BASKING RIDGE, N.J. — Credit unions still sitting on the fence about offering Health Savings Accounts because they think it may be too time consuming an effort should take notes from Affinity Federal Credit Union.
HSAs are tax-free portable savings accounts that can be used to pay for medical expenses including prescription and over-the-counter drugs incurred by individuals, spouses or dependents.
The over $1.4 billion credit union has not only started offering HSAs, but was able to get the program up and running within only 30 days. According to Affinity Member Experience Vice President Donna LoStocco, while the delivery to the market was quick the credit union had spent quite some time reaching a decision.
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