WASHINGTON — Credit unions are slowly starting to get into the Health Savings Account game.
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.
According to data collected by Callahan and Associates, although the majority of credit unions are still sitting on the fence, the total number of credit unions offering HSAs is on the rise.
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In 2007, 424 credit unions held an average HSA account balance of $307,289. Currently there are 544 credit unions offering HSAs, with an average of $170,314 in total HSA deposits.
Experts have been touting HSAs as the biggest service offering since IRAs, with HSAs estimated to reach 11.2 million by 2010. Here is a look at all credit unions with more than $500,000 in HSA deposits.
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