Common HSA Questions

What is an HSA?

An HSA is a tax-advantaged savings account that allows individuals to save for medical expenses. It can be used in conjunction with a high-deductible health plan (HDHP).

What is an HSA?

An HSA is a tax-advantaged savings account that allows individuals to save for medical expenses. It can be used in conjunction with a high-deductible health plan (HDHP).

What is an HSA?

An HSA is a tax-advantaged savings account that allows individuals to save for medical expenses. It can be used in conjunction with a high-deductible health plan (HDHP).

Who is eligible for an HSA?

To qualify for an HSA, you must be enrolled in a high-deductible health plan (HDHP), not be covered by other non-HDHP insurance, and not be claimed as a dependent on someone else’s tax return.

Who is eligible for an HSA?

To qualify for an HSA, you must be enrolled in a high-deductible health plan (HDHP), not be covered by other non-HDHP insurance, and not be claimed as a dependent on someone else’s tax return.

Who is eligible for an HSA?

To qualify for an HSA, you must be enrolled in a high-deductible health plan (HDHP), not be covered by other non-HDHP insurance, and not be claimed as a dependent on someone else’s tax return.

How much can I contribute to an HSA?

The annual contribution limits are set by the IRS. For 2025, the limits are: $3,850 for individuals $7,750 for families An additional $1,000 catch-up contribution if you're 55 or older.

How much can I contribute to an HSA?

The annual contribution limits are set by the IRS. For 2025, the limits are: $3,850 for individuals $7,750 for families An additional $1,000 catch-up contribution if you're 55 or older.

How much can I contribute to an HSA?

The annual contribution limits are set by the IRS. For 2025, the limits are: $3,850 for individuals $7,750 for families An additional $1,000 catch-up contribution if you're 55 or older.

What can I use an HSA for?

HSAs can be used for qualified medical expenses like doctor visits, prescriptions, dental and vision care, and other approved health services. Funds can also be used to pay for healthcare costs in retirement.

What can I use an HSA for?

HSAs can be used for qualified medical expenses like doctor visits, prescriptions, dental and vision care, and other approved health services. Funds can also be used to pay for healthcare costs in retirement.

What can I use an HSA for?

HSAs can be used for qualified medical expenses like doctor visits, prescriptions, dental and vision care, and other approved health services. Funds can also be used to pay for healthcare costs in retirement.

What happens if I don’t use all of the money in my HSA?

Unlike a flexible spending account (FSA), the funds in an HSA roll over from year to year, and there’s no expiration date.

What happens if I don’t use all of the money in my HSA?

Unlike a flexible spending account (FSA), the funds in an HSA roll over from year to year, and there’s no expiration date.

What happens if I don’t use all of the money in my HSA?

Unlike a flexible spending account (FSA), the funds in an HSA roll over from year to year, and there’s no expiration date.

Can I use my HSA for non-medical expenses?

You can, but if you use the funds for non-medical expenses before age 65, you'll be subject to a 20% penalty and income tax on the distribution. After age 65, the penalty is waived, but the distribution is still taxable.

Can I use my HSA for non-medical expenses?

You can, but if you use the funds for non-medical expenses before age 65, you'll be subject to a 20% penalty and income tax on the distribution. After age 65, the penalty is waived, but the distribution is still taxable.

Can I use my HSA for non-medical expenses?

You can, but if you use the funds for non-medical expenses before age 65, you'll be subject to a 20% penalty and income tax on the distribution. After age 65, the penalty is waived, but the distribution is still taxable.

Can I invest my HSA funds?

Yes, many HSA providers offer investment options. Once your account balance exceeds a certain threshold, you can invest your funds in mutual funds or other investment options.

Can I invest my HSA funds?

Yes, many HSA providers offer investment options. Once your account balance exceeds a certain threshold, you can invest your funds in mutual funds or other investment options.

Can I invest my HSA funds?

Yes, many HSA providers offer investment options. Once your account balance exceeds a certain threshold, you can invest your funds in mutual funds or other investment options.

What are the tax benefits of an HSA?

Contributions to an HSA are tax-deductible, the funds grow tax-free, and withdrawals for qualified medical expenses are also tax-free.

