WASHINGTON — According to data collected by Callahan and Associates during the first quarter of 2007, there is still plenty of opportunity out there for credit unions to start offering Health Savings Accounts.
HSAs are tax-free savings accounts that can be used to pay for medical expenses including prescription and over the counter drugs incurred by individuals, spouses or dependents. These accounts are accompanied by high-deductible comprehensive insurance policies that cover preventive care and larger medical bills. Unused HSA money rolls over from year to year and can then be used to pay for medical care up to the plan's deductible.
As of the first quarter, some 310 credit unions hold a total HSA account balance of $36,549,560.
Experts have been touting HSAs as the biggest service offering since IRAs with HSAs estimated to reach 11.2 million by 2010.
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