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Call 859-426-2283 to speak with an HSA Expert.

Brooke Bilz
859-426-2283
bbilz@bankofky.com

 

Paige Norton
859-372-2218
pnorton@bankofky.com

 

 

 

Are you looking for a way to reduce the burden of escalating healthcare costs?

Opening a Bank of Kentucky Health Savings Account (HSA) may be your solution!

An HSA is a tax advantaged checking account that allows you to pay for qualified medical expenses when used in conjunction with a High Deductible Health Plan.

Experience the benefits of opening an HSA Checking Account with The Bank of Kentucky!

  • No setup fee to open the account
  • No minimum balance required to open the account
  • $2.00 monthly service fee 
  • Free eStatements or receive paper statements for $3.00/month. Click here for enrollment instructions.
  • Free unique HSA Debit Card
  • $9.04 (+ shipping) for all check orders (150 qty.)
  • Free Online Banking & Bill Pay
  • Earn Interest on balances of $500 or more (For current rates and tiers, visit www.bankofky.com.  Rates subject to change.)

 

Frequently Asked Questions

Yes. You must file a tax Form 8889 with your federal income tax. The Bank of Kentucky will provide you and the IRS with Form 5498-SA (contribution total) and Form 1099-SA (distribution total.)

You must meet specific, IRS eligibility guidelines to establish an HSA. To be eligible, you must:

  • Have HSA-compatible high deductible health plan (HDHP) coverage
  • Not be claimed as a tax dependent (other than a legal spouse)
  • Not be enrolled in Medicare
  • Not have other disqualifying coverage
 

 

Fill out the HSA Application provided by your employer or contact us with a request to open an account. Once The Bank of Kentucky receives your complete application the account will be set up in 1 to 3 business days and you will receive a Welcome Kit in the mail with your new HSA information.

The IRS places annual limits on contributions.  For 2013 the limits are:

  • Single: $3,250
  • Family: $6,450

You can make additional contributions to your HSA when you reach age 55 up to when you are enrolled in Medicare. The 2012 catch up contribution limit is $1000.

There are several options for contributing to your HSA:

  • If you employer offers payroll deduction, have a set amount deducted from your paycheck.
    Your employer will need your HSA account number and The Bank of Kentucky’s
    routing number, 042102115.
  • Drop off the deposit at one of our branch locations.
  • Mail a deposit to: The Bank of Kentucky, Attention: Brooke King, 7900 Tanners Gate Lane, Florence, KY 41042.

Yes. You can rollover or transfer your HSA to The Bank of Kentucky. First, you must fill out The Bank of Kentucky HSA Application to open your HSA.

Rollover: Close your existing HSA and send the funds to The Bank of Kentucky to rollover into your new Bank of Kentucky HSA. The IRS has certain guidelines for rollovers, please contact your tax advisor for additional information.

Transfer: Contact us to request a Transfer Request Form. Complete the form and fax to The Bank of Kentucky, 859-578-2961. We will forward the request to the financial institution to request a direct trustee-to-trustee transfer.

You have until the IRS federal income tax filing return deadline (without extensions) to make a prior year contribution.