Health Savings Account

This account helps you cover the cost of medical care when combined with a High Deductible Health Plan.

If you participate in a High Deductible Health Plan, you qualify to open a Health Savings Account (HSA), which allows you to save for your health care deductibles or future medical expenses.

CUB’s HSA features:

•          Earns Interest
•          Individually owned & controlled
•          Online Banking with Bill Pay1- Bank anytime from your computer or phone
•          Mobile Banking1- 24/7 banking for busy lifestyles
•          eStatements – The fast and safe way to get your bank statements2
•          HSA Debit Card3
•          CUB Phone – Bank by Phone 24 hours a day

Health Savings Account FAQs -Click Here 

2016 HSA Contribution Limits, Deductibles, and Out-of-Pocket Expenses

2016 offers individuals and families additional opportunities to save for current and future health care with a Health Savings Account (HSA):

  • HSA holders can choose to save up to $3,350 for an individual and $6,750 for a family (HSA holders 55 and older get to save an extra $1,000 which means $4,350 for an individual and $7,750 for a family) - and these contributions are 100% tax deductible from gross income.
  • Minimum annual deductibles are $1,300 for self-only coverage or $2,600 for family coverage.
  • Annual out-of-pocket expenses (deductibles, copayments, and other amounts, but not premiums) cannot exceed $6,550 for self-only coverage and $13,100 for family coverage.
2016 
Minimum
Deductible
 Maximum
Out-of-Pocket
Contribution Limit
55+ Contribution
Single
$1,300
$6,550
 $3,350
$1,000
Family
$2,600
$13,100
 $6,750
$1,000


For more detailed information on HSA plans and taxes, visit the U.S. Department of Treasury website at
www.ustreas.gov or talk with your tax advisor.

View Our Current Rates

1 Internet provider and mobile carrier fees may apply.
2 Mailed paper statements available for only $2.50 per month – waived if average monthly balance is greater than $2,500 or upon request for account owners over 65 years of age.
3 HSA Debit Card included with account, and has a replacement fee of $7.
$1.00 daily minimum balance required to obtain Annual Percentage Yield. If daily balance falls below $1,000 any day of the month there is a $3.00 minimum balance monthly fee.
Ask us for details. Account disclosures that include current rates, terms, and fees (if any) are available at any Citizens Union Bank location.