HSA
What type of medical plan must one have to participate in an HSA?
What is a High Deductible Health Plan (HDHP)
What happens to any unused funds in the HSA at the end of the plan year?
What is the money rolls over from year to year
Who can contribute to an HRA?
What is the employer ONLY
FSC- If we find a company we believe would be a candidate for HSA, who do we reach out to?
FSC - Your FWC is the best place to start!
FWC - If the company has 9 or less employees 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.
What Special Features are built in to the PNC BeneFit Plus mobile that differentiates it from others on the market?
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
What can the HSA money be used on?
What is eligible medical, dental, and vision expenses
What can the money be used for?
What are eligible medical expenses
FSC - How can a client enroll in HSA if we already offer the program at their company?
FSC- Clients enroll online though a portal. Given via HR and PNC. Have them contact our DM or refer to FWC for questions.
FWC - 10 or more employees/potential accounts what do I now?
FWC - Send them the Agreement & Proposal and pricing based on the Tiers.
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.
Who is eligible for an HSA plan?
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
True or False: An HRA works like a credit card?
What is False – it works like a debit card!
FSC- If a client has issues with an existing PNC HSA, where do we direct them?
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.
FWC- Do you need to put an Opportunity for HSA?
FWC- Yes, we put an Opportunity with total number of employees & RM’s get paid revenue on it
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
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.
What is the IRS annual contribution limit?
What is there isn’t any limit
FSC- What are some 'key phrases' we can look for while having PNC conversations with clients to uncover potential HSA needs?
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.
What are the annual contribution limits set by the IRS for an HSA in 2021?
What is...Employee only coverage - $3,600
Family coverage - $7,200
55+ (catch up contribution): additional $1,000
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.
What happens to the money if an employee leaves the company?
What is they forfeit any unused funds as they cannot take it with them.
"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.
FWC - Next Steps after the signed docs are received?
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