Health Savings Account

In order to be eligible for an HSA, you must be covered by a High Deductible Health Plan (HDHP), not covered by any other health insurance plan other than a HDHP, not enrolled in Medicare and cannot be claimed as a dependent on someone else's tax return. Minimum deposit of $100 is required to open this account.

High Deductible Health Plan (HDHP)

A HDHP is a health plan that satisfies both an annual deductible and out of pocket expense requirement. Based upon the 2023 requirements, Federal law requires that the health insurance Annual Deductible be at least $1,500 for Single Coverage and $3,000 for Family Coverage. In addition, annual Out of Pocket Expenses cannot exceed $7,500 for Single Coverage and $15,000 for Family Coverage.

Contributions to your Bank of Pontiac HSA can be made by you, your employer or both. Your annual contributions are based on the number of months of HDHP coverage as of the first day of the month. All contributions are pro-rated and have limitations.

Year 2022

Contribute up to $3,650 if you have Single Coverage and $7,300 if you have Family Coverage.  If you are an eligible individual age 55 or older at the end of your tax year, your contribution limit is increased by $1,000.

Year 2023

Contribute up to $3,850 if you have Single Coverage and $7,750 if you have Family Coverage. If you are an eligible individual age 55 or older at the end of your tax year, your contribution limit is increased by $1,000.

• Year to Year Savings: HSA balances automatically roll over from year to year, continuing to earn interest.
• Control: You determine how much money you will contribute to the account within the guidelines and when to spend it.
• Ownership: You own the account. Like an IRA, the funds will remain in the account from year to year. The account stays with you even if you change employment, marital status, medical coverage or even move to another state.
• Tax Savings: Your contributions are tax deductible and if used for qualified medical expenses, distributions of basis and earnings are tax free!

• The account is easy to use! You have access to your funds through Bank of Pontiac Online Banking and checks.
• Online Banking and medical expense Bill Pay with your HSA
• First order of HSA checks are FREE
• Bank of Pontiac Health Savings Debit Card (Print Application)
• Low $25 annual fee
• Local, friendly service

For detailed information regarding Health Savings Accounts, please visit the Internal Revenue Service (IRS) website.

• HSA account owners and each authorized signer on the account is eligible for the debit card.
• HSA Debit Card is used only for qualified medical expenses.
• Daily limit of $1,000.00 point of sale purchases (no cash withdrawals).
• Your HSA Debit Card purchases will be deducted from your HSA account balance and will appear on your monthly account statement.
• Any mistaken non-medical HSA Debit Card purchases will need to be reported to the bank for correction or those transactions will need to be reported to the Internal Revenue Service accordingly.

HSA Debit Card Application

For more information about a Bank of Pontiac Health Savings Account, please call or stop by any of our convenient locations!