HSA Frequently Asked Questions (FAQs)

Am I eligible for an HSA?

To open an HSA:

  • You must be covered under a qualifying high-deductible health insurance plan (HDHP).
  • You cannot be covered by another health plan that is not an HDHP.
  • You cannot be enrolled in Medicare.
  • You cannot be claimed as a dependent on someone else’s tax return.

What is a high-deductible health plan (HDHP)?

An HDHP is an insurance plan designed to lower your annual insurance premiums by offering lower monthly fees and higher deductibles than traditional health plans.

How do I get an HDHP?

Any health insurance company may offer an HDHP, either individually or through an employer. Contact your employer’s HR department or your insurance company to find out more.

What expenses can I pay for using my HSA?

Funds in your HSA can be used to pay for eligible expenses for medical, dental and vision care, as well as prescription drugs. For a complete list of eligible expenses, see IRS Form 502.

How much can I contribute to my HSA every year?

For 2015, the maximum contribution for self-only coverage is $3,350. For 2015, the maximum for family coverage is $6,650. These limits are subject to a cost-of-living adjustment annually. If you are age 55 or older, you may contribute an additional $1,000. You should consult a tax advisor for more information and advice on your specific circumstances.

Can my employer contribute to my HSA?

Yes. Employers may choose to contribute to an HSA as an added employment benefit. Remember, all deposits count toward the annual contribution limit.

Can I use my HSA account to pay for medical expenses for my spouse and dependents?

Yes, you may use funds from your HSA to cover eligible medical expenses for your spouse and any dependents. To maximize your tax benefit and savings potential, both you and your spouse should consider having separate HSAs.

Are HSA contributions tax deductible?

Money you contribute is tax deductible. However, you do not get a tax deduction for funds contributed by your employer. Consult your tax advisor to learn more.

Do my HSA contributions roll over each year?

Yes. HSAs do not have a “use-it-or-lose-it” rule. Your HSA money is yours to keep, and there’s no cap on how much your funds can grow year after year.

What if I lose my HDHP coverage?

While you may continue to use the HSA to pay for medical expenses for as long as the funds last, you can no longer make contributions to the account if you lose your HDHP coverage.

What happens to my HSA when I turn 65?

You can continue to use the money tax-free for medical expenses. When Medicare takes effect, you can use the HSA to pay premiums, deductibles and co-pays. After age 65, you can also use HSA funds for non-medical expenses; the amount will be taxable as income, but there are no penalties for withdrawing funds. Consult your tax advisor to see if this option is right for you.

Where can I find additional resources for HSAs?

For more information about health savings accounts visit:

Do you have general questions about HSAs?

Call a specially trained HSA customer service representative at 877-751-3399.


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