New parents at five Treasure Valley Hospitals, Saint Alphonsus Regional Medical Center; West Valley Medical Center, St. Luke’s Meridian, St. Luke’s Elmore County, and St. Luke’s Boise, got a surprise bonus with their newborns: $529 in an IDeal or Idaho 529 College Savings Program account.
The families received the scholarships because their children were the first babies born at each of the hospitals on 529 College Savings Day (5/29). Eleven newborns at hospitals across the state received scholarships, including six funded by St. Luke’s, and five funded by IDeal. The Idaho 529 College Savings Account is named after the IRS Tax Code for college savings plans.
Here are the scholarship winners:
• Mila, born at West Valley Medical Center to Victoria Keely and Savannah Mallory of Caldwell, Idaho
• Taylee, born at St. Luke’s Boise to Heather and Anthony (last name not released)
• Nolan, born at Saint Alphonsus Regional Medical Center in Boise to Chelise Fried
• Davin, born at St. Luke’s Meridian to Addie and Danny Martin
• Baby girl, whose name hasn’t yet been released, at St. Luke’s Elmore County.
“Education plays a big role in overall health, but less than half of kids graduating from local schools go to college. We are proud to partner with a program that helps make college a possibility for local families,” said Betsy Hunsicker, West Valley Medical Center chief executive officer.
An IDeal 529 account is an investment plan that can be opened for anyone by any family member, friend, or loved one, and anyone can contribute to the 529 plan. Unlike a traditional savings account, money invested in an IDeal account has the potential to grow and compound. Idaho taxpayers who contribute to an IDeal account can take a state tax deduction, and money can be withdrawn from an IDeal account tax free, if used on qualified expenses at any accredited post-secondary institution nationwide.