Feel A Lot Better With Our
Health Savings Accounts.

Women standing in yoga studio, their hands pressed together in namaste.
A Health Savings Account (HSA) may be the solution for managing your medical costs.

The funds can accumulate in your account and be used to pay for qualifying doctor visits, prescriptions, and dental check-ups.

CHECK CURRENT RATES

A few ways to begin saving even more:

More For You: Great Rate & Really Convenient

When it comes to healthcare, you don’t want a hassle. Your HSA Debit Mastercard® from Cinfed allows you to pay your medical expenses quickly and conveniently. Functioning like a debit card, your HSA Mastercard deducts funds directly from your HSA account. It can be used anywhere Mastercard is accepted.

Plus Cinfed’s HSAs earn a 2.00% APY1 — the highest rate in the Tristate2 — meaning you’re constantly earning more on your balance.

Why open an HSA account with Cinfed?

  • It’s FREE: no set-up or monthly fees and no hidden charges.
  • It’s easy: easy to open, easy to pay with your HSA Mastercard debit card, easy to track your transactions – easy to manage your health care expenses
  • It’s local: Cinfed has been focused on building the community and helping members succeed since 1934.

If you participate in an HDHP with your employer:

  • Let them know you’d like to use Cinfed as your HSA partner.
  • Ask if they will make direct deposits from your paycheck to your Cinfed HSA.

If you have purchased an HSA-qualified HDHP on your own, ask your insurer if you’re able to specify Cinfed for your HSA. Contact Cinfed with any questions about setting up or transferring your account.

What is an HSA?

A Health Savings Account (HSA) is a special tax-free account for those covered under a high-deductible health plan (HDHP). HSA funds can be used for qualified medical expenses, and feature exclusive tax benefits. HSA is portable meaning you can keep it if you change jobs, medical coverage carriers or become unemployed. Your contributions remain in the account until you use them.

Who is eligible to open an HSA?

You must be enrolled in a High Deductible Health Plan (HDHP), which has specific federal requirements related to deductibles and out-of-pocket expenses. Consult your company's Benefits Administrator or Human Resources Department to determine if you are covered by a HDHP.

If you are enrolled in a HDHP — either through your employer or one you've purchased on your own — chances are you are eligible to open an HSA. However:

  • You must have a valid Social Security Number and be a permanent resident of the U.S. 
  • You can not be claimed as a dependent on another person's tax return (unless spouse). 
  • You can not be covered by any other type of health plan, including Medicare.

What can HSA funds pay for?

The tax-free dollars you save in an HSA can only be used to pay for IRS-qualified medical expenses. These include:

  • Medical expenses before and after you meet your health plan deductible
  • Dental care services
  • Vision care services
  • Prescription services
  • Over-the-counter medications prescribed by your doctor
  • Qualifying medical equipment

Banking On Health:
Saving for Health Care Costs

We recently talked with Liz Bonis of Local 12 (WKRC-TV) about how to prepare for health care costs with a smart savings plan.
Click below to see the video.

  1. APY = Annual Percentage Yield for Health Savings Checking Account.
  2. For HSA Checking account without required minimum balance; does not include investment services offered by other financial institutions.