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HSA Frequently Asked Questions

 
           

 

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If you are unable to locate your question on this list, please contact Customer Service.
1.  What is a Health Savings Account (HSA)?
2.  How does an HSA affect my taxes?
3.  What is an HDHP?
4.  Who is eligible?
5.  How do I set up an HSA?
  6.  What am I allowed to use my HSA money for?
7.  How do I fund my HSA?
8.  What are the rollover rules?
9.  Can I borrow against my HSA?
2.  How does an HSA affect my taxes?
Contributions
> Who may contribute to my HSA?
> What is the tax treatment of my HSA contributions?
> What is the tax treatment of my employers' contributions to my HSA?
> Is there a deadline for contributions to my HSA for a taxable year?
> What happens when my contributions exceed the maximum amount that may be deducted or excluded from gross income in a taxable year?
> How much can I contribute to my HSA each year?
> I have a very high deductible. Is there a limit on how much I can contribute?
> Does my contribution depend on when I establish my HSA account or when my HDHP coverage begins?
> Do my contributions provide any tax benefits?
> If my employer contributes to my HSA, does that also provide me any tax benefit?
> Can I make contributions through my employer on a "pre-tax" basis?
> Does tax filing status (joint vs. separate) affect my contributions?
> May a self-employed person contribute to an HSA on a pre-tax basis?
Deductions
> Can I claim both the "above-the-line" deduction for an HSA and the itemized deduction for medical expenses?
> Can I take a tax deduction for my HDHP premium?
Special Circumstances
> I am over 55 but under 65. Are there additional advantages for me?

> Is there a chance HSAs will be repealed?
> Can I pledge any part of my HSA as security for a loan?
> Will you provide tax advice in connection with my HSA?
> What happens if I don't use the money in the HSA for medical Expenses?
> 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?
> What happens to the money in my HSA if I lose my HDHP?
> What happens to the money in an HSA after I turn 65?
> What happens to the money in my HSA when I die?
 

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