What are Health Savings Accounts?

A Health Savings Account (HSA) is a tax-favored savings account which allows consumers to pay for current qualified health expenses and save for future qualified medical expenses on a tax-free basis. HSAs were signed into law by President Bush on December 8, 2003 as part of the Medicare Prescription Drug and Modernization Act.

Eligibility

A person must be covered by a qualified High Deductible Health Plan (HDHP) to be able to open an HSA. Qualified HDHPs are available through employer's group health insurance plans, for the self-employed, and on an individual basis.

Any adult can establish an HSA if they are:

• covered by a qualified HDHP
• not covered by other non-qualified health insurance
• not enrolled in Medicare parts A and/or B
• not claimed as a dependent on someone else's tax return

Benefits

Wondering why Kemba is the right place to set up your HSA? Here are just some of the reasons:

• No monthly or annual fees
• One free box of checks
• Free debit card
• No minimum balance requirements
• Interest-bearing account
• Unlimited monthly withdrawals and transactions
• Easy account access via online banking
• No penalty to close your account
• Federally insured by the National Credit Union Administration

More Information

If you'd like to learn more, visit our HSA Service Center.

For further reading on HSAs and HDHPs, you can also visit the Department of the Treasury website.

Looking for Help? Call (800) 825-3622

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