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Health Savings Accounts

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Boone Bank & Trust Co. can help you save for your health care expenses. A Health Savings Account is an account that individuals can invest in to save for future medical expenses. It is a tax-exempt account established for the purpose of paying medical expenses in conjunction with a High-Deductible Health Plan (HDHP).

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Benefits of Owning a HSA

Long-Term Savings:

HSA funds roll over from year to year and always belong to you, growing tax deferred. Funds can be used for medical expenses and at the age of 65 can be withdrawn penalty-free for any reason. 

Convenient:

A HSA debit card can be used to pay medical expenses at the point of service. You can take advantage of direct deposit to add money to your HSA. 

Control:

HSAs give you greater freedom when making healthcare choices. You can also decide how much and when you want to contribute to your HSA. 

Tax-Savings:

HSA deposits are tax deductible and can be used to pay for medical expenses at any time. We recommend that you consult a tax advisor for details. 

Boone Bank & Trust Co. HSA Features

  • No Setup Fee
  • No Annual Fee
  • No Monthly Maintenance Fee*
  • Competitive Interest Rate
  • Free Debit Card
  • Free Online Statements
  • Free Online Access
  • Minimum Opening Balance $100

*If the balance falls below $500 during a monthly payment cycle, a $5 service charge will be assessed.


Maximum Contributions

HSA Type 2016 2017 2018
Single HDHP $3,350 $3,400 $3,450
Family HDHP $6,750 $6,750 $6,900

Not sure if a High Deductible Health Plan is right for you?

Visiting with your trusted insurance agent or your Human Resources Department is the first place to begin.

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