FAQs
We’ve gathered a comprehensive list of questions and answers about our accounts, plans and benefits to give you a quick reference, or to answer questions you might have.
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Who decides if my expenses are qualified medical expenses?
You are responsible for that decision, and therefore should familiarize yourself with what types of medical expenses are considered to be qualified (as partially defined in IRS Publication 502).
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Can I pay my health insurance premiums with an HSA?
You can only use your HSA to pay health insurance premiums if you are collecting federal or state unemployment benefits, or you have COBRA coverage through a former employer.
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Do I have to pay taxes on my withdrawn HSA amounts?
No. As long as you use your HSA only for eligible medical expenses, you will never have to pay taxes on the money.
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Who is responsible for ensuring that I am only using my HSA for eligible medical expenses?
How you use your HSA is solely between you and the IRS.
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I have an HSA but no longer have HDHP coverage. Can I still use the money that is in the HSA?
Once funds are deposited into the HSA, the account can be used to pay for qualified medical expenses tax-free, even if you no longer have HDHP coverage.
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What if I do use my HSA for purchases that are not eligible medical expenses?
If you use your HSA for an expense other than eligible medical expenses you can subject yourself to significant IRS penalties. Inappropriate use of your HSA funds may also leave you without money to pay for your eligible medical expenses in the future.
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What happens when my employment is terminated or I resign?
The HSA is yours and will stay with you even after you have left your current employer.
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What happens to the money in my HSA after I turn age 65?
You can continue to use your account tax-free for out-of-pocket health expenses.
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Can I use my HSA to pay for medical expenses incurred before I set up my account?
No. You cannot reimburse qualified medical expenses incurred before your account was established.
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Can couples establish a joint HSA and both make contributions to the HSA?
Joint HSAs are not permitted.