If you have a high deductible health plan (HDHP), you may be eligible for a United Bank Health Savings Account. An HSA is a special account owned by an individual which allows you to pay for current out-of-pocket health expenses and save for future qualified medical and retirement expenses on a tax-advantaged basis. Your money in the account rolls from year to year because there is no "use it or lose it" penalty. United Bank HSAs are FDIC insured and earn a very competitive interest rate:

Common Questions:
Who can participate in an HSA?

What is a high deductible health plan (HDHP)?

How do you contribute to an HSA?

Who owns an HSA account?

How do you use the money in an HSA account?

What is a qualified medical expense?

How do I keep track of the balance of my HSA account?

What types of insurance and other coverage can I have and still be eligible to take advantage of an HSA plan?

Can I use the money in my HSA account to pay medical insurance premiums?

Can I use the money in my HSA account to pay for qualified medical expenses of other family members?

What if I use my HSA to pay for something other than a qualified medical expense?

Can I have more than one HSA?

I have a MSA/HSA with another custodian. How can I combine that balance with my United HSA?

If another person makes a contribution to my HSA, who gets the tax benefit?

I am age 65 and still working; can I contribute to an HSA?

I am self-employed, do I qualify for an HSA?

I'd like to open a High Deductible Health Plan. Can I open one at United Bank?

When can I open an HSA?

If I open my HSA mid-year (for example, July 1), may I make the maximum contribution?

Who can participate in an HSA?
Any adult can contribute to an HSA if they:

• Have coverage under an HSA-qualified high deductible health plan (HDHP)
• Have no other first-dollar medical coverage (other types of insurance like specific injury or accident, disability, dental care, vision care, or long-term care insurance are permitted)
• Are not enrolled in Medicare
• Cannot be claimed as a dependent on someone else’s tax return

What is a high deductible health plan (HDHP)?
A health plan with an annual deductible of at least $1,100 for self only coverage and $2,200 for family coverage (2007 figures). In addition, the plan can have no co-payments for medical services.

How do you contribute to an HSA?
Contributions to a HSA can be made by you, your employer or any other person for your benefit. The combined contribution each year cannot exceed the maximum set by the IRS, whichever is lower. Contributions can be made through payroll deduction, transfer from another United account, by mail or in-person.

Who owns an HSA account?
The HSA account and all contributions are owned by the individual (you). It is yours even if you change jobs, change medical plans, move, change your marital status, etc. You decide when and how to use the money in your account.

How do you use the money in an HSA account?
Funds in your HSA are accessible through a VISA debit card and checks are also available. To pay for medical expenses, you may use your card or check at the point of service or withdraw funds from an ATM or branch.

What is a qualified medical expense?
Qualified medical expenses are services that are typically covered by a healthcare plan, such as office visits, emergency room services and hospitalization. Prescription drugs, many over the counter drugs, vision expenses including eyeglasses and contact lenses and non-cosmetic dental expenses are also included. Covered items are defined by IRS code 213(d) and are listed in IRS publication 502.

How do I keep track of the balance of my HSA account?
Keeping track of your account balance is easy. You can review account information 24/7 by logging onto www.Unitedfidelity.com or by calling Access Anytime Touchtone Banking at 1-866-3 ANYTIME (866-326-9846). You will also receive a monthly account statement.

What types of insurance and other coverage can I have and still be eligible to take advantage of an HSA plan?
Permitted insurance includes workers’ compensation, property insurance, insurance for a specific disease, such as cancer coverage and insurance that pays a fixed amount per day of hospitalization. Coverage for dental, vision, long-term care, accidents and disability are also permitted.

Can I use the money in my HSA account to pay medical insurance premiums?
Generally, you cannot use your HSA account to pay premiums for medical insurance coverage. If you purchase medical insurance coverage through your employer, these premiums may already be purchased on a pre-tax basis. Exceptions, however, include COBRA premiums, long-term care premiums or premium payments that allow you to retain health coverage while you are receiving unemployment compensation.

Can I use the money in my HSA account to pay for qualified medical expenses of other family members?
You can use the money in your HSA account to pay for qualified medical expenses of your spouse, your dependent children or yourself.

What if I use my HSA to pay for something other than a qualified medical expense?
If you use the money for any other reason, you will need to include that amount in your gross income when you file your taxes. It will be treated as regular income and will be subject to a 10% tax penalty (unless you are disabled or age 65 or over). It is your responsibility to keep supporting records to show the IRS funds were used to pay qualified medical expenses. Remember, your HSA money is tax-free as long as it is used to pay for qualified medical expenses.

Can I have more than one HSA?
You can have more than one HSA, but your annual contribution cannot exceed the IRS maximum between all contributions to all HSA accounts. It may be easier to manage your total contribution limit if you have a single account.

I have a MSA/HSA with another custodian. How can I combine that balance with my United HSA?
By completing a ‘Rollover Request’ form, United Bank can assist you in moving your tax-favored health plan or IRA balances to United Bank.

If another person makes a contribution to my HSA, who gets the tax benefit?
Contributions can be made to your HSA by others (e.g., relatives).  However, you receive the benefit of the tax deduction.

I am age 65 and still working; can I contribute to an HSA?
If you are eligible for Medicare, but NOT enrolled in Medicare, you can contribute to an HSA.

I am self-employed, do I qualify for an HSA?
Yes, any individual who is covered by a qualified High Deductible Health Plan may establish an HSA. If you have an existing MSAs, you can roll the amount over into an HSA.

I'd like to open a High Deductible Health Plan. Can I open one at United Bank?
United Bank does not sell insurance plans. Here is a list of Insurance Agents Offering HDHPs.

When can I open an HSA?

If your HDHP is in effect on the 1^st day of the month, you may open your HSA as of that day.  If your coverage goes into effect after the 1^st of the month, you may not open your HSA until the 1^st of the following month.

If I open my HSA mid-year (for example, July 1), may I make the maximum contribution?

Yes.

 To open a Health Savings Account, print a copy of the Enrollment Form and fax to 812-429-0542 or mail to:
United Bank
HSA Processing
P.O. Box 1347
Evansville, IN 47706-1347

For more information regarding Health Savings Accounts,
call 424-0921 or 1-800-280-8280 contact or any United Bank Branch Manager.