Health Savings Accounts - Getting Started

Step 1: Establish Eligibility

As an individual account-holder, you must first determine your eligibility to establish a health savings account. Consult your tax advisor to be sure, but eligibility points to consider include: 

  • You must have a qualified high deductible health plan (HDHP) in place prior to opening your HSA. We can help you find insurance companies that will help you obtain your HDHP.

  • You cannot have additional major-medical health insurance that does not meet the requirements of an HDHP, be entitled to receive benefits under Medicare, or claimed as a dependent on another's tax return.
  • Because it is your responsibility to determine your eligibility, we strongly urge you to confirm your eligibility with your tax accountant, attorney, or your insurance company's benefits consultant prior to opening an account.

Visit any United Commonwealth Bank location to learn more and to open a Health Savings Account. 

United Commonwealth Bank Health Savings Account

  • No minimum balance to open
  • No monthly service fee 
  • Competitive rate of interest
  • Unlimited transactions
  • Online and Mobile Banking*
  • Online Bill Pay with E-Statements
  • No annual fee Visa Debit Card 
  • No fee Automatic Savings Plans
  • Direct Deposit Service
  • Safe. Secure. FDIC Insured.

*Your cellular provider’s data and text messaging rates may apply.

To use your HSA, you may simply use your debit card or write checks for eligible medical expenses. You can also receive reimbursements by submitting a withdrawal form to United Commonwealth Bank.

Qualified contributions can be deducted from your gross income upon filing your Federal Income Tax return (see your tax advisor for additional information).

To learn more, determine your eligibility, or to apply, please contact us.