HSA Frequently Asked Questions
Get All of Your Questions Answered on Health Savings Accounts
- What is a health savings account?
- Why high-deductible health insurance?
- How does a health savings account work?
- How much does HSA-qualified health insurance cost?
- I have some medical history. How do I know if I will qualify for a high-deductible HSA Insurance plan?
- When you are paying for your medical expenses from your HSA account, how does your insurance company know when you have paid up to your deductible?
- How do I establish an HSA?
- How does the new health care reform law affect my coverage and HSA?
- What is a "qualifying high-deductible health plan?"
- How do I know if my health plan is an HSA-qualifying high-deductible health plan?
- What makes a health insurance plan HSA-qualified?
- Why are all health insurance policies that meet the stated requirements for high-deductible health insurance plans not considered HSA-qualified?
- With a high-deductible health plan, will I have to pay full price for doctor visits, or will I receive a PPO discount?
- Am I eligible for an HSA if I have an HSA-qualified plan as my primary coverage but am also covered by my spouse’s employer-provided (non-HSA) plan?
- How much can be contributed to an HSA?
- How is the contribution limit determined?
- What is the deadline for making my HSA contribution?
- What are the eligibility requirements for contributing to an HSA account?
- Can another person who is over 65 contribute to the HSA of an individual under 65?
- If I am turning 65 this year, can I still make an HSA contribution?
- Can individuals make their entire contribution to the HSA at the beginning of the year?
- Can an individual contribute a certain amount over the deductible amount to cover the setup and administrative fees of the HSA account?
- Does my HSA need to be set up with my health insurance company?
- Do I have to have "earned income" from a job (as opposed to income from dividends and interest) in order to deduct my HSA contributions for income tax purposes?
- Do the tax benefits phase out at certain income levels?
- Do contributions to an HSA in any way affect my ability to contribute to an individual retirement account (IRA)?
- Do you recommend funding my HSA with a rollover from my IRA?
- How does a spouse's health coverage impact contribution limits?
- How does a domestic partner's health coverage impact contribution limits?
- Can I reimburse my account for admin fees, recurring maintenance fees, and startup fees?
- Can I reimburse my account for trading fees if I trade stocks or other securities?
- Can I contribute to someone else's HSA?
- Can I make my HSA contribution from my business?
- Where can I invest my money?
- Are there any limitations on changing your HSA account from the initial administrator chosen to another administrator in order to take advantage of additional investment options or lower fees?
- Are other investment options allowed, such as real estate, limited liability companies, or gold bullion?
- How can I maximize my tax-free savings and investment return?
- For what purpose can HSA funds be used?
- Can I use my HSA to pay for medical expenses incurred before I set up my account?
- Can I pay for my health insurance premiums from my HSA?
- What tax return information will I get from my HSA administrator?
- Does the HSA administrator approve medical expenses, or keep track of them?
- Do I have to reimburse myself from my HSA within a certain time period of incurring the medical expense?
- What happens if I withdraw money from my HSA to pay a medical bill, but then later I am reimbursed by my insurance company for that medical expense?
- What happens at age 65?
- What happens to my HSA if I die?
- What happens if I become disabled?
- What happens to my HSA if I cancel my HDHP coverage?
- Can I use HSA money to pay for Medicare expenses?
- How does health care reform (Obamacare) affect the way I use my HSA?
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