Health Savings Accounts (HSA)

Health Savings Accounts (HSA)

HSA

Click here to open an account online

 

 

Take control of your health insurance with an HSA.

Some health insurance plans offer lower monthly premiums in exchange for higher annual deductibles. They’re often a good option for young people and others who don’t go to the doctor a lot. To help cover the expenses that do come up, Pinnacle offers specialized savings accounts designed for qualified medical expenses.

When you combine an HSA Qualified Health Plan with a Health Savings Account (HSA), you get an alternative to traditional health insurance and more control over your healthcare expenses. As a bonus, they also come with tax benefits. All deposits and interest earned in HSAs are tax-exempt and offer a host of other significant benefits:

  • No “use it or lose it” penalties.
    Unlike a Flexible Spending Account (FSA), unused money rolls over from year to year and keeps growing with interest.
  • The money is yours.
    It can be used at your discretion and stays with you if you change jobs. The savings can build like a retirement account, and when you turn 65, you can use the funds for non-medical expenses without a penalty, though they will be taxed as income.
  • No time limit for reimbursements.
    You decide whether to spend from the HSA or pay out of pocket, and you decide when to reimburse yourself.
  • Open accounts easily and securely online with quick turnaround.
    You can start using your money as early as the next business day if you make an electronic transfer at account opening.

Pinnacle’s HSAs also include:

  • Tax-exempt contributions and interest*
  • No monthly service fee
  • No per-transaction charges
  • Competitive interest rates on the entire balance
  • Debit card access
  • Monthly account statement
  • FDIC insurance for funds held in your Pinnacle HSA

 

Complete our safe and secure online application in as little as 10 minutes.

Click here to open an account online

 

 


 

*The IRS contribution limits increased slightly from 2018 to 2019. Please review the grids below for contribution limit details.

2018 IRS Contribution Limits
  Single Plan Family Plan
Minimum Deductible $1,350 $2,700
Maximum Out-of-pocket $6,650 $13,300
Maximum Contribution Limit $3,450 $6,900
Catch-up Contribution (55+) $1,000 $1,000
2019 IRS Contribution Limits
  Single Plan Family Plan
Minimum Deductible $1,350 $2,700
Maximum Out-of-pocket $6,750 $13,500
Maximum Contribution Limit $3,500 $7,000
Catch-up Contribution (55+) $1,000 $1,000

HSA Investment Account

Go beyond a traditional HSA to grow your money and take greater control of your coverage.

The Pinnacle HSA Investment Account lets you earn more from your pre-tax HSA dollars through a variety of mutual fund options.* We designed this account to work with your existing HSA. If you have a minimum of $2,000 in your account, you can invest any balance over that minimum in the way that best fits your needs.

Why choose this option?

  • The potential to earn more to cover more.
    Remember, both your contributions and the interest earned are tax-exempt. So when you invest your HSA, you earn more pre-tax money for healthcare costs.
  • Contribute to and manage your accounts with ease.
    You can set up automated contributions and make one-time contributions with ease. And you have instant access to your transaction history, balance information, portfolio management, fund reports and prospectuses through our online tool.
  • You control the investment strategy.
    Through our partnership with Devenir, we offer a great selection of no-load mutual funds** from a variety of asset classes. You get to decide which funds to invest in and when to buy or sell.
  • Get quick access to your money.
    When you need money for qualified medical expenses, distributions into your HSA can happen in a snap. Liquidate and transfer funds within three business days – more than enough to cover medical bills as they come up.

We offer a diverse set of mutual funds for you to choose from, and they are reviewed quarterly to make sure you always have attractive options. See a complete list of available funds online.

And Pinnacle offers all of this for a low monthly fee.***

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.

Learn More About HSAs

Combining a high-deductible health plan (HDHP) with a Pinnacle Health Savings Account (HSA) is a great way to help control your healthcare costs and even save money for retirement or future medical expenses. Like any healthcare option, HSAs have pros and cons. To see if an HSA account is the right fit for you, think about how much you spend every year on medical expenses, how much you might spend in the future and how that fits into your financial situation. Then decide how much control you want over your healthcare spending.

The articles linked below can help get you started. If you want more help, feel free to reach out to a financial professional at an office near you.

 

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 several 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.