You can take advantage of Union Bank's Health Savings Account if you have a high-deductible health insurance plan. Earn interest with this tax-advantaged HSA savings account designed to pay for qualified medical expenses where you have greater control over healthcare management and expenses.
What is a Union Bank Health Savings Account (HSA)?
- The minimum opening balance is $25 and is free regardless of the balance.
- HSA Account comes with unlimited check writing and debit card usage, which means your money can be withdrawn at any time*.
- Earn interest above a basic savings account on the entire balance.
- Use untaxed dollars for deductibles, copayments, coinsurance, and other qualified medical expenses. HSA account funds are generally not used to pay premiums.
Tax Benefits
A Health Savings Account provides triple tax savings:
- Tax deduction lowers your taxable income when you contribute to your account.
- Earn interest on your funds tax-free.
- Tax-free withdrawals** for qualified medical expenses.
Eligibility
Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA account. Still, it is up to the account holders to determine their own eligibility. Please contact your tax advisor for further eligibility requirements.
Ready to get started? Contact us to an HSA account or visit one of our West Central Arkansas and the River Valley convenient locations in Mena, Paris, Wickes, Hatfield, Caulksville, Clarksville, Ozark, Waldron, and Booneville to open with assistance, or for help with choosing the best savings option to meet your financial needs.
*You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income and is subject to a 10% penalty. **Consult a tax advisor.