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Health Savings Accounts

Help bridge the gap to your insurance deductible

It’s no secret that healthcare is expensive. Even having health insurance still requires you to pay out of pocket to meet your deductible. To help you bridge that gap, we offer health savings accounts (HSAs).

HSA qualification requirements

As an adult, you can have an HSA, provided all of the following are true:

  • You are covered by an HSA-qualified high-deductible health plan (HDHP)
  • You have no other first-dollar medical coverage
  • You are not enrolled in Medicare
  • You are not claimed as a dependent on someone else's tax return

Contributions to your health savings account can be made by you, your employer, or both

The 2022 contribution limits are as follows:

  • $3,650 for self-coverage
  • $7,300 for family plans
  • Catch-up contributions for those 55 years old and older: $1,000

Your personal contributions are deductible on your federal tax return.

As the only provider of HSAs in the area, Union State Bank can provide you with the access and knowledge to take full advantage of the benefits of this account. To open a health savings account, simply call or stop by our Greenfield location.

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