Health Savings Accounts

Some of the largest unknown expenses are medical bills and tuition. We'll help you build up your savings to address both with Health Savings Account and Coverdell Education Savings Account options. The best part is these funds travel with you, even if you move out of the area or a student attends school outside of Delaware or Maryland.

Planning Ahead Requires Smart Savings Options

Good health and education are vital to a fulfilling life. Address their costs with a Health Savings Account and Coverdell Education Savings Account, both featuring specific tax advantages that help you make the most of your deposits.

Health Savings Account

An HSA provides specific tax advantages to help you address unexpected medical expenses. You must be enrolled in a high-deductible health plan (HDHP) in order to qualify.

  • Contributed funds are not subject to federal income tax at time of deposit
  • Any interest earned is tax-free
  • No taxes paid on money withdrawn for qualified medical expenses
  • Unspent HSA funds roll over and accumulate year after year (unlike a flexible spending account) and can be used anytime, including in retirement

Qualification Rules

  1. You must have coverage under a qualified high deductible health plan. You must not be covered under another health care plan. You must also not be eligible for coverage via your spouse’s plan.
  2. You must not be currently enrolled in Medicare. In practice, this means that those over age 65 are generally ineligible to contribute to a health savings account, since you are automatically enrolled in Medicare Part A and B at age 65.
  3. You must not be eligible to be claimed as a dependent on someone else’s income tax return.

There are many nuances to these rules and more rules. Contact your tax advisor for more detailed information.

HSA For Employers

Better benefits packages help you recruit and retain talented employees. Provide an HSA option to employees so they can plan ahead for medical expenses. High-deductible health plans can be purchased for significantly less money than a traditional plan, and you can transfer those savings as contributions to employees' HSAs.

Health Savings Accounts

Frequently Asked Questions

Plus, You Get Access to Our Member Premium Benefits


You Become a Member-Owner

We don't exist to enhance the wealth of our shareholders, we are member-owned. As a not-for-profit organization, we use our profits to increase Member benefits and support community causes.


Your Money is Insured & Protected

Instead of being covered under FDIC, your deposits are covered under the National Credit Union Administration (NCUA), which insures deposits up to $250,000, the same amount as the FDIC. It’s a different name but the same function.


Your Funds Are Easy to Access

With online and mobile banking, you have access to your account anytime and anywhere from your computer, smartphone, or tablet. Check your account balance, transfer funds, pay bills, and manage your finances easily without going to the bank.