IAACU 808 IAA DRIVE
PO BOX 2901
BLOOMINGTON, IL
61702-2901
800.676.2541
Savings Accounts > Health Savings (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.)
2008 Contributions
For 2008 you may contribute up to $2,900 (or $3,800 if you’re 55 or older). For a family plan, you may contribute up to $5,800 (or $6,700 if you’re 55 or older). All HSA accounts are NCUSIF-insured to $100,000 and $250,000 by Excess Share Insurance.
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 $1,100 or more with annual out-of-pocket expenses of $5,600 or less, or a family plan with a deductible of $2,200 and an annual out-of-pocket expenses of $11,200 or less.
Rates last updated 8/27/2008 8:04:15 AM. They are subject to change without notice.
Account Type
Annual Percentage Rate
Annual Percentage Yield
IRA/HSA Money Market (3rd Quarter 2008)
2.25%
2.27%
Share Savings (06-30-08)
.75%
.75%
Christmas/Vacation Clubs (06-30-08)
.75%
.75%
Member accounts are insured to $100,000 by the National Credit Union Share Insurance Fund. An additional $250,000 is insured by Excess Share Insurance, a private insurance company.
Certificates
Rates last updated 8/27/2008 8:01:51 AM. They are subject to change without notice.
Term
Minimum Balance
Annual Percentage Rate
Annual Percentage Yield
3
$1,000*
2.62%
2.65%
6
$1,000*
2.96%
3.00%
12
$1,000*
3.20%
3.25%
18
$1,000*
3.44%
3.50%
24
$1,000*
3.68%
3.75%
30
$1,000*
3.68%
3.75%
36
$1,000*
3.73%
3.80%
45
$1,000*
3.73%
3.80%
48
$1,000*
3.92%
4.00%
60
$1,000*
4.11%
4.20%
Youth **
$500
Jumbo***
$100,000
*Roth & Traditional IRA Share Certificates minimum $2,000.
**Youth savings certificates available to Kirby Club members only. Education IRA certificates (minimum $500).***Jumbo rate quoted upon request, depending upon maturity of the certificate.
ESI
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