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CONTRIBUTING TO YOUR HEALTH SAVINGS ACCOUNT IS EASY.

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CONTRIBUTING TO YOUR HEALTH SAVINGS ACCOUNT IS EASY.

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CONTRIBUTING TO YOUR HEALTH SAVINGS ACCOUNT IS EASY.

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Members / Frequently Asked Questions


FREQUENTLY ASKED QUESTIONS - MEMBERS

 



HSA FAQs
FSA FAQs
HRA FAQs
FORMS FAQs


HEALTH SAVINGS ACCOUNT FAQS & RULES


WHAT IS AN HSA?

Health Savings Accounts (HSAs) are tax-advantaged medical savings accounts
available to United States taxpayers who are enrolled in a High Deductible
Health Plan (HDHP). HSAs are owned by the individual, differentiating them from
company-owned Health Reimbursement Arrangements (HRAs) that are an alternate
tax-deductible source of funds paired with HDHPs. And, unlike a Flexible
Spending Account (FSA), HSA funds roll over and accumulate year over year if not
spent, with the ability to earn tax-free interest on the account. HSA funds may
be used to pay for qualified medical expenses at any time without federal tax
liability.


IS AN HSA RIGHT FOR ME?

For eligible individuals covered by a qualified high deductible healthcare plan
(HDHP), an HSA offers a number of benefits. Money that would otherwise be lost
to high premiums could be invested in a tax-free, interest-bearing HSA. For
those with higher medical expenses, an HDHP combined with an HSA still may
provide overall cost savings as compared to a traditional plan with higher
premiums and out of pocket maximums. Learn more about the benefits of having an
HSA or use our health plan comparison calculator to determine if an HSA is right
for you.


WHO IS ELIGIBLE TO OPEN AN HSA?

If you have a qualified High Deductible Health Plan (HDHP) - either through your
employer or one you've purchased on your own - chances are you can open an HSA.
Additionally:

 * You must have a valid Social Security Number and a primary residence in the
   U.S.

 * You cannot be covered by any other type of health plan, including Medicare
   Part A or Medicare Part B.

 * You cannot be covered by TriCare.

 * You cannot have received medical benefits from Veterans Administration for
   any non-service-connected disabilities at any time during the previous three
   months.*

 * You cannot be claimed as a dependent on another person's tax return (unless
   it's your spouse).

 * You must be covered by the qualified HDHP on the first day of the month.

*Title 38 of the United States Code, Section 101(17) defines
"non-service-connected" as, with respect to disability, that such disability was
not incurred or aggravated in line of duty in the active military, naval, or air
service.


IF I CHANGE HEALTH PLANS OR CHANGE EMPLOYERS, CAN I STILL CONTRIBUTE TO MY HSA?

If you have a qualified High Deductible Health Plan (HDHP) - either through your
employer or one you've purchased on your own - chances are you can still
contribute to your HSA with HSA Bank.* Additionally:

 * You must have a valid Social Security Number and a primary residence in the
   U.S.

 * You cannot be covered by any other type of health plan, including Medicare
   Part A or Medicare Part B.

 * You cannot be covered by TriCare.

 * You cannot have received medical benefits from Veterans Administration for
   any non-service-connected disabilities at any time during the previous three
   months.**

 * You cannot be claimed as a dependent on another person's tax return (unless
   it's your spouse).

 * You must be covered by the qualified HDHP on the first day of the month.

*The content herein is provided for informational purposes. HSA Bank does not
provide tax or legal advice. Please refer to IRS guidance, including IRS
Publication 969, for additional details.

**Title 38 of the United States Code, Section 101(17) defines
"non-service-connected" as, with respect to disability, that such disability was
not incurred or aggravated in line of duty in the active military, naval, or air
service.


WHAT IS A QUALIFIED HIGH DEDUCTIBLE HEALTHCARE PLAN (HDHP)?

