Union Bank & Trust: Health Savings Account (HSA)

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.

Contribution Limits

	2012	2013
Individual	$3,100	$3,250
Family	$6,250	$6,450

Catch-Up Contributions: Investors who are at least 55 years old will be able to make "catch-up" contributions.

	2012	2013
Individual	$1,000	$1,000

Restrictions

HSA funds used for non-qualified medical expenses will be assessed a 20% tax penalty and will also be taxed as regular income.

Funds withdrawn after age 65 (or if you become disabled) are exempt from the 20% tax penalty- however, the funds will still be subject to income taxes if the funds are used for non-qualified medical expenses.

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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.