All Pinnacle offices will be closed this Friday, July 4, in observance of Independence Day. See all federal bank holidays at PNFP.com/Holidays.
All Pinnacle offices will be closed this Friday, July 4, in observance of Independence Day. See all federal bank holidays at PNFP.com/Holidays.
Fall is open enrollment season for healthcare benefits at many companies. In addition to selecting the right healthcare coverage for yourself and your family, you may also be reviewing your options for healthcare saving and spending. There are two main types of account for this purpose, and both offer tax advantages: Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs).
They both allow you to put away tax-exempt money for healthcare expenses, up to an annual maximum set by the Internal Revenue Service based on which account type and whether you have individual or family coverage. There are also some major differences between the two:
Your healthcare needs and insurance plan will help determine whether an HSA or FSA is the best fit for you. You may even be suited for both, in which case the FSA must be used for specific needs like dental, vision or dependent care.
If you’d like to talk to a member of our Health & Benefits team, contact them at health@pnfp.com.
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