Customers who are:
- Covered by a high-deductible health insurance plan.
- Not yet enrolled in Medicare.
- Not eligible to be claimed as a dependent on another person's tax return.
Bruning Bank offers a tax-advantaged medical savings account. As health care costs continue to rise, this is a tool to help you develop an effective financial plan to pay for qualified healthcare expenses now and in the future.
*Please see our Rate Sheet for current interest rates.
Customers who are:
For 2023, the deductible must be at least:
For 2024, the deductible must be at least:
The maximum contribution amounts are:
Exception: If you are over the age of 55, there are "catch up provisions" that you may contribute an additional $1,000 per year.
The date on which you file your taxes, usually April 15 of each year.
See IRS Publication 502 "Medical and Dental Expenses" for a complete list.
We have also created this guide on HSA Qualified Expenses to help you, but please consult your tax advisor whenever you are uncertain.