Health Savings Accounts Employee FAQ

The Basics of HSAs

What is a Health Savings Account ("HSA")? more/less

What Is a "High Deductible Health Plan" (HDHP)? more/less

Who can have an HSA?

Who is eligible for a Health Savings Account? more/less

Can I get an HSA even if I have other insurance that pays medical bills? more/less

Does the HDHP policy have to be in my name to open an HSA? more/less

I don't have health insurance, can I get an HSA? more/less

My employer offers an FSA, can I have both an FSA and an HSA? more/less

My spouse has an FSA or HRA through their employer, can I have HSA? more/less

I don't have a job, can I have an HSA? more/less

Does my income affect whether I can have an HSA? more/less

Can I start an HSA for my child? more/less

Contributing to an HSA

Do my HSA contributions have to be made in equal amounts each month? more/less

Does my contribution depend on when I establish my HSA account or when my HDHP coverage begins? more/less

Can my employer contribute to my HSA? more/less

Do my contributions provide any tax benefits? more/less

If my employer contributes to my HSA, does that also provide me any tax benefit? more/less

Can I make contributions through my employer on a “pre-tax” basis? more/less

Can I claim both the “above-the-line” deduction for an HSA and the itemized deduction for medical expenses? more/less

I'm over 55 and would like to make catch-up contributions to my HSA, like I've done with my IRA. Is that possible? more/less

I turned 55 this year. Can I make the full “catch-up” contribution? more/less

If both spouses are 55 and older, can both spouses make “catch-up” contributions? more/less

Does tax filing status (joint vs. separate) affect my contribution? more/less

May a self-employed person contribute to an HSA on a pre-tax basis? more/less

Using your HSA

Does an HSA pay for the same things that regular insurance pays for? more/less

How do I know what is included as “qualified medical expenses”? more/less

Who decides whether the money I'm spending from my HSA is for a “qualified medical expense?” more/less

What happens if I don't use the money in the HSA for medical expenses? more/less

Can I purchase long-term care insurance with money from my HSA? more/less

I have an HSA but no longer have HDHP coverage. Can I still use the money that is already in the HSA for medical expenses tax-free? more/less

What happens to the money in my HSA if I lose my HDHP coverage? more/less

Do unused funds in a Health Savings Account roll over year after year? more/less

What happens to the money in a Health Savings Account after you turn age 65? more/less

Can I use my HSA to pay for medical expenses incurred before I set up my account? more/less

Who will be the “bookkeeper” for my HSA? more/less

Managing your HSA

Will my bank notify me if I've exceeded my allowable contribution amount? more/less

Can I borrow against the money in my HSA? more/less

Can I roll the money in a Health Savings Account over into an IRA? more/less

Can I roll over an IRA, 401(k) or other retirement plan into an HSA? more/less

Can I roll funds in my Archer MSA into my HSA? more/less

What happens to the money in my HSA when I die? more/less


This information is intended as a courtesy, not as tax or legal advice. We cannot guarantee the accuracy of the information. For tax and/or legal advice, consult your accountant or attorney.