Health Savings Account
IncredibleBank employees may elect to participate in the Heath Savings Account if you’re on a IncredibleBank High Deductible Health Insurance plan. Federal, State and Social Security taxes are saved on every dollar contributed to the plan.
Advantages of Using an HSA
- Checking account opened at IncredibleBank – previous HSA amounts can be rolled in new account
- HSA dollars can be used for qualified medical expense
- Immediate tax savings when you contribute to the HSA
MAKE SURE TO KEEP YOUR RECEIPTS!
Non-qualified distributions are taxable and subject to an additional 20% tax.
Contribution Maximums
Contribution Maximums
(set by IRS) | 2021 | 2022 |
HSA contribution limit
(employer + employee) | Self-only: $3,600
EE + 1: $7,200
Family: $7,200 | Self-only: $3,650
EE + 1: $7,300
Family: $7,300 |
HSA catch-up contributions
(age 55 to 64) | $1,000 | $1,000 |
If you have dual insurance coverage you are disqualified from contributing to an HSA plan and receiving the employer contribution.
IncredibleBank Annual Employer Contribution
| Coverage | Contribution |
| Single | $675 |
| Employee + 1 | $975 |
| Family | $1,350 |
Benefit eligible employees will receive the full employer contribution on their first check in January. Any other month will be pro-rated based upon the effective date of coverage.
Employer HSA contributions are provided to employees to assist with deductible costs as well as applicable expenses.
Please contact the People Operations Department for assistance with this program.
Flexible Spending Account
IncredibleBank employees may elect to participate in the Dependent Care Reimbursement account program. Federal, State and Social Security taxes are saved on every dollar contributed to this program.
Flexible Spending Accounts are administered by UMR.
Account Type
- DEPENDENT CARE REIMBURSEMENT ACCOUNT – allows employees to save taxes on eligible child or dependent care expenses
Annual Maximum = $5,000
Annual re-enrollment is required to continue each year.
Filing a Claim for Reimbursement
Please contact the People Operations Department for assistance with this program.
