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 2023, the deductible must be at least:

  • $1,500 for an Individual
  • $3,000 for a Family


For 2024, the deductible must be at least:

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

How much can I contribute per year?

The maximum contribution amounts are:

  • $3,850 (Individual) / $7,750 (Family) for 2023
  • $4,150 (Individual) / $8,300 (Family) for 2024
     

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.

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