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 Funds can be used for medical expenses and at the age of 65 can be withdrawn penalty-free for any reason.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.
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Boone Bank & Trust Co. HSA Features
- No Setup Fee
- No Annual Fee
- No Monthly Service 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 fee will be assessed.
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Maximum Contributions
| HSA Type |
2024 |
2023 |
| Single HDHP |
$4,150 |
$3,850 |
| Family HDHP |
$8,300 |
$7,750 |
HSA contributions for 2023 will need to be made by April 15, 2024. Please make sure you contact the bank for any previous year contributions!
In addition to the contribution limits listed above, an annual HSA 'Catch up Contribution' of $1,000 is available for individuals age 55 and older. If contributions are also being made by your employer, you will need to factor in that amount when making your own contributions.
Once you turn 65 or beginning the month you apply for Medicare, whichever comes first, you are no longer eligible to make contributions to your HSA. If you are turning 65 this year, you may be able to make a prorated contribution. Consult with your tax advisor to determine if you are eligible for a prorated contribution. After turning 65, you are still able to use your HSA to pay for qualifying medical expenses.
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.