PNC BeneFit Plus
What is PNC BeneFit Plus?
This is the branded name for PNCs Health Savings Account as well as the name for our Mobile App
What is a Health Savings Account?
An HSA is a tax-advantaged account established to pay for qualified medical expenses for those covered under a High Deductible Health Plan (HDHP).
What type of company is eligible for HSA?
All companies!
"What happens to my remaining HSA Balance at the End of the year?"
Any remaining balance automatically rolls over year after year.
This is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan.
Health Savings Account
What Special Features are built in to the PNC BeneFit Plus mobile that differentiates it from others on the market?
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- Smart Shopper scanning tool
- Transactions History including access to camera to retain receipts
- HSA Store. built in store with pre approved items to choose from
- Investment Suite
- Educational Information through PNCs learning lounge
- Inside RX - discounts on thousands of generics and prescriptions
Who is eligible for an HSA plan?
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Eligible individuals are those who are:
• Covered by an HSA-qualified High Deductible Health Plan (HDHP)
• Not covered by other health insurance that provides the same benefits also covered by your HDHP
• Age 18 or older
• Not claimed as a dependent on someone else’s tax return
• Not enrolled in Medicare
FWC - If the company has 9 or less employees who do, we reach out to?
FSC- If we find a company we believe would be a candidate for HSA, who do we reach out to?
FWC - Send the client PNC Benefit Plus HSA Program for Small Business. Your client is to complete the Small Business HSA Request Form and return it to the PNC Health Account Sales email box.
FSC - Your FWC is the best place to start!
"Can I use the money in my HSA to pay for the medical care for any family member?"
No. You may only withdraw funds to pay for the qualified medical expenses of yourself, your spouse or an eligible dependent for federal tax purposes.
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How do PNC BeneFit Plus Customers use their funds?
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- Debit card
- Online payment
- Mobile
- Distributions to checking account (can link PNC DDA)
NOT AT AN ATM
What is a "Catch up Contribution"?
For individuals age 55 and older, the HSA contribution limit is increased by $1,000. The IRS limits are indexed for inflation on an annual basis and may change from year to year.
FWC - 10 or more employees/potential accounts what do I now?
FSC - How can a client enroll in HSA if we already offer the program at their company?
FWC - Send them the Agreement & Proposal and pricing based on the Tiers.
FSC- Clients enroll online though a portal. Given via HR and PNC. Have them contact our DM or refer to FWC for questions.
"Who qualifies as a dependent?"
A person generally qualifies as your dependent for HSA purposes if they are not claimed as a dependent on someone else’s federal tax return.
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PNC Benefit Plus offers our clients a suite of Investment tools that allows them to Invest their HSA Funds.
Is there a balance required to utilize this feature? Ifs so what amount?
Yes. Required to have a balance of $1000 to utilize the Investment options.
There is a fee to this service. .35% of the balance taken automatically from the balance quarterly.
Explain the "Triple Tax Benefit" HSAs provide to employees?
• Contributions are pre-tax or tax-deductible*
• Interest earned is tax-free*
• Tax-free withdrawals may be made for qualified medical expenses
FWC- Do you need to put an Opportunity for HSA?
FSC- What are some 'key phrases' we can look for while having PNC conversations with clients to uncover potential HSA needs?
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FWC- Yes, we put an Opportunity with total number of employees & RM’s get paid revenue on it
FSC- Questions about health or savings, Investment questions, high deductible health plan... a lot of 'right answers'
"Can I use my HSA to pay for non-health related expenses?
If so, what happens?"
Any amount of a distribution not used exclusively to pay for qualified medical expenses is includable in gross income of the accountholder. Such distributions are subject to an additional 20% tax on the amount, except in the case of distributions made after the accountholder’s death, disability or attaining age 65.
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All good things come at a cost... or do they?
Who pays for PNC BeneFit Plus accounts? Employees, Employers or PNC?
(Trick Question Alert)
The choice is up to the Employers where the fee comes from.
They could choose to pay OR the employee could be paying.
How much can be contributed to an HSA annually?
The IRS has issued the following limits on contributions: Your annual HSA contribution may not exceed IRS limits of $3,600 for 2021 for individual coverage or $7,200 for 2021 for family coverage.
Limits not set by PNC but the IRS.
Also note, these totals include your contributions AND the amounts from the employers.
FWC - Next Steps after the signed docs are received?
FSC- If a client has issues with an existing PNC HSA, where do we direct them?
FWC - First send the signed docs to PNCHSASalesAssist@pnc.com.
The Employer gets contacted by the Implementation Manager within a week
The Employer must input information on every HSA participant that wants to participate
FSC- have them visit pnc.com/pncbenefitplus, call PNC BeneFit Plus Consumer Services at 844-356-9993, or to contact your DM at the company.
"Can me and my partner establish a joint account and both make contributions to the account, including catch-up contributions?"
Joint HSA accounts are not permitted. Each spouse should consider establishing an HSA in his or her own name. This allows each of you to make catch-up contributions after age 55.
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Home School Assement