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Save for Qualified Medical Expenses with Tax-Free Contributions

With an HSA Checking Account, you can be prepared for qualified medical expenses that aren’t covered by insurance. Accounts are quick and easy to set up, and there are NO account balance minimums or monthly fees.

Our HSA Checking Accounts are for individuals and families who are covered by high-deductible health plans (HDHPs). You must also not be enrolled in Medicare or be claimed as a dependent on someone’s tax return. 

Manage your healthcare expenses the smart way with tax advantages and easy access to your funds.

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Start Saving for Future Healthcare Costs

No Monthly Service Fee

A no-fee account allows you to grow your savings faster.

Tax-Free Withdrawals

Withdrawals for qualified medical expenses are not taxed.

Account Portability

Your HSA Checking Account is not tied to a job.

Long-Term Savings

The funds in your HSA Checking Account never expire.

Additional Features of HSA Checking Accounts

Open Your HSA Checking Account in 3 Easy Steps!

01

Check Your Eligibility.

Ensure that you or your family are covered by an HDHP.

02

Select Your Checking Product.

Click Get Started below and choose HSA Checking Account.

03

Review & Finish Your Application.

Make sure your information is correct and submit the application.

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Why Choose San Francisco FCU?

At San Francisco Federal Credit Union, we are member-owned and prioritize serving the local community. We provide personalized service for hassle-free banking.

With multiple branches in the San Francisco area, we’re always close by. We offer a wide range of financial products and services, and we are always here to support you.

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HSA Checking FAQ

To qualify for an HSA Checking Account, you must have a high-deductible health plan (HDHP) and not be enrolled in Medicare. You also must not be claimed as a dependent on someone’s tax return.

If you make a withdrawal for a non-qualified medical expense before age 65, you will incur a penalty of 20% on the withdrawal. The amount you withdraw will also be subject to income tax. There is no penalty for non-qualified withdrawals after the age of 65, but they will still be subject to income tax.

BThe funds in your HSA checking account do not expire at the end of the year. There is no “use it or lose it” provision, like with Flexible Spending Accounts (FSAs), which makes it ideal for long-term savings.

There are limits to how much you can contribute to an HSA each year. Contribution limits are set by the IRS and may vary based on inflation and other factors. How much you can contribute also depends on whether you have individual or family HDHP coverage. If you are 55 and older, you can make additional “catch-up” contributions.

HSA funds can be used to pay for many qualified expenses that are not covered by insurance. In addition to routine medical costs, HSA funds can also be used to pay for certain OTC medications and supplies, family planning products, dental and vision care, and dependent care.

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