Health Savings Account

Frequently Asked Question

A Mutual Security Health Savings Account is designed for people who are seeking a better alternative to rising health care costs. You’ll get better value and long-term incentives for managing your health care dollars today.

With a Mutual Security Health Savings Account (HSA), you may either contribute all or a portion of your health plan deductible into a tax-advantaged savings account, within certain limits. And, like an individual retirement account (IRA), your HSA dividend earnings are tax-free. Funds remain tax-free provided you use them to pay for qualified medical expenses. And better yet, funds may grow annually, allowing you to save for future medical expenses.

To be eligible for a Mutual Security HSA, you need to have health coverage under a high-deductible health plan (HDHP). By law, you cannot be covered by another health plan, except one that provides specific coverage such as dental or vision. Additionally, to qualify for a HSA, you must not be entitled to Medicare benefits or be claimed as a dependent on another person’s tax return.

Mutual Security Health Savings Accounts feature:  

All funds (up to $100,000) are insured by the National Credit Union Administration (NCUA), a U.S. Government Agency.