Health Savings Accounts

Health Savings Accounts (HSA) are individually-owned accounts which allow you to make tax-deductible contributions, accumulate earnings on a tax-deferred basis, and withdraw money tax free to pay for qualified medical expenses.

HSAs are designed for individuals who have chosen a high deductible health plan. Funds in an HSA can be used to pay for qualified medical expenses until the deductible has been met and insurance kicks in. For general information about HSA's visit our Q&A's.

Minimum Balance	Certificates $500
Monthly Service Charge	None
Terms	Up to 60 months for HSA Certificates
Contributions	Contributions for any tax year may be made at any time before the deadline for filing your federal income tax return for that year (without extensions). It is your responsibility to determine whether contributions to your HSA have exceeded the maximum annual contribution limit.
Contribution Limits	Contribution limits change annually and are determined on a month-to-month basis. Contributions are limited to the amount of your deductible and for 2006 can not be more than: $2,700 for an individual and $5,450 for family coverage
Catch-Up Contributions	For calendar year 2006, an additional $700 catch-up contribution may be made if you are at least age 55 or older and are not enrolled in Medicare.
Distributions	Distributions of funds from a HSA may be made at your request. You are responsible for substantiating that the distribution is for qualified medical expenses and must maintain records sufficient to show, if required, that the distribution is tax-free.
Withdrawal Penalty	Distributions that are not used for qualified medical expenses are included in your gross income and are subject to an additional 10% tax on that amount. There is an early withdrawal penalty on a HSA certificate.
Share HSA Dividend Rate	.35% APY† Dividends are compounded and paid monthly based on the average daily balance. The dividend rate and APY may change every dividend period as determined by the Board of Directors.
Certificate HSA Dividend Rates	Rates effective as of November 13-19, 2008 Terms Annual Percentage Yield 3 months 2.00% 6 months 2.50% 12 months 3.00% 24 months 3.40% 36 months 3.70% 48 months 3.95% 60 months 4.10% Dividends are compounded and paid monthly based on the average daily balance.
Automatic Deposits	You may have money deposited into your account with automatic transfer or payroll deduction*.
Statements	Issued Quarterly by Mail or E-statements If you have a checking account or electronic transactions post to your prime shares, monthly statements are provided.
ASI Insured	Funds are insured up to $250,000 per account. By member choice, this institution is not federally insured. Click here for more information regarding ASI.

†APY = Annual Percentage Yield
*At this time payroll deduction is only available to employees of ANL and Fermilab.

For more information regarding HSAs visit our Q&A's, e-mail memberservices@argonnecu.org or call (815) 267-7700 or (866) 469-6228.