All about HSAs
Take full advantage of your health savings account.
By Josh and 4 others5 authors47 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 or routing information of your health savings account? Here's where to find it.
- Federal law requirements for sensitive data like social security numbersLearn why you're asked to share sensitive data like social security numbers (SSN).
- The FDIC & HSAsLearn whether health savings account funds are insured by the FDIC.
- Understand double dippingLearn about double dipping and how to avoid making this mistake
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.
- Understanding HSA contributionsWant to know how much you can save this year on taxes with your health savings account?
- Mid-year changes and your HSA contribution limitLife happens, and it can change how much can be contributed to an HSA mid-year. Here's how to figure out the right limit in every situation!
- Contribute to your HSAReady to add funds to an HSA? Here's how to contribute by bank transfer, paycheck, or mail.
- Access the HSA contributions trackerUse the HSA Contributions Tracker to calculate your contributions.
HSA Eligibility
How to be (or keep being) HSA-eligible
- Eligibility requirements to open an HSADo I qualify for an HSA? Learn more here!
- 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-to-HSA account transfersLearn how to transfer funds between HSAs using a trustee-to-trustee transfer or rollover, and how to request a transfer in or out.
- 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.
HSA Investments
Learn how to invest HSA funds
- Understand HSA cash and investment balancesYour health savings account balance is a sum of your cash and investment balance. Learn what these balances mean and why they matter.
- Set up automatic investments for your HSALearn how to activate Auto Invest so you can put your HSA investment strategy on cruise control.
- Make an HSA investment trade (buy or sell)We're making trades, baby! Learn how to buy and sell investment securities with your health savings account.
- Deactivate your HSA investment accountDo you have a health savings account and want to deactivate your investment account? Here’s how.
- HSA investment FAQHere are answers to frequently asked questions about HSA investing.
- Invest your HSA fundsHealth savings accounts offer tax-free investing and growth. Learn how to invest your HSA funds on our platform.
- Supported HSA investing options: ETFs, mutual funds, and stocksLearn here about the investment assets supported on this platform for investing health savings account funds.
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 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!
- 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
- Categorize funds leaving your HSAWithdrawing funds from your HSA and unsure what to pick? Learn the difference between Qualified, Unqualified, Correction, and Rollover.
- ATM withdrawalsYou might be wondering, "Why can’t I withdraw money from the ATM with my HSA card?"
- Exceptions permitting HSA funds for premiumsSee the four cases where HSA funds can cover insurance premiums.
- Recordkeeping for HSA expensesWondering whether you need to keep receipts for your HSA spending, or what to do if you've lost one? Here's what to know.
- Using your HSA for your family's medical expensesSee who qualifies for HSA-covered expenses: Your spouse, dependents, and a few exceptions.
- Categorize funds coming into your HSADepositing funds into your HSA and unsure what to pick? Learn the difference between New Contribution, Reimbursement Correction, and Rollover.
- IRS penalties for unsubstantiated or non-qualified expensesLearn what triggers the 20% IRS penalty on HSA distributions and how audits check for it.
- Submit an HSA reimbursementGot an HSA expense to reimburse? Learn how to submit it now, or save it for later. expense to submit a claim now or save it for later.
HSA Tax Resources
Review how your HSA affects your tax situation
- Tax Season FAQAnswers to common questions as you prepare to file taxes with your HSA.
- 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 Transfers
Learn how to transfer funds to or from a new provider.
HSA Corrections
Learn how to correct an overcontribution, unqualified expense, refund, or rollover.
- Correcting an overcontributionContributed more than your annual limit, or made a deposit you didn't mean to? Here's how to withdraw it.
- Correcting an unqualified expenseSpent HSA funds on something that wasn't qualified? Here's how to fix it.
- Fixing a refund miscounted as a contributionGot refunded for something you paid with your HSA? Here's how to keep it from counting as a new contribution
- Fixing a rollover marked as a contributionYour rollover got labeled as a new contribution? Here's how to fix the category.