Accountholders FAQs

Question:
How can I access various member forms, such as Contributions & Withdrawal forms, Authorized Signer form, Designation of Beneficiary form, Change of Address form, etc.?
Answer:
You can access forms by logging into the Member Website.
Question:
How do I contribute to my HSA?
Answer:
There are three ways to contribute to your HSA and all of them have tax advantages. Contributions can be automatically deducted from your paycheck on a pre-tax basis if your employer offers payroll deduction. You can also make after-tax contributions with online transfers through the Member Website or by mailing a check and contribution form. Click here for more information.
Question:
Are there limits to how much I can contribute to my HSA?
Answer:
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.
Question:
Which expenses are considered eligible medical expenses?
Answer:
You can pay for a wide range of eligible medical expenses with your HSA, including many that aren't typically covered by health insurance plans. This includes deductibles, co-insurance, prescriptions, dental and vision care, and more. For a complete list of eligible medical expenses, visit irs.gov or hsabank.com/education.
Question:
Can I use my HSA funds to pay for an expense that isn't "eligible?"
Answer:
If you pay for an ineligible expense, you must report it in your annual income tax filing and pay the related income taxes, plus a tax penalty. (After age 65, the penalty does not apply.)
Question:
What is my PIN for my debit card?
Answer:
Please contact our Customer Contact Center at (800) 357-6246, 24 hours a day, 7 days a week.
Question:
Where is my debit card accepted?
Answer:
Your debit card is accepted at ATMs and with medical providers that accept VISA (e.g., doctor's offices, pharmacies, medical supply stores). For security purposes, your debit card is only authorized at merchants that typically provide medical products and services. If a healthcare provider does not accept VISA or if you need to make an eligible medical purchase from a non-medical merchant, you can pay out of pocket and reimburse yourself later with funds from your HSA.
Question:
Do I choose Credit or Debit?
Answer:
If given the choice, you should always choose Credit when making an HSA debit card purchase. This way, you'll be asked to sign your receipt and avoid any fees. If you select Debit, you'll be asked to enter your PIN and will be charged a PIN transaction fee. If a medical provider only accepts Debit transactions, you can avoid the PIN fee by paying out of pocket and reimbursing yourself with HSA funds by check or online transfer. Please see your Interest Rates and Fees schedule for any fees that may apply when using your PIN.
Question:
What if I don't have enough funds in my HSA to purchase what I need?
Answer:
You can pay part of the expense from your HSA and the remaining portion through an alternative payment method. You can also pay for the entire expense using an alternative payment method and then reimburse yourself from your HSA later. Or, ask the medical provider if you can set up a payment plan.
Question:
Are there limits to how much I can spend on my debit card?
Answer:
Yes. There is a daily limit of $2,000 for point-of-sale purchases and $300 at an ATM. If you have a larger medical expense you need to pay, you can contact us and have your limit temporarily raised. This must be done at least 48 hours before you plan to pay your bill.
Question:
Do I need to submit receipts for my expenses?
Answer:
No, you did not need to submit any receipts to us or file any claims. Just be sure to use the money for qualified medical expenses and save your receipts for tax purposes.
Question:
What if I change jobs or am no longer covered under a high deductible health plan (HDHP)?
Answer:
Your HSA funds are never lost due to changes in employment or health plan. If at some point you are no longer covered by a HDHP, you can no longer make contributions to your HSA; however you still have access to your funds and can use them to pay for qualified medical expenses.
Question:
What If I don't use all of my funds within the year?
Answer:
Unused HSA funds roll over year to year; there is no "use it or lose it" penalty. Funds that are rolled over continue to grow and earnings are tax-free. At age 65, you will have the freedom to use your HSA funds for any purpose on a taxable basis. This makes funding your HSA a great way to save for retirement.
Question:
How do I change my authorized signer?
Answer:
You must complete and submit an Account Change Information Form or submit a Revoke Authorized Signer Form followed by an Authorized Signer Form. You can access these forms by logging into the Member Website.
Question:
How do I change my beneficiary or change my last name due to marriage or divorce?
Answer:
Beneficiary and name changes can be made by logging into the Member Website. There, you can change your beneficiaries or access the Account Information Change Form.
Question:
If account maintenance and administration fees are withdrawn from the HSA, are the withdrawn amounts treated as taxable distributions?
Answer:
No. Amounts withdrawn from an HSA for administration and account maintenance fees will not be treated as taxable distribution and will not be included as gross income. (Notice 2004-50, Q:A-69)
Question:
If an individual with an HSA-compatible health plan enrolls in Medicare in July, how much are they allowed to contribute to their HSA?
Answer:
Once an individual enrolls in Medicare, they are no longer eligible to contribute to an HSA and they must prorate the annual contribution limit (including the catch-up amount) based on the number of months that they were eligible during that year. In this example, if an individual turns 65 and enrolls in Medicare as of July 1st, they would need to prorate the annual contribution limit (including the catch-up amount) by 6/12 since they were only eligible for 6 out of the 12 months during that calendar year. (Based on IRS Notice 2004-67)

If you can not find the answer to your question here, please contact our Customer Contact Center 24 hours a day, 7 days a week at (800) 357-6246 or askus@hsabank.com.

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