Healthcare Savings .

Frequently Asked Questions .

Special savings accounts allow you to pay pre-tax dollars for health and wellness-related expenses. If you have a Health Savings Account (HSA), Flexible Spending Account (FSA), or Health Reimbursement Arrangement (HRA), select your account type below and click through our interactive FAQs to learn more. You can also download a printable copy of all the FAQs below.

• HSA
• FSA
• HRA

• Download the HSA FAQs

  Download PDF

• Download the FSA FAQs

  Download PDF

• Download the HRA FAQs

  Download PDF

• What is a health savings account (HSA)?

  An HSA is an individual account you open, add money to, and spend on eligible health care expenses.

  What is a health savings account (HSA)?

  Find Out
  What is a health savings account (HSA)?

  An HSA is an individual account you open, add money to, and spend on eligible health care expenses.

• How does a HSA work?

  HSAs pair exclusively with high-deductible health plans and function much like a checking account. What you put in, you get out, and you can only spend as much as you have contributed. Contributions are made pre-tax, and the money remains in your account forever… even if it goes unused. Both employees and employers can contribute to HSAs up to a maximum value set each year by the IRS.

  How does a HSA work?

  Find Out
  How does a HSA work?

  HSAs pair exclusively with high-deductible health plans and function much like a checking account. What you put in, you get out, and you can only spend as much as you have contributed. Contributions are made pre-tax, and the money remains in your account forever… even if it goes unused. Both employees and employers can contribute to HSAs up to a maximum value set each year by the IRS.

• What are the benefits of opening a HSA?

  Savings. Savings. Savings. The money you add to an HSA is pre-tax, the money you spend on eligible expenses is not taxed, your investment earnings are not taxed, and the money in your account rolls over year to year.

  What are the benefits of opening a HSA?

  Find Out
  What are the benefits of opening a HSA?

  Savings. Savings. Savings. The money you add to an HSA is pre-tax, the money you spend on eligible expenses is not taxed, your investment earnings are not taxed, and the money in your account rolls over year to year.

• Am I eligible for a HSA?

  To open an HSA, you must be covered by a health care plan that meets the definition of a high-deductible health plan, and you cannot be covered by any other traditional plan (e.g., a PPO), Medicare, Medicaid, or Tri-Care.

  Am I eligible for a HSA?

  Find Out
  Am I eligible for a HSA?

  To open an HSA, you must be covered by a health care plan that meets the definition of a high-deductible health plan, and you cannot be covered by any other traditional plan (e.g., a PPO), Medicare, Medicaid, or Tri-Care.

• I’m covered by my spouse’s Flexible Spending Account (FSA). Can I still open an HSA?

  No. If your spouse is being reimbursed for your medical expenses, you have other coverage, which disqualifies you from opening an HSA.

  I’m covered by my spouse’s Flexible Spending Account (FSA). Can I still open an HSA?

  Find Out
  I’m covered by my spouse’s Flexible Spending Account (FSA). Can I still open an HSA?

  No. If your spouse is being reimbursed for your medical expenses, you have other coverage, which disqualifies you from opening an HSA.

• Can my spouse and I open a joint HSA account?

  No. HSA accounts are individually owned.

  Can my spouse and I open a joint HSA account?

  Find Out
  Can my spouse and I open a joint HSA account?

  No. HSA accounts are individually owned.

• What are eligible HSA expenses?

  The money in your HSA must be used for eligible medical, dental, vision, or prescription drug expenses. Examples include deductibles, co-pays, hospital and lab expenses, fertility treatment, counseling, weight loss programs, artificial teeth, non-cosmetic dental treatment, eyeglasses, and laser eye surgery.

  What are eligible HSA expenses?

  Find Out
  What are eligible HSA expenses?

  The money in your HSA must be used for eligible medical, dental, vision, or prescription drug expenses. Examples include deductibles, co-pays, hospital and lab expenses, fertility treatment, counseling, weight loss programs, artificial teeth, non-cosmetic dental treatment, eyeglasses, and laser eye surgery.

• What can I use my HSA money on?

  Any eligible health care expenses. If you use your HSA money for ineligible expenses, you will incur a 20% penalty. Once you turn 65, you can use your HSA money for any expenses (health care or otherwise), but you’ll be required to pay income taxes on all non-eligible expenses.

  What can I use my HSA money on?

  Find Out
  What can I use my HSA money on?

  Any eligible health care expenses. If you use your HSA money for ineligible expenses, you will incur a 20% penalty. Once you turn 65, you can use your HSA money for any expenses (health care or otherwise), but you’ll be required to pay income taxes on all non-eligible expenses.

