Health Savings Account (HSA)

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.

  • Free Visa debit card.
  • Free Online Banking.
  • Minimum deposit to open is $1.
  • No monthly maintenance fees as long as you maintain a monthly average balance of at least $1,500 in your HSA. If monthly average balance falls below $1,500, then a $2 maintenance fee will be incurred that month.
  • Interest* is compounded and credited to this account monthly.  If you close this account before interest is paid, you will not receive the accrued interest.
  • Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Benefits of Opening a Health Savings Account:

  • Encourages you to save money for medical expenses and emergencies.
  • Offers Tax Benefits:
    • Contributions are tax-deductible.
    • Earnings grow tax-deferred.
    • Distributions for qualifying medical expenses are tax free.
  • Provides a way for employers to contribute to their employee's health savings.
  • Allows money to accumulate since unused HSA balances can be carried over from year to year.
  • Lets you roll over funds directly from a medical savings account.
  • Functions like a checking account:
    • Make unlimited transactions using checks or a FREE debit card.
    • Earn interest* on your HSA balance.
  • Monitor your HSA with Online Banking.

*Please see our Rate Sheet for current interest rates.

HSA Frequently Asked Questions

Who is eligible for an HSA?

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.

What are the insurance deductible requirements?

For 2024, the deductible must be at least:

  • $1,600 for an Individual
  • $3,200 for a Family


For 2025, the deductible must be at least:

  • $1,650 for an Individual 
  • $3,300 for a Family

How much can I contribute per year?

The maximum contribution amounts are:

  • $4,150 (Individual) / $8,300 (Family) for 2024
  • $4,300 (Individual) / $8,550 (Family) for 2025
     

Exception:  If you are over the age of 55, there are "catch up provisions" that you may contribute an additional $1,000 per year.

What is the contribution deadline?

The date on which you file your taxes, usually April 15 of each year.

What expenses qualify for tax-free distributions from my HSA?

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.

“We may never understand His wisdom, but we simply have to trust His will.”

Sonny Manley
President
Hebron

“Be kind because everybody is dealing with something you know nothing about.”

Jim Scott
President
Broken Bow

“Part of attaining success is surrounding yourself with people that share the same drive, determination and direction that you want to achieve.  I feel the people we hire at Bruning Bank represent those assets and they strive to help our customers build, grow and thrive in business as well as personal endeavors.” 

Todd Clabaugh
President
Kearney

"You’ve heard this before, '50% of success in your life comes from just showing up, more precisely showing up on time and being there when you are supposed to be.' That does not apply only to financial success it applies to everything. Your persistence in being there and being present and engaged in your family, your church and your work/career, you don’t have to talk a good game to be successful, you need to do. If you show-up, you're half way there.  And when you show-up, help will be available to get you the rest of the way.  Thanks to all of you that show-up!" 

Jerry Catlett
President & COO
Bruning

“At Bruning Bank, we are about building relationships. If you walk through our doors, we want you to feel like family. Whether it is your first time in, or you are a long-established customer, we want your experience to be positive, insightful, and lasting. The people we employ are vital in this role and do an amazing job carrying out the values and mission established by the bank. I truly feel this is what sets Bruning Bank apart from other institutions.“

Luke Thorell
President
Holdrege