A high deductible health plan (HDHP) is a health insurance policy that features
higher deductibles and lower premiums than traditional insurance plans. HDHPs
can be combined with a health savings account or a health reimbursement
arrangement that allows for payment of qualified out-of-pocket medical expenses
on a pre-tax basis.


CAN I BE COVERED UNDER ANOTHER HEALTH PLAN AND STILL OPEN AN HSA?

 * If you are covered by another health plan (such as through your spouse's
   employer), that health plan must meet the criteria outlined above for a
   qualified HDHP. If you are enrolled in a health plan that does NOT meet the
   criteria for a HDHP, you may NOT set up an HSA and you must stop contributing
   to any HSA you do have.

 * You may be covered by the following plan types while still being eligible to
   set up an HSA: dental; vision; short- and long-term disability; life and
   accidental death; long-term care; and certain health Flexible Spending
   Accounts (FSAs), including: insurance for specific types of diseases or
   illnesses, such as cancer plans; hospital indemnity plans; limited-purpose
   FSA (dental & vision only); and post-deductible Health Reimbursement
   Arrangements (HRAs).

 * NOTE: if a spouse's Flexible Spending Account (FSA) can pay for any medical
   expenses before the HSA-qualified plan deductible is met, you are not
   eligible to open an HSA. For you to participate in a health FSA and an HSA at
   the same time, the FSA, whether provided by your or your spouse's employer,
   must typically be limited to reimbursing dental expenses, vision care
   expenses and/or medical expenses that exceed your HDHP deductible. Check with
   your or your spouse's benefits administrator to determine if you can
   participate in any health FSA offered by your or your spouse's employer.


WHAT ARE THE ADVANTAGES OF OPENING AN HSA?

An HSA is a unique tax-advantaged account that you can use to pay for current or
future IRS-qualified medical expenses. With an HSA, you'll have:

 * A tax-advantaged savings account that you use to pay for IRS-qualified
   medical expenses as well as deductibles, co-insurance, prescriptions, vision
   and dental care
   
   * Contributions to your HSA can be made with pre-tax dollars, which reduces
     your taxable income.
   
   * Any after-tax contributions that you make to your HSA are tax deductible.
   
   * HSA funds earn interest tax free** and when used for IRS-qualified medical
     expenses are also free from tax. **Interest earned is taxed in NJ.

 * Unused funds that will roll over year to year. There's no "use or lose it"
   penalty.

 * Potential to build more savings through investing. You can choose from a
   variety of HSA self‐directed investment options with no minimum balance
   required

 * Additional retirement savings. After age 65, funds can be withdrawn for any
   purpose without penalty.

 * Note: Investment accounts are not FDIC insured, may lose value and are not a
   deposit or other obligation of, or guarantee by the bank. Investment losses
   which are replaced are subject to the annual contribution limits of the HSA.


WHICH EXPENSES ARE CONSIDERED IRS-QUALIFIED MEDICAL EXPENSES?

You can pay for a wide range of IRS-qualified medical expenses with your HSA,
including many that aren't typically covered by health insurance plans. This
includes deductibles, co-insurance, prescriptions, dental and vision care, and
more. For a complete list of IRS-qualified medical expenses, visit irs.gov or
hsabank.com/IRSQualifiedExpenses.


HOW DO I USE MY HSA FUNDS TO PAY FOR IRS-QUALIFIED MEDICAL EXPENSES?

You can pay for IRS-qualified medical expenses with funds from your HSA by using
your debit card. You can also pay for part of all of your IRS-qualified medical
expenses out-of-pocket and reimburse yourself later with HSA funds.


WHAT IS THE DAILY LIMIT FOR HSA BANK'S HEALTH BENEFITS DEBIT CARD?

Your HSA Bank Health Benefits Debit Card provides access to your HSA funds at
point-of-sale with signature or PIN and at ATMs for withdrawals. The daily debit
card limit for the Health Benefits Debit Card is $5,000 at merchants dedicated
to healthcare (e.g. a doctor’s office or hospital) and $3,500 at merchants that
are not healthcare specific but offer eligible medical products and/or services
(e.g. a department or grocery store). The number of debit card transactions
allowed per day is limited and varies based on how the card is used or types of
transactions processed. These limits exist as a safeguard against fraudulent
activity. For more information, please call the number on the back of your
Health Benefits Debit Card.


