You get more out of your HSA dollars when you use them to pay for IRS-qualified medical expenses.
The dollars you contribute to employee HSAs reduce your payroll taxes.
We help your customers get the most tax savings from their HSAs.
Our HSA is compatible with many health insurance plans (typically bronze or silver) offered on public and private exchanges or online marketplaces.
An HDHP is a health plan that satisfies certain requirements for deductibles and out-of-pocket expenses. Click here to view the IRS limits and guidelines.
In addition to your HDHP, you may have coverage from "permitted insurance" which is coverage related to compensation from workers' compensation, tort liabilities, liabilities relating to ownership or use of property, insurance for a specified disease or illness and insurance that pays a fixed amount per day of hospitalization. Coverage for accidents, disability, dental care, vision care or long-term care does not disqualify you from opening an HSA.
No. Each spouse must open a separate HSA. You can, however, give your spouse access to your HSA by designating them as an authorized signer on the account.
Anyone can contribute to your HSA on your behalf
No. Contributions may be made by you, or on your behalf, even if you are retired, have no income, or your income is less than your contributions.
Yes. The IRS determines the maximum amount that can be contributed to an HSA during the calendar year. Click here for this year's contribution limits.
Please note: If you enroll in Medicare mid-year, you will need to pro-rate your HSA contributions.
Yes, yearly contributions should be made by your tax filing deadline, generally April 15 of the following year.
If your HSA contributions exceed the IRS contribution limits, you must report the excess amount as gross income on your income tax. You will also have to pay additional excise tax on this amount. However, you can remove the excess contributions by submitting an Excess Contribution Removal Form to us within that tax year. ($25 fee applies.)
HSA funds are to be use to pay for the "IRS-qualified medical expenses" defined by the IRS. These expenses must be incurred after your HSA has been established and cannot be covered by any other insurance.
Generally, health insurance premiums ARE NOT considered IRS-qualified medical expenses, UNLESS they are for:
For individuals over 65, the following premiums ARE considered IRS-qualified medical expenses:
Yes, as long as the IRS-qualified medical expenses were incurred after your HSA was established, you can pay them or reimburse yourself with HSA funds at any time. Just be sure to keep sufficient records to show that these expenses were not previously paid for by another source or taken as an itemized deduction in any prior tax year.
As the HSA accountholder, you are responsible. So it's important to keep records of the IRS-qualified medical expenses you pay for with your HSA in order to exclude those dollars from your gross income.
HSA funds that are used to pay for non IRS-qualified medical expenses are considered part of your gross income and subject to an additional 20%. Exceptions include HSA distributions that are made after an accountholder's death, disability, or after they turn 65.
You can invest your HSA funds in any IRA-approved investment, such as bank accounts, annuities, certificates of deposit, stocks, mutual funds, or bonds.
You can't invest HSA funds in life insurance contracts, or in collectibles (e.g., any work of art, antique, metal, gem, stamp, coin, alcoholic beverage, or other tangible personal property). HSAs may, however, be invested in certain types of bullion or coins.
Learn more about HSA Bank investment's options.
Please note: An HSA trust or custodial agreement may restrict options to certain types of permissible investments (e.g., particular investment funds).
Contributions from Archer MSAs and other health savings accounts can be rolled over to your current HSA.
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