• How do I add money to my HSA account?

  You determine how much money you want to contribute — up to the IRS maximum — and you can change your contribution amount at any time. Most HSA contributions are made through your employer via pre-determined, pre-tax payroll deductions.

  How do I add money to my HSA account?

  Find Out
  How do I add money to my HSA account?

  You determine how much money you want to contribute — up to the IRS maximum — and you can change your contribution amount at any time. Most HSA contributions are made through your employer via pre-determined, pre-tax payroll deductions.

• What’s a “catch-up” contribution?

  If you’re 55 or older, you are eligible to add additional money above the regular limits.

  What’s a “catch-up” contribution?

  Find Out
  What’s a “catch-up” contribution?

  If you’re 55 or older, you are eligible to add additional money above the regular limits.

• What happens to my HSA money when I die?

  When you open an HSA, you’ll name a beneficiary who will receive the funds after your death.

  What happens to my HSA money when I die?

  Find Out
  What happens to my HSA money when I die?

  When you open an HSA, you’ll name a beneficiary who will receive the funds after your death.

• Can I use my HSA to pay for medical care for a family member?

  Yes. You may use your HSA money to pay for expenses for yourself, your spouse, or a dependent.

  Can I use my HSA to pay for medical care for a family member?

  Find Out
  Can I use my HSA to pay for medical care for a family member?

  Yes. You may use your HSA money to pay for expenses for yourself, your spouse, or a dependent.

• What are the rules to adding money to a HSA?

  You may add and accept additional money into your HSA up to the annual IRS allowable maximum.

  What are the rules to adding money to a HSA?

  Find Out
  What are the rules to adding money to a HSA?

  You may add and accept additional money into your HSA up to the annual IRS allowable maximum.

• Can the money in a HSA be invested?

  YES. The same types of investments permitted for IRAs are allowed for HSAs, including stocks, bonds, mutual funds, and certificates of deposit. Check with your HSA account holder to see what it offers.

  Can the money in a HSA be invested?

  Find Out
  Can the money in a HSA be invested?

  YES. The same types of investments permitted for IRAs are allowed for HSAs, including stocks, bonds, mutual funds, and certificates of deposit. Check with your HSA account holder to see what it offers.

• Who has control over the money invested in a HSA?

  You control how the money is invested. You can also choose not to invest your money.

  Who has control over the money invested in a HSA?

  Find Out
  Who has control over the money invested in a HSA?

  You control how the money is invested. You can also choose not to invest your money.

• Will the bank notify me if I’ve exceeded my allowable contribution amount?

  NO. It is your responsibility to keep track of the amounts deposited and spent from your account, just like a normal savings or checking account.

  Will the bank notify me if I’ve exceeded my allowable contribution amount?

  Find Out
  Will the bank notify me if I’ve exceeded my allowable contribution amount?

  NO. It is your responsibility to keep track of the amounts deposited and spent from your account, just like a normal savings or checking account.

• What happens if I’m enrolled in a HDHP that doesn’t run on a calendar year (e.g., April to March)?

  You can contribute the full IRS allowable maximum for that calendar year; however, you must remain enrolled in a HSA-qualified HDHP through the end of the next calendar year following your contribution. If you are not in a HSA plan the subsequent year (for reasons other than death or disability), you will face a 20% tax penalty on the money that you “front loaded.” Or, you may prorate your HSA contribution for each month you are eligible. HSA eligibility is determined monthly

  What happens if I’m enrolled in a HDHP that doesn’t run on a calendar year (e.g., April to March)?

  Find Out
  What happens if I’m enrolled in a HDHP that doesn’t run on a calendar year (e.g., April to March)?

  You can contribute the full IRS allowable maximum for that calendar year; however, you must remain enrolled in a HSA-qualified HDHP through the end of the next calendar year following your contribution. If you are not in a HSA plan the subsequent year (for reasons other than death or disability), you will face a 20% tax penalty on the money that you “front loaded.” Or, you may prorate your HSA contribution for each month you are eligible. HSA eligibility is determined monthly

• If I enroll in a HDHP plan, but it’s the middle of plan year, can I still contribute the full amount to my HSA?

  YES. As long as you are covered by a HDHP by December 1st of the current plan year and remain covered by a HDHP during the following year, you may contribute the full annual amount, or you may prorate.

  If I enroll in a HDHP plan, but it’s the middle of plan year, can I still contribute the full amount to my HSA?

