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Health Savings Accounts
What is a Health Savings Account (HSA)?
High-deductible health care plans are frequently offered both by employers and third-party insurers as a way to keep monthly premium costs down. This may allow you to significantly increase your take-home pay, but can also put you at risk should you ever
have an emergency in which you need to be able to meet that high insurance deductible.
An HSA with ITCU allows members enrolled in a high-deductible health plan to save a little bit at a time in order to meet their deductible, should a need arise. Best of all? You keep the money you do not spend!
To open and make contributions to an HSA, you need a minimum opening balance of $50, and must be enrolled in a high-deductible health plan. Speak with your employer or seek counsel from your insurance representative for more information regarding the
legal definition of a high-deductible plan.
Contributions to an HSA may be tax-deductible and may earn tax-exempt dividends. Please note that the maximum annual HSA contribution is established by the Internal Revenue Service. Be sure to consult a tax professional to learn more about the various
Internal Revenue Service regulations which oversee your HSA.