Health Savings Accounts

A Health Savings Account (HSA) can ease the pain of increasing health care costs and provide tax advantages for those enrolled in High Deductible Health Plans (HDHPs). Contributions to an HSA and the account's earnings can be used tax-free to pay premiums, co-pays, deductibles and other expenses that are not normally covered by your health insurance. It can also be used to establish savings for future expense.

There are also significant tax savings advantages to HSAs

  • Your contributions are tax-deductible or pre-tax if made by payroll deduction.
  • Earnings and withdrawals for qualified medical expenses are tax-free
  • Funds carry over each year, without limit, for long-term growth potential.

Some examples of HSA qualified expenses include: Acupuncture, chiropractors, optometrists, orthodontia and dental fees.

Some examples of HSA non-qualified expenses include: Athletic club membership, cosmetic surgery and procedures or premiums for life insurance, income protection, disability, loss of limbs, sight or similar benefits.

Open to

Any member who has a High Deductible Health Plan. 

Key Features

  • $50.00 minimum deposit to open
  • Dividends are compounded daily and are calculated on the daily balance when the balances reach or exceed $50.
  • Unlimited check writing is offered with an HSA
  • HSA Funds can be rolled over from year to year. Checks can be written from the HSA for qualifying medical expenses.
  • A member can keep an HSA even if he/she:
    • Changes jobs
    • Changes medical coverage (as long as the member still has a HDHP)
    • Becomes unemployed
    • Moves to another state
    • Changes his/her marital name
  • An HSA offers tax savings:
    • Tax Deductions when contributing to an HSA
    • Tax-free earnings through investment
    • Tax-free withdrawals for qualified medical expenses
  • A signed HSA Contribution/Investment Form is completed for accurate IRS reporting of contributions.
  • Distributions will be made upon receipt of an HSA Withdrawal Statement for IRS reporting.
  • The Treasury's website has additional information on HSAs.


Subject to annual contribution limits. Contributions to the account must stop once you are enrolled in Medicare. However, you can keep the money in your account and use it to pay for medical expenses tax-free.

Costs & Charges



Please refer to our account agreement for full account disclosure.

Dividend Rate

Please refer to our rates page for full disclosure of account terms and conditions.

High Deductible Health Plans

HSA HDHP 2015 Deductibles (Adjusted annually for inflation)

Minimum Maximum
Single (Self-only) $1,300 $6,450
Family $2,600 $12,900

Open a Health Savings Account

Refer your Friends
National Association of Federal Credit Unions 
PFCU is a proud member of the National Association of Federal Credit Unions
National Credit Union Administration 
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.
Equal Housing Lender 
We do Business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.

We provide links to external websites for your convenience. Philadelphia Federal Credit Union does not endorse and is not responsible for their content, links, privacy or securities policies.

Please note that the amount of money contained in your investment accounts are considered non-deposit products and therefore, are not NCUA insured, not credit union guaranteed, may lose value, are not guaranteed by any government agency. Securities, Financial Planning and Insurance products are offered through LPL Financial, and its affiliates, Member FINRA, SIPC. LPL Financial and Philadelphia Federal Credit Union are independent entities.