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Common Questions
Bill payment service is tied to your user ID, not to the checking account you share. Therefore, you will only be able to see the pending payments you have set up yourself, and the joint account holder will only be able to see the pending payments he/she set up. For that reason, many of our customers using bill payment find it is preferable to designate one user ID for bill payment services.
Unfortunately, not every item will meet all criteria for iScan Deposit service. In these cases, please deposit the item via a local ATM that accepts First Internet Bank deposits or mail the item to us using one of our free, postage-paid deposit envelopes. To order more deposit envelopes through your online banking account, click Additional Services and select Request Deposit Envelopes. You can also contact a Relationship Banker at bank@firstib.com or 1-888-873-3424.
Note: You can also deposit checks using the First Internet Bank mobile app on any iPhone or Android phone.
Participation in any type of Medicare (Part A, Part B, Part C-Medicare Advantage Plans, Part D, and Medicare Supplement Insurance – Medigap) makes you ineligible to contribute to a Health Savings Account, or HSA. However, you can continue to use your HSA for qualified medical expenses and for other expenses for as long as you have funds in your HSA. You lose eligibility as of the first day of the month you turn 65 and enroll in Medicare. Medicare Plan F is considered supplemental insurance or Medigap.
To be able to contribute to an HSA after age 65, you must not enroll in Medicare. HSA rules make a distinction between being merely ‘eligible’ for Medicare (keep HSA eligibility) and being ‘entitled’ to or ‘enrolled’ in Medicare (lose HSA eligibility). You become enrolled in Medicare under Part A by filing an application or by being approved automatically. The Social Security Administration automatically enrolls you in Medicare Part A when you begin collecting Social Security benefits. Accordingly, if you are receiving Social Security payments and are over 65, you are almost certainly enrolled in Medicare Part A. Also, employees that work for smaller employers (fewer than 20 employees) will have Medicare as their primary insurance at age 65. Some people, however, avoid enrolling in Medicare and being automatically enrolled by waiting to receive Social Security.
If you are not enrolled in Medicare and are otherwise HSA eligible, you can continue to contribute to an HSA after age 65. You are also allowed to contribute the $1,000 catch-up.
Yes. You can use the money in the account to cover qualified medical expenses for you, your spouse and any dependent children included on your tax return. Learn more about the First Internet Bank Health Savings Account.
No. You must use the money in the account to pay for expenses that occurred after the account was opened. Learn more about the First Internet Bank Health Savings Account.
The 1099-SA will be received by February for those who withdrew money for the account the previous tax year. The 5498-SA will be received by the end of May for those who put money into the account during the previous tax year.
There is really a triple tax advantage: Contributions are tax-free, distributions to pay for qualified medical expenses are tax-free and earnings to an HSA from interest are tax-free. Learn more about the First Internet Bank Health Savings Account.
Qualified medical expenses are covered. To review the IRS regulation on what constitutes a qualified medical expense, please refer to IRS code 203(d). http://www.irs.gov/pub/irs-pdf/p502.pdf
There is no monthly maintenance fee.
To be eligible, you must have a high deductible health plan (HDHP). You also cannot be covered by any other non-HDHP such as a spouse’s plan, enrolled in Medicare or receiving health benefits from Tricare. You also cannot be claimed as a dependent on another person’s tax return.