Non-Qualified Medical Expenses
The following list provides examples of eligible and ineligible medical expenses.
| Qualified Medical Expenses | Non-Qualified Medical Expenses |
|---|---|
|
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This list is not all-inclusive. Please note the IRS may modify its list of eligible expenses from time to time. We always encourage you to consult your tax advisor should you require specific tax advice. Insured by NCUA up to $250,000.