Electrode systems that may be used with implantable medical devices such as a pacemaker, in addition to one or more conventional electrodes, include a shunt electrode. Under ordinary conditions, the shunt electrode has very little effect upon the operation of the electrode system. When high frequency current is delivered to the electrode system, however, the electrode system shunts a large share of the high frequency current to the shunt electrode. The shunt electrode, which includes a conducting material surrounded by an insulating layer, dissipates heat that may be caused by the high frequency current.