Health Savings Account (HSA)

Paramedics reassuring a woman on a gurney

Health Savings Account Advantages

A Health Savings Account (HSA), is a tax-exempt account where you can put money for medical expenses for you, your spouse and your dependents. These funds can be used to pay for or reimburse you for qualified medical expenses from health insurance deductibles and co-payments to some over-the-counter medications and out-of-pocket expenses.

Linn Area Credit Union’s free HSA allows you to write checks, use your HSA debit card or make a cash withdrawal when paying for any qualified medical expense. All with no monthly fees! Click here to see our tiered rates.

Check out this HSA Calculator to help you determine how much your Health Savings Account will be worth over time.

Tax-free benefits

Personal contributions to an HSA are fully deductible, the earnings grow tax deferred and distributions for qualified medical expenses are tax-free. Consult with your tax advisor for guidance.


You are eligible to contribute if you:

  • Are covered by a high-deductible health plan (HDHP)
  • Are not covered by other health insurance
  • Are not enrolled in Medicare
  • Are not claimed as a dependent on another person’s tax return

Guidelines & Options

Catch-up contributions are available for those age 55 or older by the end of their taxable year who are not enrolled in Medicare.

HDHP deductible minimums and contribution maximums apply.


HSAs are completely portable. You keep your HSA even if you:

  • Change jobs
  • Change your medical coverage
  • Move to another state
  • Become unemployed
  • Change your marital status

To sign up or for more information, please contact us.

For higher-yield savings that are readily available for withdrawals, open a money market account with a minimum of $1,000. Interest is tiered at levels of $1,000, $10,000, $50,000, $100,000 and $250,000. Take a look at the rates.
A savings account opens a lot of doors. When you join our Linn Area Credit Union family, the first thing you'll do is apply for a savings account. Keeping a minimum of $5 in a savings account establishes your membership…