  Find Out
  If I enroll in a HDHP plan, but it’s the middle of plan year, can I still contribute the full amount to my HSA?

  YES. As long as you are covered by a HDHP by December 1st of the current plan year and remain covered by a HDHP during the following year, you may contribute the full annual amount, or you may prorate.

• How do I submit an expense?

  All requests for reimbursement under an HRA must be substantiated. The most common means is the EOB statement provided by your health insurance provider after a medical expense has been incurred. For other out-of-pocket expenses, a copy of a receipt or bill identifying the date of service, amount of service, and the name of the service provider is normally required to substantiate requests for reimbursement.

  How do I submit an expense?

  Find Out
  How do I submit an expense?

  All requests for reimbursement under an HRA must be substantiated. The most common means is the EOB statement provided by your health insurance provider after a medical expense has been incurred. For other out-of-pocket expenses, a copy of a receipt or bill identifying the date of service, amount of service, and the name of the service provider is normally required to substantiate requests for reimbursement.

• I also have a Flexible Spending Account. Can I use that as well?

  If your employer offers a Flexible Spending Account (FSA), an employee-funded benefit, you may also use it alongside the HRA. Learn more about FSAs in the Flexible Spending Account FAQs.

  I also have a Flexible Spending Account. Can I use that as well?

  Find Out
  I also have a Flexible Spending Account. Can I use that as well?

  If your employer offers a Flexible Spending Account (FSA), an employee-funded benefit, you may also use it alongside the HRA. Learn more about FSAs in the Flexible Spending Account FAQs.

• What is a Flexible Spending Account (FSA)?

  A Flexible Spending Account is a savings account for eligible medical expenses that you can contribute to pre-tax.

  What is a Flexible Spending Account (FSA)?

  Find Out
  What is a Flexible Spending Account (FSA)?

  A Flexible Spending Account is a savings account for eligible medical expenses that you can contribute to pre-tax.

• How does a FSA work?

  Each year participants must place a certain dollar amount into the FSA. This “election” amount is automatically deducted from the employee’s check (for that amount divided by the number of payroll periods).

  How does a FSA work?

  Find Out
  How does a FSA work?

  Each year participants must place a certain dollar amount into the FSA. This “election” amount is automatically deducted from the employee’s check (for that amount divided by the number of payroll periods).

• What are the benefits of having a FSA?

  The advantage of a FSA is that you get the money up front, so if you have high-cost medical needs, you can spend the money in January and pay it off all year.

  What are the benefits of having a FSA?

  Find Out
  What are the benefits of having a FSA?

  The advantage of a FSA is that you get the money up front, so if you have high-cost medical needs, you can spend the money in January and pay it off all year.

• What kinds of expenses can I pay for with my FSA?

  Common plan designs include your health plan’s deductible, co-pay, and coinsurance, as well as uninsured medical expenses.

  What kinds of expenses can I pay for with my FSA?

  Find Out
  What kinds of expenses can I pay for with my FSA?

  Common plan designs include your health plan’s deductible, co-pay, and coinsurance, as well as uninsured medical expenses.

• What happens if I don’t spend all the money in my FSA by the end of the year?

  With a FSA, funds are typically “use it or lose it,” meaning whatever is unused at the end of the year is forfeited, unless the plan includes a carryover provision. Ask your employer if your FSA includes a carryover provision as it may impact how much you elect for the year.

  What happens if I don’t spend all the money in my FSA by the end of the year?

  Find Out
  What happens if I don’t spend all the money in my FSA by the end of the year?

  With a FSA, funds are typically “use it or lose it,” meaning whatever is unused at the end of the year is forfeited, unless the plan includes a carryover provision. Ask your employer if your FSA includes a carryover provision as it may impact how much you elect for the year.

• How do I submit an expense?

  It depends on how your plan is administered. Ask your employer how the process works for your health plan

  How do I submit an expense?

  Find Out
  How do I submit an expense?

  It depends on how your plan is administered. Ask your employer how the process works for your health plan

• Are my spouse/children covered by my FSA?

  Most FSAs allow you to reimburse eligible medical expenses incurred by yourself, your spouse, or your eligible child(ren). A child must be under 19, or under 24 and a full-time student, to be considered an eligible child.

  Are my spouse/children covered by my FSA?

  Find Out
  Are my spouse/children covered by my FSA?

  Most FSAs allow you to reimburse eligible medical expenses incurred by yourself, your spouse, or your eligible child(ren). A child must be under 19, or under 24 and a full-time student, to be considered an eligible child.