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.
  • 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.
 

2017 HSA Contribution Limits, Deductibles, and Out-of-Pocket Expenses1

2017 offered individuals and families additional opportunities to save for current and future health care with a Health Savings Account (HSA):

 
  • HSA holders can choose to save up to $3,400 for an individual and $6,750 for a family (HSA holders 55 and older get to save an extra $1,000 which means $4,400 for an individual and $7,750 for a family) - and these contributions are 100% tax deductible from gross income.
  • Minimum annual deductibles are $1,300 for self-only coverage or $2,600 for family coverage.
  • Annual out-of-pocket expenses (deductibles, copayments, and other amounts, but not premiums) cannot exceed $6,550 for self-only coverage and $13,100 for family coverage.
  Minimum Deductible Maximum Out-of-Pocket Contribution Limit 55+ Contribution
Single $1,300 $6,550 $3,400 $1,000
Family $2,600 $13,100 $6,750 $1,000

 

2016 HSA Contribution Limits, Deductibles, and Out-of-Pocket Expenses1

2016 offers individuals and families additional opportunities to save for current and future health care with a Health Savings Account (HSA):

 
  • HSA holders can choose to save up to $3,350 for an individual and $6,650 for a family (HSA holders 55 and older get to save extra $1,000 which means $4,350 for an individual and $7,750 for a family) - and these contributions are 100% tax deductible from gross income.
  • Minimum annual deductibles are $1,300 for self-only coverage or $2,600 for family coverage.
  • Annual out-of-pocket expenses (deductibles, copayments, and other amounts, but not premiums) cannot exceed $6,550 for self-only coverage and $13,100 for family coverage.
  Minimum Deductible Maximum Out-of-Pocket Contribution Limit 55+ Contribution
Single $1,300 $6,550 $3,350 $1,000
Family $2,600 $13,100 $6,750 $1,000
 

For more detailed information HSA plan and taxes, visit the U.S. Department of Treasury website at www.ustreas.gov or talk with your tax advisor.

1 - Contribution limits may change annually according to the Internal Revenue Service.

 

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.
  • 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.
 

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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