Health Savings Accounts
A Health Savings Account (HSA) works in conjunction with a high-deductible health plan (HDHP) to help lower your health care costs. It's a tax-advantaged account that can be used to pay qualified medical expenses for yourself and your family. Your HSA is also an excellent way to save for retirement as any unused money in your account continues to grow tax-free, year after year and can be withdrawn penalty free after age 65.
Health Savings Accounts - Triple Tax Benefits and More!:
- Contributions are fully Tax Deductible
- Earnings grow Tax Deferred and are withdrawn Tax Free for medical expenses
- Distributions for qualified medical expenses are Tax Free
- Tax deductible contributions
- Employer pre-tax contributions via Sec. 125 cafeteria plan
- Tax free withdrawals for qualified medical expenses
- Long-term savings
- Interest earnings grow tax free
- Stays with you – fully portable if you move or change jobs
- Funds can accumulate year to year - No “use it or lose it” provisions
- One time IRA funding option available*
*Contact the HSA department for details on this option.
- Funds can be used for yourself and family members
- Variety of investment options for optimum growth
- Distributions for non-medical expenses may be subject to regular income taxes + 20% tax penalty
An HSA works just like a regular checking account. You can either write a check or use your debit card to pay for qualified medical expenses. Statements can be mailed or viewed online free of charge. And you’ll receive annual tax reports on your contributions and withdrawals. Best of all, you’ll receive local service and expertise to help you get the most from your account.
Your account features:
- No Setup Fees
- No minimum opening balance required with direct deposit setup
- Low $2.50 Monthly Service fee for balances under $3,000
- No Fee Debit Card
- Free Internet Banking and online bill payment access
- Monthly statements
- Competitive interest paid quarterly
- Year-End Reporting
- Employer on-site enrollment meetings to streamline application process
- CD investment options for balances over $3,000*
*Must maintain adequate balance in money market account to cover any future medical expenses.
- Self-Directed Investment Options for HSAs through MyHSAinvestments*
*Must maintain at least $5,000 balance in SYB HSA account after transfer. Transfers that take balance below the $5,000 minimum threshold will be rejected without notification to customer.
Stock Yards Bank & Trust does not provide investment services in connection with HSA accounts; those investment services are provided by DEVENIR Group, LLC, dba myHSAinvestments®. Investment accounts are not FDIC insured, may lose value and are not a deposit account or other obligation of Stock Yards Bank & Trust. Investment accounts are not bank guaranteed or guaranteed by any federal government agency. Self-directed investment accounts are the sole responsibility of the account owner. Stock Yards Bank & Trust does not offer investment advice and is not making a recommendation to individual HSA account owners to invest, or not invest, their HSA funds or whether any investment options offered by or through DEVENIR Group, LLC would be a suitable or appropriate investment for them. Carefully weigh the advantages and disadvantages of investing your HSA funds before doing so. Investment returns and principal value will fluctuate and investors' shares, when sold, may be worth more or less than their original cost. DEVENIR Group, LLC and Stock Yards Bank & Trust are separate, unaffiliated companies and are not responsible for one another's services, policies and information. Your ability to replace losses in the investment account may be limited by the annual contribution limits of your HSA.
If you are an employer and are thinking about starting a HSA eligible plan for your employees, give us a call at 502-625-2449. We’ve partnered with insurance brokers and employers since the inception of HSAs and are experts at helping you and your employees understand and get the most from their HSA. We specialize in on-site employee education meetings and follow-up. Consult your insurance provider for eligibility.
Our Health Savings Account 2019/20 Fact Sheet provides additional information.
If you are an employer and would like additional information,
please contact our HSA Department at (502) 625-2449.
Open Your HSA Today!
To start the application process for opening your Health Savings Account, open the forms below, key in your information, print them off and bring to your nearest branch office.
Please note: all completed, signed applications must be mailed or brought to a SYB branch office to complete account opening.
*Consult IRS notice 2004-50, or or your insurance provider for full details on the Health Savings Account. It is the responsibility of the account holder to determine HSA eligibility of insurance plan prior to establishing HSA account. Qualification of contributions and distributions are the liability of the account holder.
**Individuals over 65 and not enrolled in Medicare may be eligible to contribute.