Health Savings Account

A Health Savings Account (HSA) gives you more flexibility and control over your health care costs because it empowers you to make your own health care decisions.

  • Use pre-tax dollars to pay for future medical expenses

    • Contributions to your HSA are tax deductible.
    • The account earnings will accumulate on a tax-deferred basis.
    • Your employer's contributions are also tax-free.
    • Distributions from your HSA are tax-free as long as they are used for qualified medical expenses.
  • Opening your HSA is very simple

    • To open an HSA, you must select a high-deductible health plan.
    • The deductible must be at least $1,400 for an individual plan and at least $2,800 for a family plan. The major advantage of a high-deductible plan is lower premiums.
  • Contributing to your HSA is also very simple

    • The maximum annual HSA contribution is the deductible under your high-deductible health plan.
    • But the contribution cannot exceed $3,650 for an individual plan or $7,300 for a family plan.
  • Your HSA offers protection from catastrophic medical costs

    • To be coordinated with an HSA, the high deductible health plan cannot have out-of-pocket limits which exceed $7,050 for an individual plan or $14,100 for a family plan.
    • The high-deductible health plan provides you protection from catastrophic medical costs, and the HSA provides you with a source of funds to pay some or all of the costs not covered by the health plan (i.e. deductibles).
  • Your HSA account balance is carried over.

    • Unlike contributions to a flexible spending account, the balance of your HSA at the end of the year is carried over to the next year.
    • Because your balance is carried over - you won't be placed in a position of having to "use it or lose it" each year.
  • Your HSA offers control and flexibility

    • Since you are the owner of your HSA, it doesn't matter what your job status is or whether your employer makes contributions to your plan - it's still yours.
    • It will always follow you.

Health Savings Account - Benefit Summary

  • Protection. Your HSA will protect you from incurring large amounts of debt from high and/or unexpected medical bills.
  • Affordable. High health insurance policy deductibles mean lower premiums.
  • Savings. Your ability to deduct your contributions, and the tax deferral of account earnings, enable you to build the balance in your account.
  • Flexible. You can contribute at any time during the year and your balance will roll over from year to year.
  • Portable. You own the account so, regardless of any changes, it will go with you wherever you decide to go!

Ask a Member Service Representative for more information about our Health Savings Accounts.

two girls on a tire swing


Our members are part owners and have a say in how the credit union is run. Stop by any of our branches today and join VFFCU and experience our philosophy of “Member Owned – Value Driven.”

Learn More
woman using a laptop

Bank Your Way

Having the flexibility to access your account whenever and wherever you need it with online and mobile banking is important. Whether you’re across town or across the country, your accounts are always at your fingertips, 24/7.

Learn More

Vision Financial Federal Credit Union
214 Pacific Avenue
PO Box 15818
Durham, North Carolina 27704
Phone: (919) 477-0696
        or (800) 235-8455
Fax: (919) 471-8211
Routing Number: 253175517

©2022 All Rights Reserved.