HOW DO I PAY FOR AN IRS-QUALIFIED MEDICAL EXPENSE THAT EXCEEDS THE HEALTH
BENEFITS DEBIT CARD DAILY LIMIT?

HSA Bank provides you with multiple options to pay for an expense that exceeds
the Health Benefit Debit Card daily limit of $5,000.* Your options include:

 1. You can pay for an expense with your external, personal account or with a
    credit card and then reimburse yourself by scheduling HSA transfers within
    the Member Website or mobile app (Note: there is a daily transfer limit of
    $2,500 to safeguard against fraudulent activity, so multiple transfers will
    be required for amounts above $2,500).

 2. You can work with your provider (or hospital) to make debit card payments
    over multiple days.

 3. You can use our online Bill Pay system to pay a provider. To access Bill
    Pay, log into the Member Website or mobile app and click on "Make HSA
    Transaction." (Note: there is no daily limit to pay a provider.)

 4. You can pay with an HSA Bank check. Checks can be purchased within the
    Member Website. Check your Health Savings Account Fee and Interest Schedule
    for any applicable fees for ordering checks. There is no daily limit on
    dollar amounts.

NOTE: your transactions are limited to your available cash balance.

*Your HSA Bank Health Benefits Debit Card provides access to your HSA funds at
point-of-sale with signature or PIN and at ATMs for withdrawals. The daily debit
card limit for the Health Benefits Debit Card is $5,000 at merchants dedicated
to healthcare (e.g. a doctor’s office or hospital) and $3,500 at merchants that
are not healthcare specific but offer eligible medical products and/or services
(e.g. a department or grocery store). The number of debit card transactions
allowed per day is limited and varies based on how the card is used or types of
transactions processed. These limits exist as a safeguard against fraudulent
activity. For more information, please call the number on the back of your
Health Benefits Debit Card.


CAN I USE MY HSA FUNDS TO PAY FOR AN EXPENSE THAT ISN'T "IRS-QUALIFIED"?

If you pay for an ineligible expense, you must report it in your annual income
tax filing and pay the related income taxes, plus a tax penalty. (After age 65,
the penalty does not apply.)


DO I NEED TO SUBMIT RECEIPTS FOR MY HSA EXPENSES?

No. You do not need to submit any receipts to us or file any claims. Just be
sure to use the money for IRS-qualified medical expenses and save your receipts
for tax purposes. Using our online expense tracker, you can easily enter medical
expense information and securely upload receipts and supporting documentation –
all in one place for easy access and tracking.


CAN AN HSA BE USED TO PAY FOR PREVIOUS YEAR EXPENSES?

You can pay or reimburse yourself for any eligible medical expenses incurred
after your HSA was established.


CAN I USE MY HSA BANK HEALTH BENEFIT DEBIT CARD AT AN ATM?

You can use your HSA card at an ATM to reimburse yourself for eligible expenses
paid out-of-pocket. (A transaction fee may apply. See your HSA Bank Fee and
Interest Rate Schedule.)


WHERE CAN I USE MY HSA?

You can use your HSA Bank Health Benefit Debit Card to pay for doctor visits at
the time of the appointment or for qualified items at a pharmacy or other
retailer as long as it is for a qualified medical expense. You can also use your
debit card to withdraw cash from an ATM to reimburse yourself for expenses you
paid out-of-pocket (a transaction fee may apply).


HOW CAN I CHECK MY HSA BALANCE?

You can check your HSA balance by visiting the Member Website, where you will
have secure, 24/7 access to your real-time account balances and transaction
history. Visit our Member Features page to view other features to help simplify
healthcare management.


CAN I USE MY HSA FOR A SPOUSE?

