Health Savings Accounts (HSAs)
Now you can plan for unexpected medical costs and receive the advantages of a tax-sheltered savings account. Enjoy two benefits in one account when you open a free IAACU Health Savings Account. We even offer a free HSA debit card and checks for your convenience!
A Health Savings Account is a tax-sheltered savings account designed to be used in conjunction with a high-deductible health plan, otherwise known as an HDHP. HSA contributions are used to pay current and future medical expenses.
Money deposited to the account is 100% tax-deductible, and you can withdraw the funds to pay any qualified medical expenses tax-free. If the distributed amount is used for anything other than a qualified medical expense the amount can be taxed. Money in the account can be rolled over from year to year without a penalty, and the funds will continue to draw interest tax-free. Contributions to your personal HSA can be made by you, your employer or both. (If a contribution is made by the employer it is not taxable to the employee.)
Current Year Contributions
For 2009 you may contribute up to $3,000 (or $4,000 if you’re 55 or older). For a family plan, you may contribute up to $5,950. (or $6,950 if you’re 55 or older). All HSA accounts are NCUSIF-insured to $250,000 and $250,000 by Excess Share Insurance.
Dowload our current HSA Brochure .
FAQ
Can anyone open an HSA account?
No. To qualify for this account, you must be covered by a high-deductible health plan that qualifies under HSA guidelines. To qualify as an HDHP you must either have an individual deductible of $1,150 or more with annual out-of-pocket expenses of $5,800 or less, or a family plan with a deductible of $2,300 and an annual out-of-pocket expenses of $11,600 or less.
Getting Started.
Not sure if an HSA is right for you? We’ll be glad to help you with all the details. For more information, or to open your tax-deductible HSA, contact an
IAACU member services representative today!
| Other Investment Rates |  |
| Rates last updated 12/23/2008 1:43:59 PM. They are subject to change without notice. |
| Account Type | Annual Percentage Rate | Annual Percentage Yield |
| IRA/HSA Money Market (4th Quarter 2008) |
| 2.00% | 2.02% | |
| Share Savings (12-31-08) |
| .65% | .65% | |
| Christmas/Vacation Clubs (12-31-08) |
| .65% | .65% | |
|
| Certificates | |
| Rates last updated 1/5/2009 11:40:30 AM. They are subject to change without notice. |
| Term | Minimum Balance | Annual Percentage Rate | Annual Percentage Yield |
| 3 | $1,000* | 2.13% | 2.15% |
| 6 | $1,000* | 2.71% | 2.75% |
| 12 | $1,000* | 2.96% | 3.00% |
| 18 | $1,000* | 2.96% | 3.00% |
| 24 | $1,000* | 3.20% | 3.25% |
| 30 | $1,000* | 3.20% | 3.25% |
| 36 | $1,000* | 3.25% | 3.30% |
| 45 | $1,000* | 3.25% | 3.30% |
| 48 | $1,000* | 3.59% | 3.65% |
| 60 | $1,000* | 3.78% | 3.85% |
| Youth ** | $500 | | |
| Jumbo *** | $100,000 | | |
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