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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.
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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.
FDIC Insurance:
For general information on FDIC Insurance, click here. For an important disclosure regarding deposit insurance on noninterest-bearing transaction accounts, click here.
**Insurance policies are obligations of the issuing insurance company, and are not obligations or deposits of, or guaranteed by any bank and are not FDIC insured. Annuities subject to investment risks, including possible loss of the principal amount invested. Union Bank makes insurance available through its affiliated company Union Agency Inc. |
| ©2011 Union Bank & Trust Company. All Rights Reserved. MEMBER
FDIC. |
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