Individuals with self-only coverage may contribute up to $4,150; for those with family coverage the maximum is $8,300. Individuals who are age 55 or older may make an annual catch-up contribution of $1,000, until he or she is enrolled in Me...
How do I contribute to my HSA at Union Savings Bank?
Contribute to your HSA by using any of the following options:
1. Transfer money over from other USB accounts through Online Banking
2. Mailing in deposit
3. Visiting your local branch
Who is eligible for a Health Savings Account (HSA)?
Individual HSA eligibility includes the following conditions:
• Must be covered under a High-Deductible Health Plan (HDHP)
• May not be covered by any health plan that is not an HDHP
• May not be enrolled in Medicare Part A or Part B
• May ...
What are some of my responsibilities as the HSA account owner?
First, ensure your eligibility. Maintain records to support qualified medical expenses. Adhere to the annual contribution limits. Report annual contributions & distributions to the IRS. (Form 8889).
Who maintains the records to determine whether HSA distributions are used for qualified medical expenses?
You are responsible for maintaining sufficient records of your HSA expenses. Be sure to keep every receipt and statement. The best way to get organized is to use physical file folders or digital folders to save all items. Your HSA statement...
An overdrawn balance in your HSA will be considered a prohibited transaction. Per IRS section 4975, if you engage in any prohibited transaction throughout the year, your HSA ceases to be classified as an HSA retroactive to January of the cu...
How do I reimburse myself for qualified HSA medical expenses that I paid from another account?
You can reimburse yourself for an out-of-pocket expense by transferring money within online or mobile banking from your HSA account, or using your USB HSA debit card to withdraw cash at an ATM. Note, per IRS Publication 969, expenses incurr...
They are the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body. For more information refer to IRS Publication 502- Medical and Dental Expenses.
How do I take a HSA distribution from my HSA account?
You may utilize your USB Debit Card, issue a check, use the Bill Pay service on Online Banking or visit your local branch to complete a withdrawal ticket.
Contributions (up to the maximum annual contribution limit) may be made by the account owner, employer or eligible individual’s family members at any time.
Can self-employed individuals have a Health Savings Account?
Sole proprietors and others who are self-employed can have an HSA and are, in fact, often ideal candidates for an HSA. In these situations, the business owner is both employer and employee. HSAs are often advantageous for the self-employed ...
What are the benefits to having an Health Savings Account (HSA)?
HSA earnings accumulate tax-free
Eligible contributions are excluded from income and are tax-free
Distributions for qualified medical expenses are also tax-free
Qualified medical expenses can include coinsurance, copays and your healthcare ...
By clicking continue you will be leaving our website and entering one that's hosted by another party that may offer a different privacy policy or level of security. The Bank provides access to this website in order to offer you additional information and/or functionality. We encourage you to read and evaluate the privacy and security policies of the site you are entering. Once you leave our website, you will no longer be subject to, or under the protection of, the privacy and security policies of Union Savings Bank. If you click cancel you will return to the Union Savings Bank website.
By clicking continue you will be leaving our website and entering one that's hosted by another party that may offer a different privacy policy or level of security. The Bank provides access to this website in order to offer you additional information and/or functionality. Once you leave our website, you will no longer be subject to, or under the protection of, the privacy and security policies of Union Savings Bank. We encourage you view the UltiPro Privacy Policy to review the privacy and security policies of our partner. If you click cancel you will return to the Union Savings Bank website.