Health Savings Accounts
 
Retirement Plan Services
  Participant Account Login
  Plan Sponsor Login
  Employer Advantages
  Employee Advantages
  Health Savings Accounts
  IRAs & Annuities
  Rollovers
  Contact Us
   
   
   
HSA Resources
  HSA Information
  HSA Benefits
  HSA Qualifications & Restrictions
  HSA Applications
  IRS Qualified Medical Expenses
  IRS Tips, Examples and FAQ
  HSA Contact Information
   

Benefits of an HSA
 


A Health Savings Account, or HSA, helps combat increases in health insurance costs for those willing to take personal control of their medical expenses.

Employee Benefits

  • Account Ownership
    Funds are portable in the case of a change in employers.

  • Security
    Your high deductible insurance and HSA protect you against high or unexpected medical bills.

  • Flexibility in Funding
    Contributions may be made by the employer, the employee, or any other person or nonperson (charity, etc.) up to your maximum contribution limit.

  • Tax-Free Savings
    Unused funds can roll over into the next plan year or be saved for retirement.

  • Contribution allowance
    Contributions can be made for the prior tax year until April 15th of the following year. Your contribution limit is determined by your qualifying HDHP.

  • Tax Deductible Contributions
    Contributions to your HSA (that are not from your employer) are tax deductible.

  • Tax-Free Earnings
    Interest earned on the account will accrue tax-free within the HSA.

  • Tax-Free Withdrawals
    Funds used for qualified medical expenses will not be taxed upon withdrawal.

  • Catch up Contributions
    If you are age 55 or older you can also make additional catch up contributions.
Employer Benefits
  • Reduced Premiums
    Many businesses can substantially reduce their insurance premiums by switching to an HSA qualified HDHP.

  • Lower Fixed Costs
    Allows control of two plan components, premium and account funding, to be decided independently and reviewed annually.

  • More benefit dollars to employees
    Ability to deliver insurance dollars directly to employees by funding the account rather than paying 100% to the insurance carrier.

  • Incentives for Employees
    The reallocation of premium dollars to the HSA will create an incentive for employees to take control of their health care expenses.

  • Tax Savings
    Contributions to employee HSA accounts are tax deductible for the employer.

 

 
   
Footer Line
 

Affiliates | Trust Operations & Compliance | Resource Library | Privacy Notice

Follow Us On Twitter Facebook
 
Important Information About Procedures For Opening A New Account—
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you; we may also ask to see your driver’s license or other identifying documents.

*Investment services offered through Union Bank & Trust Company’s Trust Division.

Investment products: Not FDIC Insured - No Bank Guarantee - May Lose Value.
©2010 Union Bank & Trust Company. All Rights Reserved. MEMBER FDIC.