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I want an HSA      HSA FAQs

If you would prefer paper versions of these documents, please call us at 1-800-676-2541.

What is a Health Savings Account (HSA)?

  • A tax sheltered savings account designed to be used in conjunction with a high-deductible health plan (HDHP).
  • 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 earn 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.)

What does IAACU provide?   

IAA Credit Union provides COUNTRY, IFB, and GROWMARK employees with retail banking services like auto loans, mortgages, checking and savings accounts. IAACU is a not-for-profit financial institution and is not available to everyone. Founded in 1951 to serve the financial needs for the employees of the IAA Family of Companies, IAACU continues to only serve employees and customers of the Illinois Farm Bureau, COUNTRY Financial and GROWMARK. As an employee of one of these companies, you are eligible to take advantage of IAACU's low cost products and great rates!


Advantages of IAACU Health Savings Account

  • It's FREE! 
    • Our goal is to provide a cost-free account for people looking to save for their future medical expenses.  Unlike most providers, there are no set-up or monthly fees associated with an HSA at IAACU.
  • It's EASY!
    • Once you complete the required forms, we will follow up to confirm the automatic contribution to your account and to see if you would like checks or a debit card to access your funds.
  • Short and Long Term Investment Options
    • Once you build a balance, we offer Share Certificates (CDs) to allow you to earn more interest over the long-term.

Current Year Contributions

For 2019, if you have single coverage, you may contribute up to $3,500 (if you’re 55 or older, an additional $1,000 in catch-up contributions are also allowed). For a family plan, you may contribute up to $7,000. All HSA accounts are NCUSIF-insured up to $250,000 and $250,000 by Excess Share Insurance.

HSA Eligibility:

  • Must be covered under an HDHP on the first day of the month in which the first contribution is made.
  • Cannot be enrolled in Medicare.
  • Dependent children cannot have their own HSAs.
  • Individuals electing to participate in an HSA must be insured by an HDHP that has a $1,350 minimum deductible with annual out-of-pocket expenses not exceeding $7,000.
  • Families electing to participate in an HSA must be insured by a family health plan with a minimum deductible of $2,700 and annual out-of-pocket expenses not exceeding $13,500.
  • You should consult your tax adviser or insurance provider with additional questions or to determine your plan's eligibility.