What are the tax benefits of an HSA?

Contributions to an HSA are tax-deductible, the funds grow tax-free, and withdrawals for qualified medical expenses are also tax-free.

What are the tax benefits of an HSA?

Contributions to an HSA are tax-deductible, the funds grow tax-free, and withdrawals for qualified medical expenses are also tax-free.

Can I have an HSA and an FSA?

You can have both, but you can’t contribute to an HSA if you have a general-purpose FSA. However, you may have a limited-purpose FSA for dental and vision expenses.

Can I have an HSA and an FSA?

You can have both, but you can’t contribute to an HSA if you have a general-purpose FSA. However, you may have a limited-purpose FSA for dental and vision expenses.

Can I have an HSA and an FSA?

You can have both, but you can’t contribute to an HSA if you have a general-purpose FSA. However, you may have a limited-purpose FSA for dental and vision expenses.

What happens to my HSA if I change jobs or insurance plans?

Your HSA is yours to keep, even if you switch jobs or health insurance plans. You can continue using the funds and contributing to the HSA as long as you remain enrolled in a qualifying HDHP.

What happens to my HSA if I change jobs or insurance plans?

Your HSA is yours to keep, even if you switch jobs or health insurance plans. You can continue using the funds and contributing to the HSA as long as you remain enrolled in a qualifying HDHP.

What happens to my HSA if I change jobs or insurance plans?

Your HSA is yours to keep, even if you switch jobs or health insurance plans. You can continue using the funds and contributing to the HSA as long as you remain enrolled in a qualifying HDHP.

How do I withdraw money from my HSA?

Withdrawals can be made through checks, debit cards, or by reimbursing yourself for out-of-pocket medical expenses.

How do I withdraw money from my HSA?

Withdrawals can be made through checks, debit cards, or by reimbursing yourself for out-of-pocket medical expenses.

How do I withdraw money from my HSA?

Withdrawals can be made through checks, debit cards, or by reimbursing yourself for out-of-pocket medical expenses.

Can I use an HSA for my spouse or dependents?

Yes, as long as the medical expenses are for qualified services, you can use your HSA to pay for your spouse and dependents.

Can I use an HSA for my spouse or dependents?

Yes, as long as the medical expenses are for qualified services, you can use your HSA to pay for your spouse and dependents.

Can I use an HSA for my spouse or dependents?

Yes, as long as the medical expenses are for qualified services, you can use your HSA to pay for your spouse and dependents.

What can I buy with my HSA card?

Your HSA card can be used to pay for a wide range of HSA-eligible items that the IRS approves for tax-free reimbursement. This includes expenses related to medical care, dental services, and vision care. Here are some common items you can purchase with your HSA card: Doctor Visits: Payments for consultations and treatments with licensed medical professionals. Prescription Medications: Any medication prescribed by a doctor, including those for chronic conditions. Over-the-Counter Medications: Pain relievers, allergy medication, and other non-prescription drugs (with recent changes, many over-the-counter medications are now eligible without a prescription). Dental Care: Services like cleanings, fillings, braces, and dentures. Vision Care: Glasses, contact lenses, eye exams, and LASIK surgery. Medical Equipment: Items like blood pressure monitors, thermometers, and crutches. Mental Health Services: Therapy, counseling, and other mental health treatments.

What can I buy with my HSA card?

Your HSA card can be used to pay for a wide range of HSA-eligible items that the IRS approves for tax-free reimbursement. This includes expenses related to medical care, dental services, and vision care. Here are some common items you can purchase with your HSA card: Doctor Visits: Payments for consultations and treatments with licensed medical professionals. Prescription Medications: Any medication prescribed by a doctor, including those for chronic conditions. Over-the-Counter Medications: Pain relievers, allergy medication, and other non-prescription drugs (with recent changes, many over-the-counter medications are now eligible without a prescription). Dental Care: Services like cleanings, fillings, braces, and dentures. Vision Care: Glasses, contact lenses, eye exams, and LASIK surgery. Medical Equipment: Items like blood pressure monitors, thermometers, and crutches. Mental Health Services: Therapy, counseling, and other mental health treatments.

Common HSA Questions

HSA Approved Items FAQ