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.
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.
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