Union Bank & Trust — Health Savings Accounts

To open an HSA, you must meet the following criteria:

Be currently enrolled in a qualifying High Deductible Health Plan (HDHP).

Cannot be enrolled in Medicare.

Cannot be claimed as a dependent on someone else’s tax return.

Cannot be covered under your own or spouse’s employer sponsored health care plan that is not a qualified HDHP.

Restrictions

HSA funds used for non-qualified medical expenses will be assessed a 10% tax penalty and will also be taxed as regular income.

Funds withdrawn after age 65 (or if you become disabled) are exempt from the 10% tax penalty- however, the funds will still be subject to income taxes if the funds are used for non-qualified medical expenses.

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

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.