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Union State Bank Blog

Health Savings Accounts

Now you can create a personal, flexible, tax-free account to help you cover your healthcare expenses when and where you need them.



What is a Health Savings Account?

It is a tax-favored account used in conjunction with your own high-deductible health insurance.

Your Health Savings Account may help you pay for any qualified medical expense-from insurance deductible and co-payments to certain out of pocket expenses.

Once the money is in the account, it's yours to spend—tax free-on health care. If you don’t use it, it will remain in your account and grow tax deferred. If you withdraw the money before age 65 for things other than IRS approved health care expenditures, it will be taxed as income, and you pay a 20% penalty. Once you reach age 65, the penalty vanishes. At all times, the money in the account is yours. If you change jobs it follows you.

Your qualified health insurance plan is required to have a minimum deductible of $1,250 for singles and $2,500 for families for 2014.

You can save up to 100% of the deductible annually, up to the maximum limits determined by the IRS each year, adjusted for cost of living.

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Tax Benefits:

  • Federally Qualified* HSA contributions can be deducted from your gross income on your federal tax return, even if you do not itemize deductions.


  • If your employer offers a cafeteria plan you can make the HSA contribution pre-tax of Federal and FICA taxes.
  • Interest and/or earnings on the assets grow tax-deferred. You can choose to let the funds stay in your account and grow tax-deferred.

 * Federally Qualified HSA: Requires that you purchase and maintain a high-deductible insurance policy. Please refer to IRS Publication 502 for information on the tax deductibility for qualified medical expenses.


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  • Can be made by the account owner, family member, and/or by employer.
  • Can be made for the maximum amount for the entire year regardless of the month the individual becomes eligible, provided there is coverage on December 1, otherwise the contribution is pro-rated.
  • Catch up contributions are available to individuals and their spouses, who are between the age of 55 and 64.

**See an HSA representative for current year IRS contribution limits.

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Allowable Distributions:

  • Money saved in an HSA can be used for qualified medical expenses. Distributions for these purposes are tax-free.
  • HSA funds can also be used to pay COBRA or other medical insurance premiums during periods of unemployment or temporary layoff.
  • After you reach age 65 you may make withdrawals from your HSA for any reason**, without a penalty. Catch-up contributions are available to individuals who are 55-64 years of age and not enrolled in Medicare.

** Withdrawals for non-healthcare expenses are taxable regardless of age.

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How to Open a Health Savings Account:

  • Obtain a high deductible insurance policy.
  • Fill out the Union State Bank HSA Applications and eligibility forms and return them to us, or stop in and we will complete the forms with you.

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Union State Bank Offers:

  • Local Service—Four convenient offices with staff available to open your account and answer your questions. We will personally meet with you and complete the paperwork.
  • An HSA Checking account and a MasterMoney Check Card allows you immediate access to your money.
  • Internet Banking and Toll Free Phone Access - Review your account anytime day or night.
  • Deposits can be made in person, by on-line transfers or direct deposit through your employer.
  • Withdrawals can be made in person, by on-line transfers, by writing a check or using your MasterMoney Check Card.
  • No Minimum balance
  • Enroll in Estatements to avoid a $3 monthly paper statement fee.

(Account closing fee of $20.00).

An HSA is owned by each individual, not their employer. So, it doesn’t matter which job you have, whether or not your employer makes contributions, or if you are moving to a new job-your HSA will always be with you.

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