All about HSAs
Take full advantage of your health savings account.
By Josh and 2 others3 authors42 articles
HSA Basics
What's an HSA?
- Getting started with HSAsWhat's a health savings account and how does it work? Here is a quick guide to give you a well-informed start!
- Comparing HSAs to FSAs, HRAs, and 401(k) plansWhat's the difference between an HSA and an FSA, HRA, or 401(k)?
- Find the account number for your HSALooking for the account number of your health savings account? Here's where to find it.
- Transfer funds from your old HSALearn how to transfer funds from your old HSA to your new HSA with a trustee-to-trustee transfer
- Federal law requirements for sensitive data like social security numbersLearn why you're asked to share sensitive data like social security numbers (SSN).
HSA Eligibility
How to be (or keep being) HSA-eligible
- Transfer and rollover rules for HSAsWhat if you already have a health savings account? You have two options to transfer HSA funds rollover or trustee transfer.
- Disqualifying circumstances for HSA eligibilityLet us answer those 'what-if' questions about your health savings account and eligibility
- Eligibility requirements to open an HSAWant a health savings account? Here's how to qualify!
- Exceptions to the HDHP requirement for HSAsCan you be covered under a non-HDHP plan and still contribute to a health savings account? Likely not, but there are exceptions.
- Rules for HSAs and adult children under 26Can non-dependent children open up a separate health savings account? Can you cover their medical expenses? Let's review.
- HSA rules for dependentsAs a dependent, health savings account funds can be used on qualified health expenses for you.
- Transfer and rollover rules for HSAsWhat if you already have a health savings account? You have two options to transfer HSA funds: rollover or trustee-to-trustee transfer.
- Insurance requirements for HSA eligibilityWhat does the IRS require for HSA-eligible HDHPs? For starters: Know your annual minimum deductibles and out-of-pocket maximums
- Identify your HSA contribution limitThe IRS has two contribution limits for health savings accounts: individual and family. Let's break down the requirements for both.
- Rules for HSAs when leaving a high deductible health plan (HDHP)If you're no longer on an HDHP, you can't contribute to a health savings account but may continue paying for qualified medical expenses.
- Medicare enrollment and HSAsEnrolled in Medicare Part A or Part B? Already have an established health savings account? Let's discuss.
- Understand family health plan changes & HSAsAdd or remove a family member from your health plan? Let's break down the potential impact on health savings account contribution limits.
HSA Spending
Check out what you can spend your HSA on
- Qualified medical expenses for HSAsYour health savings account has a lot of eligible expenses. Review this list of qualified medical expenses to ensure you maximize your HSA!
- Card daily spending limitWas your card declined? You may have reached your daily spend limit.
- HSA reimbursement deadlinesIs there deadline for health savings account reimbursements? Not really, but some dates do matter.
- Shop with HSA StoreLearn how to use your Health Wallet to buy HSA-eligible products
- Make a HSA correctionSpent funds on unqualified expenses? Contributed over the annual limit? It's easy to make corrections to your health savings account.
- Categorize HSA transactionsQualified or Unqualified? Correction or Rollover? Learn how to change the category of a health savings account transaction.
- HSA funds & dependent expensesCan you use your HSA funds on your kids? Yes, as long as they are claimed as dependents
- Rules for HSA withdrawalsPenalties are only good for soccer forwards. Understand the rules for health savings account withdrawals to ensure you avoid penalties.
- Exceptions permitting HSA funds for premiumsYou typically can't use your health savings account funds to pay for health insurance premiums, but there are four exceptions.
- Recordkeeping for HSA expensesWhich receipts should you keep? What if you lose one? We'll break down all of your health savings account recordkeeping questions here.
HSA Life Events
Here's how life changes affect your HSA
- Bankruptcy law and HSAsAre health savings accounts safe from debt collectors? It depends on your state of residence.
- Navigating disability with an HSAUnderstand how to use your health savings accounts if you are diagnosed with a short-term or long-term disability.
- Select beneficiaries for your HSADecide who you'll select as the beneficiary for your health savings account funds by understanding the tax implications of your selection.
- Divorce law and HSAsWhat happens to health savings account assets during a divorce? Find your answers here.
HSA Tax Resources
Review how your HSA affects your tax situation
- Taxes and HSAs FAQAre health savings account funds always pre-tax funds? Does a tax extension impact HSA contribution deadlines? Find your answers here.
- State taxes for HSAsAre contributions to health savings accounts tax-deductible for state taxes? It depends.
- Filing taxes with an HSAYay, taxes! This is your handy guide to filing taxes for your health savings account.
HSA Contributions
Put money into your account and in line with IRS rules
- Making HSA contributions for the previous tax yearLearn more about making a last-minute contribution for the previous tax year with your health savings account.
- Calculate your HSA contribution limitWant to know how much you can save this year on taxes with your health savings account?
- Understanding who can contribute to your HSAAnyone can contribute to your HSA, as long as your contributions do not exceed the maximum annual limit in any given year.
- Mid-year changes and your HSA contribution limitWhen life happens, your contribution limit for your health savings account could change. Stay on top of these changes to avoid penalties!
- Transferring IRA Funds to Your HSAYou can only roll funds from an IRA to an HSA once during your lifetime, so here are the guidelines!
- The last-month rule & prorated limits for HSAsHere's what you need to factor in when calculating your contribution limit for your health savings account.
- Understanding employer HSA contributionsHow are employer contributions reported? And do their contributions count towards the health savings account contribution limit?
- Make a depositLearn about the two ways to deposit funds into your health savings account (HSA): bank transfers & paycheck contributions.