Health Savings Accounts (HSA)

Health Savings Accounts (HSA)

HSA

If you have a High Deductible Health Plan (HDHP), you can use our Health Savings Account (HSA) to set aside pre-tax dollars for qualified medical expenses. HSA accounts not only offer tax benefits – deposits and interest earned are both tax-exempt – but also offer other key benefits:

  • No "use it or lose it" penalties. Unlike a Flexible Spending Account (FSA), unused funds simply roll over from year to year and continue to grow with interest.
  • The money is yours. The funds may be used at your discretion and belong to you should you change jobs. The savings can build like a retirement account and after age 65 can be used for non-medical expenses without the additional 10% tax penalty.
  • No time limit for reimbursements. There is no time limit in which you must reimburse yourself for health care expenses. You also decide whether to spend from the HSA or pay out of pocket and save your funds for the future.
  • Easy and secure online account opening. You can use your account as early as the next business day when you deposit funds with an electronic transfer at account opening.

What is included with Pinnacle's HSA?

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  1. Competitive interest rate on the entire balance
  2. Tax-exempt contributions and interest
  3. No monthly service fee
  4. No per-transaction charge
  5. Check and debit card access
  6. Monthly account statement
  7. Funds held in your Pinnacle HSA are subject to FDIC insurance coverage

How much money can I contribute to my HSA each year?

The IRS contribution limits increased slightly from 2014 to 2015. Please review the grids below for contribution limit details.

2014 IRS Contribution Limits
 Single PlanFamily Plan
Minimum Deductible $1,250 $2,500
Maximum Out-of-pocket $6,350 $12,700
Maximum Contribution Limit $3,300 $6,550
Catch-up Contribution (55+) $1,000 $1,000
2015 IRS Contribution Limits
 Single PlanFamily Plan
Minimum Deductible $1,300 $2,600
Maximum Out-of-pocket $6,450 $12,900
Maximum Contribution Limit $3,350 $6,650
Catch-up Contribution (55+) $1,000 $1,000

HSA Investment Account

The Pinnacle HSA Investment Account offers you an opportunity to grow your pre-tax HSA dollars through a variety of mutual fund options.*

  • You control your investment strategy. Through our partnership with Devenir, we offer a great selection of no-load mutual funds** from a variety of asset classes. You decide which funds to invest in and when to buy or sell.
  • Easy online account management. You have instant access to your transaction history, balance information and portfolio management through our online tool.
  • Quick access to your money. When you need funds for qualified medical expenses, distributions into your base HSA are a snap. Using our online HSA Investment site, you can liquidate and transfer funds within 3 business days.

To get started in the Investment Account you must have a Pinnacle HSA with a minimum balance of $2,000. Any balance over $2,000 can be invested as you desire.

Some other great account features:

  1. Choose between automatic or one-time account contributions
  2. One-click access to fund prospectuses and Morningstar® fund reports
  3. One low monthly account fee***

If you would like to open an HSA Investment Account, please contact your financial advisor or call our Client Service Center at 800.264.3613.

Login to your HSA Investment Account

* Clients selecting the HSA Investment Account are urged to carefully weigh the advantages and disadvantages of investing HSA funds in the Investment Options discussed above versus holding them in their Pinnacle Health Savings Account.  Investors should carefully read the prospectus from each mutual fund selected before investing. There are no guarantees that the Investment will make money and additional contributions above and beyond the yearly maximum HSA contributions cannot be made to an HSA account to replace any losses that result from investing.  Investments made using the Pinnacle Bank Investment HSA are not deposits of or guaranteed by Pinnacle Bank, are not insured by the FDIC and may lose value.  Please keep these factors in mind when considering this option.

** Please refer to the individual fund prospectus for further performance, expense and fee information.

*** Once your HSA Investment Account has been funded, a $3 monthly access fee will be charged to your Pinnacle HSA Savings Account.

HSA Investment Account Frequently Asked Questions

  • How does the account work?

    To get started in the Investment Account you must have a Pinnacle HSA with a minimum balance of $2,000. Any balance over $2,000 can be invested as you desire.

    The Pinnacle HSA Investment Account is a self-directed account. This means you choose from the available list of funds you wish to invest your HSA dollars. Neither Pinnacle Bank, nor our investment partner Devenir, can provide investment advice on this program. We recommend you speak with a licensed investment advisor should you have questions about any investment.

  • What investment options are available to me through the HSA Investment Account?

    We currently have 13 no-load mutual funds in a variety of asset classes.* See the current list of funds.

  • How do I access my HSA Investment Account?

    You can access your HSA Investment Account via a link in the upper right corner of pnfp.com under the "Logins" drop down box. After you have enrolled, you will receive a username and password for account access.

  • What fees apply to the Pinnacle HSA Investment Account?

    A $3.00 monthly service fee will be assessed to your Pinnacle HSA transaction account upon opening your investment account.

  • What minimum investments apply?

    No minimum investment amounts apply to the mutual funds in your HSA Investment Account.

  • What commissions or loads apply?

    The mutual funds in this program are load-waived funds. Typical loads or commissions will not apply to these funds.

  • How often may I make changes to the investments in my Pinnacle HSA Investment Account?

    You may make changes to your investment holdings once per day, but keep in mind mutual funds are considered long term investments and some funds may charge short-term redemption fees to discourage market timing practices. Please review the fund’s prospectus for fee information specific to the fund’s short term trading policies.

* Clients selecting the HSA Investment Account are urged to carefully weigh the advantages and disadvantages of investing HSA funds in the Investment Options discussed above versus holding them in their Pinnacle Health Savings Account. Investors should carefully read the prospectus from each mutual fund selected before investing. There are no guarantees that the Investment will make money and additional contributions above and beyond the yearly maximum HSA contributions cannot be made to an HSA account to replace any losses that result from investing. Investments made using the Pinnacle Bank Investment HSA are not deposits of or guaranteed by Pinnacle Bank, are not insured by the FDIC and may lose value. Please keep these factors in mind when considering this option.

Learn More About HSAs

Combining a high-deductible health plan (HDHP) with a Pinnacle Health Savings Account (HSA) is a great way to help you control healthcare costs for you and your family, and even save money for future medical expenses and retirement. Like any health care option, HSAs have advantages and disadvantages. When considering a HSA, think about your anticipated health care expenses, your financial situation and how much control you want over your health care spending.

Below you will find some additional resources to help you decide if an HSA is right for you.

Articles and Case Studies

We also recommend consulting the Internal Revenue Service's thorough description of HSA tax policy.

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