Union State Bank

Health Savings Accounts

Created by Congress in 2003, Health Savings Accounts (HSAs) allow for eligible individuals to save for health-related expenses (including prescriptions) tax free! In order to be eligible to own and contribute to an HSA, you must meet the following requirements:

If you meet these requirements, you are an eligible individual even if your spouse has non-HDHP family coverage, provided your spouse's coverage does not cover you. Your HSA comes with these great features:

To set up a Health Savings Account, there is a $20 setup fee and a $3 monthly service fee. The monthly service fee can be avoided if you maintain an average daily balance of $2,500. Other fees may apply, see your Account Agreement for more details.

Additional Resources on HSAs

You can find a wealth of information on HSAs via the following links:

Frequently Asked Questions

IRS Forms & Publications