HEALTH SAVINGS ACCOUNT

A Health Savings Account (HSA) from First United Bank is a tax-exempt account established exclusively for paying qualified medical expenses for you and your family. HSAs are a sensible option for individuals and families covered by high deductible health insurance plans (HDHP).

Contributions may be tax deductible and withdrawals used for qualified medical expenses are tax-free. Consult your tax advisor or the IRS for additional details.

 

A First United Health Savings Account Features:

 
  • $5 monthly maintenance fee.
  • $25 minimum opening deposit.
  • Unused funds automatically roll-over from year-to-year.
  • Contribute up to $3,250 annually if you’re single, or $6,450 annually as a family.
  • No income limits.
  • Transfers can be made from your personal checking account online or directly deposited by your employer.
  • Free ATM/Visa® Debit Card for convenient payment processing.
 

Eligibility

You Could be Eligible to Establish an HSA, If You Meet All of the Following Requirements:

 
  • You must be covered under a high deductible health plan (HDHP) that falls within the HSA contribution limits.1
  • You must be covered under a high deductible health plan on the first day of the month.
  • You are not entitled to Medicare benefits.
  • You are unable to be claimed as a dependent on another person’s tax return.

1 - For 2013 and 2014, the IRS defines a HDHP as any health insurance plan that has a minimum deductible of $1,250 and maximum out-of-pocket amount of $6,250 for individual coverage or a minimum deductible of $2,500 and maximum annual out-of-pocket amount of $12,500 for family coverage.

 

Qualified Medical Expenses

Qualified Medical Expenses are expenses incurred after a HSA has been established, are not covered by insurance, and are paid by the HSA owner, his or her spouse, or dependents.

Types of Qualified Medical Expenses Include:

 
  • Doctor visits, vision expenses, prescriptions and dental expenses.
  • Diagnosis, cure, mitigation, treatment or prevention of disease, or for the purpose of affecting any structure or function on the body.
  • Transportation for the essential medical care listed above.
  • Qualifies long-term care services.
  • Premiums for qualifies long-term care insurance, COBRA health care continuation coverage, health care coverage while an individual is receiving unemployment compensation.
  • For individuals over age 65, premiums for Medicare Part A or B, Medicare HMO, and the employee share of premiums for employer-sponsored health insurance, including premiums for employer-sponsored retiree health insurance.
  • Certain amounts paid for lodging while away from home that is essential to medical care.
  • For 2010 and earlier, nonprescription drugs as described in Revenue Ruling 2003-102.
 
To open a Health Savings Account, call (855) 382-7827 (FUB STAR) or visit your local First United Banking Center and bring:
  • Your government issued photo ID such as a driver’s license, state ID or U.S. Military ID
  • Your social security number
  • A minimum $25 opening deposit
 
Learn More about a First United Health Savings Account
 
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