Health Savings Accounts Advance InCalifornia

June 13, 2005, 1:00 a.m. EDT 1 Min Read

SACRAMENTO, Calif. - (06/13/05) -- The state Senate's Banking, Financeand Insurance Committee approved a bill last week that will allowthe state's 210 state chartered credit unions to offer theirmembers tax-deductible Health Savings Accounts. The bill, which wasapproved earlier by the state Assembly, now moves to the floor ofthe Senate. Federal credit unions are already offering HSAs, whichallow individuals to set aside tax-deductible funds to pay formedical expenses. Amounts used for approved medical expenses arenot taxable.

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