A Health Savings Account (HSA) with Bank of Pontiac may be the perfect solution for you if you have a High Deductible Health Plan! HSA's were created by the Medicare bill and are designed to help individuals save for future qualified medical and retiree health expenses on a tax-free basis.
*Subject to approval. Bill Pay Service is FREE with at least one bill payment each month. Inactive Bill Pay accounts will be charged $4.95 per month..
**Please refer to our Services Brochure for applicable fees, interest rates, and eligibility requirements.
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.
A HDHP is a health plan that satisfies both an annual deductible and out of pocket expense requirement. Based upon the 2022 requirements, Federal law requires that the health insurance Annual Deductible be at least $1,400 for Single Coverage and $2,800 for Family Coverage. In addition, annual Out of Pocket Expenses cannot exceed $7,050 for Single Coverage and $14,100 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.
Contribute up to $3,600 if you have Single Coverage and $7,200 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.
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.
For detailed information regarding Health Savings Accounts, please visit the Internal Revenue Service (IRS) website.
For more information about a Bank of Pontiac Health Savings Account, please call or stop by any of our convenient locations!