You can use your HSA to cover qualified medical expenses for you, your spouse,
and any dependent children included on your income tax return.


HOW MUCH CAN I CONTRIBUTE TO MY HSA?

The IRS sets annual contribution limits, visit the IRS Guidelines & Eligible
Expenses page for more information.


WHO CAN CONTRIBUTE TO AN HSA?

Any eligible individual may contribute to an HSA. For an HSA established on
behalf of an employee both the employee and the employer may make contributions.
Family members may also make contributions on behalf of other family members as
long as the other family member is an eligible individual (has a qualified high
deductible health plan and is not otherwise insured).


WHAT IS A "CATCH-UP" CONTRIBUTION?

Eligible individuals over the age of 55 are allowed to make additional
"catch-up" contributions to their HSAs. The catch-up amount is $1,000 and if you
turn 55 during the year you can contribute the full $1,000.


ARE HSA CONTRIBUTIONS TAX DEDUCTIBLE?

You can claim a tax deduction for contributions up to the applicable maximum
contribution that you, or someone other than your employer, make to your HSA
even if you do not itemize your deductions on Form 1040. Contributions up to the
maximum contribution limit made by your employer may be excluded from your gross
income.


WHAT IF I DON'T USE ALL OF MY FUNDS WITHIN THE YEAR?

Unused HSA funds roll over year to year; there is no "use it or lose it"
penalty. Funds that are rolled over continue to grow and earnings are tax free.
At age 65, you will have the ability to use your HSA funds for any purpose on a
taxable basis. This makes funding your HSA a great way to save for retirement.


DO HSA FUNDS ROLLOVER?

Any unused funds in your HSA automatically roll over each year. You will not
lose any unspent money in your account.


HOW DO I TRANSFER AN HSA?

If you already have a Health Savings Account (HSA) at another institution and
would like to transfer the balance to your HSA at HSA Bank, you can find the
instructions on our Transfer and Rollover page.


CAN I INVEST MY HSA?

Yes you can. Choose from a wide range of securities, including mutual funds,
stocks, bonds and more. You can transfer funds between your HSA cash and
investment accounts in the Member Website OR by contacting our Client Assistance
Center. Visit our HSA Investment page to learn more.


HOW DO I CLOSE MY HSA?

There are many benefits to your HSA that you should consider before closing your
account. Consider keeping your HSA to continue to save for your future health
expenses, tax free. If you still feel a need to close your account, please call
our Client Assistance Center at (800) 357-6246.


WHAT IS HSA BANK'S ROUTING NUMBER?

The routing number is 075907947.


WHAT IF I AM NO LONGER COVERED UNDER A HIGH DEDUCTIBLE HEALTH PLAN (HDHP)?

Your HSA funds are never lost due to changes in employment or health plan. If at
some point you are no longer covered by an HDHP, you still have access to your
funds and can use them to pay for IRS-qualified medical expenses; however you
are simply no longer eligible to make contributions.


DOES HSA BANK HAVE A MOBILE APP?

Yes. HSA Bank Mobile is available on both Google Play (Android-powered devices)
and the App Store (iPhone, iPod Touch, iPad). While it is a free download, you
should check with your wireless provider for any associated fees for accessing
the Internet from your device. IMPORTANT NOTE: Before you can use the app, you
must create a Member Website username and password. Without a registered
account, you will not be able to access any of the app’s functionality.


WHAT ARE THE STEPS FOR USING HSA BANK MOBILE?

 1. As stated in the previous FAQ, if you have not already done so, you must be
    registered on the Member Website to use the mobile banking services.(Without
    registering on the Member Website, you will not be able to access any of the
    app’s functionality.)

 2. Download HSA Bank Mobile at Google Play or the App Store.

 3. Login to HSA Bank Mobile to begin managing your account on the go.




WHAT TAX DOCUMENTS WILL I RECEIVE FROM HSA BANK?

You may receive both a 1099-SA and 5498-SA from us. For more information about
your HSA tax forms, view Tax Time 101.


