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Deposit and Investment HSAs: What’s the difference?

June 12, 2019

Managing Your Money

Articles

With health care costs consistently on the rise, and the uncertainty of the health care environment, it’s more important than ever to adequately save for health care costs and retirement. Participation in a health savings account (HSA) allows you to save pre-tax dollars to prepare for retirement. Although your funds can be used to pay for immediate health care expenses tax-free, you can also save the money for health care expenses later in life. You can continue to contribute year after year and withdrawals can be made at any point in time. Whether you withdraw the money tomorrow, five years from now, or in retirement, funds used for qualified health care expenses are tax-free when you save your receipt. To assist with current and future health care costs, Union Bank offers two distinct HSA options, allowing us to meet the individual needs of our customers.

The Deposit HSA is designed for the consumer who plans to utilize the funds in the account frequently.

Features of the Deposit HSA include:

  • Online HSA enrollment
  • No minimum deposit required
  • No opening account fees
  • Free Visa® card
  • Robust online account management portal
  • Powerful mobile app
  • Free online BillPay
  • Free e-Statements
  • FDIC Insured

The Investment HSA is designed to help consumers take control of current and future health care costs with the potential to earn a higher rate of return. In order to start investing, account owners must have at least $500 in their Deposit HSA. Anything above a $500 balance can be invested. Opening an Investment HSA gives account owners access to reputable mutual fund families selected by Union Bank experts.

Features of the Investment HSA include:

  • 35 investment options from 8 quality fund families
  • No minimum deposit
  • Leading-edge online investment management portal
  • Individualized rate of return
  • Institutional share class for all funds

Taking an active roll in your health care cost is more important than ever.  Understanding the benefits of your HSA will have a lasting impact on your financial future. Visit us at www.ubt.com/health for additional Investment HSA information.

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This blog article is for informational purposes only, and is not an advertisement for a product or service. The accuracy and completeness is not guaranteed and does not constitute legal or tax advice. Please consult with your own tax, legal, and financial advisors.


Investment products: Not FDIC Insured - No Bank Guarantee - May Lose Value.