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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way to save for retirement as any unused money in your account continues to grow tax-free, year after year, and can be withdrawn penalty-free after age 65.

 HSA Contributions Limits  2023  2024
 Single Coverage  $3,850 $4,150
 Family Coverage  $7,750 $8,300
 Catch Up Contribution 55+  $1,000 $1,000

HSA Benefits:

  • HSA funds can pay for over-the-counter items tax-free without a prescription! 
  • Tax-deductible contributions
  • Employer pre-tax contributions via Sec. 125 cafeteria plan
  • NEW! The CARES Act now allows tax-free withdrawals for over-the-counter medications, masks, hand sanitizer, PPP supplies, and more! 
  • 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 similarly to 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 at no additional cost. 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.

Account Features:

  • No Setup Fee
  • No Employer Administration Fee 
  • No minimum opening balance is required with direct deposit setup
  • Low $2.50 Monthly Service fee for balances under $3,000
  • No Fee Debit Card1
  • Power of Attorney access available
  • Free Internet Banking and online bill payment access2
  • Monthly statements
  • Competitive interest paid quarterly
  • Year-End Reporting
  • Employer on-site enrollment meetings to streamline the application process

Business Benefits:

If you are an employer and are thinking about starting an 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.

If you are an employer and would like additional information, please contact our HSA Department at (502) 625-2449.

*Consult IRS notice 2004-50, 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.

A fee may be assessed for a replacement card or a rushed card order. 2 A fee may be assessed for certain transactions, such as a rushed bill payment.

Mutual Fund Investments Available through “MyHSAInvestments.com”

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.)

  • HSA Accounts with funds in excess of $5,000 can invest in mutual fund program
  • Over 30 no-load mutual funds to choose from
  • HSA Owners must maintain sufficient balances in Bank HSA account to cover any medical expenses or debits
  • Funds cannot be transferred from investment account to cover debits on account
  • Consolidated Tax reporting of year end balances for easy record keeping
  • Any fees associated with mutual fund investments are paid directly from the investment account
  • Centralized tax reporting of Bank HSA funds and Investments

HSA Devenir Flyer

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.  Stock Yards Bank will remain as the Trustee of your HSA and provide all annual tax reporting. Excess funds can be transferred electronically from the SYB HSA account to an online account established on the myHSAinvestments website. DEVENIR Group, LLC, charges an annual fee of 0.50% on the investment balance and withdrawn quarterly from the investment account. 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.