FLEXIBLE SPENDING ACCOUNT FAQS


WHAT IS AN FSA?

Flexible Spending Accounts (FSAs) are tax-advantaged financial accounts that can
be set-up through employers' cafeteria plans in the United States. An FSA allows
an employee to designate a portion of his or her pre-tax earnings to pay for
qualified expenses as established in the cafeteria plan, most commonly for
medical expenses, but often for dependent care or other expenditures. The
employer is also allowed to make contributions to employee FSAs, if desired, in
order to offer a greater benefit to the staff. Since the money deducted from an
employee's pay for transfer to an FSA is not subject to federal, state, or
payroll taxes, employees can save upwards of 40% on eligible expenses, and
sometimes more, depending on their tax bracket.


WHAT ARE THE BENEFITS OF ENROLLING IN AN FSA?

Enrolling in an FSA allows you to set aside pretax money from your paycheck. You
will enjoy a tax savings on the money you can use for eligible health care
expenses.


HOW DOES AN FSA WORK?

With an FSA, you elect to have your annual contribution deducted from your
paycheck each pay period, in equal installments throughout the year, until you
reach the yearly maximum that you have specified. The amount of your pay that
goes into an FSA will not count as taxable income, so you will have immediate
tax savings. FSA dollars can be used during the plan year to pay for qualified
expenses and services. And at the end of the year, you can roll over up to $500
of your contribution to the next plan year, provided your employer's plan allows
this.

Annual participant contributions are limited by The Internal Revenue Service. To
view current IRS limits, visit the IRS Guidelines and Eligible Expenses page for
more information.


WHAT ARE THE DIFFERENCES BETWEEN HEALTHCARE FSAS, LIMITED PURPOSE FSAS, AND
DEPENDENT CARE FSAS?

 * A Healthcare FSA allows reimbursement of qualifying out-of-pocket medical
   expenses. Common eligible expenses include dental treatment, orthodontia,
   prescription drugs, diagnostic services, hospital services and surgery,
   laboratory fees, obstetrical expenses, chiropractic care, physical therapy,
   eye examinations, glasses, contact lenses, laser eye surgery, hearing aids,
   smoking cessation programs, and weight loss programs to treat obesity, to
   name a few.

 * A Limited Purpose Medical FSA works with a qualified high deductible health
   plan (HDHP) and Health Savings Account (HSA). A limited FSA only allows
   reimbursement for preventive care, vision and dental expenses.

 * A Dependent Care FSA allows reimbursement of dependent care expenses, such as
   daycare, incurred by eligible dependents.


CAN MY HEALTHCARE FSA FUNDS BE USED TO COVER MY SPOUSES'S HEALTHCARE EXPENSES
EVEN IF HE OR SHE IS NOT COVERED BY MY HEALTH INSURANCE PLAN?

Yes. All eligible out-of-pocket expenses incurred by you, your spouse and your
qualified dependents can be reimbursed from your Healthcare FSA, even if your
spouse and qualified dependents are not enrolled in your employer's health plan.


HOW MUCH CAN I CONTRIBUTE TO MY HEALTHCARE FSA?

The IRS sets annual contribution limits, visit the IRS Guidelines & Eligible
Expenses page for more information.


WHAT IF I DON'T USE ALL OF MY FUNDS WITHIN THE YEAR?

Your plan document may provide for a grace period that allows you to use your
remaining funds for IRS-qualified expenses incurred for up to 2 ½ months into
the next year.

Alternatively, if you have an FSA or Limited Purpose FSA, you may be eligible to
roll over up to $500 of your contribution to the next plan year, provided your
employer has changed the plan documents to allow this. This rollover option does
not apply to Dependent Care FSAs.


WHAT HAPPENS IF MY EMPLOYMENT ENDS?

