Patelco Credit Union – Health Savings Account

Health Savings Account

Even with good, high-deductible health care coverage, out-of-pocket expenses are growing at a seemingly exponential rate; so much so that the federal government has approved a new kind of tax-free savings account for qualified medical purchases. It’s called a Health Savings Account (HSA), and Patelco has one available for all members with high-deductible health coverage.

With an HSA from Patelco, you can put federally tax-deductible money into the account up to the maximum annual contribution amount, earn great dividends, then withdraw the money tax-free as long as it’s being used for qualified medical expenses, such as doctor visits or prescriptions.

There is a fee of $1 per month for this account but as an incentive to start your HSA, Patelco will waive this fee for the first year. We also waive this fee for all Commitment Household members.