Health & Life Insurance
2024 Health Savings Account
When you enroll in Health Choice 1 or 2, you’ll be asked to confirm your eligibility to contribute/receive contributions to an HSA and agree to have a PNC BeneFit Plus HSA opened in your name. You can use the HSA to save money on a pretax basis* to pay for eligible health care expenses, now and in the future. Your HSA balance rolls over from year to year and is yours to keep, even if you leave PNC.
You can build your HSA balance through your and PNC’s contributions, if applicable, up to IRS limits (below):
- Your contributions: Contributing pretax dollars reduces your taxable income and saves you money. During enrollment, you can elect how much to contribute to the HSA via pretax payroll deductions (up to IRS limits). You can also change your contributions at any time during the year, but no more than once a month (changes are effective as soon as possible in the month following). To make a change, go to Pathfinder and select Benefits, then scroll to Health Savings Account (HSA) and select Change Contribution Amount.
Wellness Rewards: You can earn points that are redeemable for up to $800 in your HSA as you complete eligible wellness activities throughout the year. If your covered spouse/domestic partner participates, they can earn an additional $400 in your HSA.
- PNC pay-based HSA contributions: PNC may contribute to your HSA based on your pay. If eligible, funds are deposited in your account in equal amounts each pay period throughout the year. Contributions are based on your medical option, coverage level and pay, which is defined as your salary as of Oct. 1, 2023, plus 100% of any applicable short-term incentives and commissions paid during the 12 months ending Sept. 30, 2023 (or current base salary only, for employees hired after Oct. 1).
* Contributions to an HSA are exempt from federal and most state taxes. Currently, only contributions in California and New Jersey are subject to state taxes.
| Available PNC Contributions to Your HSA in 2024 | ||||
| PNC Pay-Based Contribution1 (annual amount deposited in equal installments throughout the year) |
Wellness Rewards (annual amount available for completing eligible wellness activities throughout the year) |
|||
| Pay2 |
Employee Only | Employee + Eligible Family Members | For a covered employee | For a covered spouse/domestic partner |
| Less than $50,000 | $400 | $900 | Up to $800 | Up to $400 |
| $50,000 but less than $100,000 | $100 | $350 | ||
| $100,000 or more | $0 | $0 | ||
1The amount is prorated if you’re enrolled in Health Choice 1 or 2 and the HSA for less than the full year, or if you change your participation during the year due to a qualified life event.
2Pay is defined as your salary as of Oct. 1, 2023, plus 100% of any applicable short-term incentives and commissions paid during the 12 months ending Sept. 30 (or current base salary only, for employees hired after Oct. 1).
IRS Contribution Limits
The IRS sets annual maximums for HSA contributions. For 2024, the maximum is $4,150 if you cover only yourself and $8,300 if you cover any eligible family members. These maximums include both your contributions and PNC’s contributions (including any Wellness Rewards redeemed as HSA contributions).
If you are age 55 or older or will reach age 55 during the year, you may contribute up to $1,000 in additional “catch-up” contributions.
Learn More
Watch Five Great Things About an HSA, then check out the HSA User Guide for a closer look at how the account works, eligibility, contributions, eligible expenses and how to access and manage your account.
For details on HSA and Medicare, please review the Guidelines on HSA and Medicare.
