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Health Savings Account

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Healthcare costs are on the rise making it a challenge to provide an attractive benefit package to your employees. A Health Savings Account (HSA) from United Bank & Trust combined with a High Deductible Health Plan from your insurance provider can reduce healthcare costs, and provide a tax-advantaged, lifetime medical savings account for your employees.

HSA Benefits:
  • No set up fee
  • $2.00 monthly maintenance fee
  • Interest earned monthly with a tiered Rate
  • Free debit card
  • Free online banking
  • Minimum opening balance $100
How to get started:
  1. Contact your insurance provider about a HSA-qualifying High Deductible Health Plan.
  2. Determine if you will be contributing to your employees' HSAs. Direct deposit is available.
  3. Arrange an orientation session for your employees with a United Bank & Trust representative.
  4. Employees visit a United Bank & Trust location and set-up their accounts or apply online.


Benefits of HSA for your business

Affordable:

You can reduce your insurance premiums by switching to a HSA-qualified high deductible health plan.

Simple:

United Bank & Trust works directly with your employees to set-up and manage their HSA accounts, ensuring a smooth transition and seamless administration.

Flexible:

Contributions can be made by the employer and the employee. Employers can choose how much and how often they contribute to their employees' HSA accounts.

Value-Added:

HSAs provide added value to your benefits package by giving employees control over their health care decisions and a lifetime medical savings plan. 

Tax-Savings:

Contributions to a HSA are deductible as a business operating expense. Please consult with your tax advisor for details.

Benefits of HSA for your employees

Long-Term Value:

HSA funds roll over from year to year and always belong to the employee, growing tax deferred.

Convenient:

A United Bank & Trust HSA debit card can be used to pay medical expenses at the point of service. Employees can take advantage of direct deposit to add money to their HSA accounts.

Control:

HSAs put medical decisions in employees' hands. Employees can also decide how much and when they want to contribute to their HSA accounts.

Tax-Savings:

HSA deposits are tax deductible and can be used to pay for medical expenses at any time. We recommend that employees consult with a tax advisor for details.

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