Catastrophe savings account : prepare for out of pocket costs from a natural disaster using state income tax-free dollars

Abstract

Establishing a Catastrophe Savings Account (CSA) can help you pay for your deductible and other out-of-pocket costs. Similar to health savings accounts, the money can be set aside state income tax-free and used in the future to pay for qualified catastrophe expenses that result from a hurricane, flood, or windstorm event that has been declared an emergency by the Governor.