Deductions for your Healthcare FSA will also end when your employment ends
unless your employer is obligated to offer you COBRA continuation and you elect
this option. If your employer is not obligated to offer you COBRA and/or you
choose not to elect COBRA, you are eligible to be reimbursed for qualified
expenses incurred while you were employed and the account was active. Requests
for reimbursements should be submitted prior to the end of your employer's
run-out period or period of time for which a claim for an expense can be
submitted for a plan year that has ended or after an employee has terminated.


HEALTH REIMBURSEMENT ARRANGEMENT FAQS


WHAT IS AN HRA?

Health Reimbursement Arrangements (HRAs) are employer-funded plans that
reimburse employees for incurred medical expenses that are not covered by the
company's standard insurance plan. Because the employer funds the plan, any
distributions are considered tax deductible (to the employer). Reimbursement
dollars received by the employee are generally tax-free. Unused HRA dollars may
roll over from year to year, if allowed per plan rules, providing a potential
incentive for employees to be better stewards of healthcare spending. If
employment is terminated, the employer can choose to keep unused funds.


WHAT ARE THE BENEFITS OF AN HRA?

 * Your employer funds your HRA pre-tax. Because the money allocated by your
   employer doesn't count as income, there are no tax implications. It's kind of
   like getting a raise.

 * Participating in an HRA is a great way to stretch your healthcare budget. An
   HRA usually sits alongside a health plan with higher deductible, coinsurance
   and copayment minimums; often these health plans have lower monthly medical
   premiums allowing you to save money. Some employers allow you to rollover and
   accumulate unused funds year after year. The more you save in your HRA, the
   more funds you will have to pay eligible medical expenses when they occur. An
   employer may also make the HRA portable so that you can take the funds with
   you when your employment ends or when you retire.


WHAT TYPES OF MEDICAL EXPENSES ARE COVERED BY AN HRA?

 * HRA funds must be used for healthcare expenditures only. Approved healthcare
   expenditures include those expenses identified by your employer as
   reimbursable from the HRA that are described as Medical Expenses in Section
   213(d) of the IRS code. These expenses may include deductibles, coinsurance,
   copayments, prescription drugs, vision care and dental care. Your employer
   may limit the expenses your plan reimburses; please consult with your Human
   Resources department for more information on what expenses are covered by
   your HRA.

 * The IRS has a list of approved healthcare expenditures. However, your
   employer might have additional limitations. Examples of expenses that are not
   eligible for reimbursement include:
   
   * Medical expenses that are not defined as eligible under your employer's
     plan;
   
   * Medical expenses that do not meet IRS section 213(d) requirements (e.g.,
     gym memberships, nutritional supplements, cosmetic procedures and
     surgeries);
   
   * Medical expenses incurred by you, your spouse or any eligible dependents
     prior to your effective date in the plan; and,
   
   * Medical expenses that can be reimbursed to you through any other source
     such as group health insurance.


CAN I CONTRIBUTE FUNDS TO MY HRA?

HRAs are only funded by your employer. Your employer contributes a determined
amount to your HRA. Contact your HR department for specifics on your plan setup.


CAN I USE AN HRA IF I HAVE HEALTH INSURANCE?

Yes. An HRA is designed to cover expenses not paid by your health plan including
deductibles, coinsurance and copayments as well as many expenses your health
plan may not cover.


WHAT CAN I PAY FOR WITH MY HRA?

HRA funds can be used on eligible expenses determined by your employer. These
typically include co-pays, health insurance deductibles and other IRS approved
healthcare expenses. For more information on your plan, contact your HR
department.


FORMS FAQS


HOW CAN I ACCESS VARIOUS MEMBER FORMS, SUCH AS CONTRIBUTION & WITHDRAWAL FORMS,
AUTHORIZED SIGNER FORM, DESIGNATION OF BENEFICIARY FORM, CHANGE OF ADDRESS FORM,
ETC.?

You can access forms by logging into the Member Website.

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Client Assistance Center
(800) 357-6246 | (414) 978-5294
24 hours a day, 7 days a week

Business Relations
(866) 357-5232 | (414) 978-5282
Mon-Fri 7am-7pm, CT

 * More Information

ABOUT

 * About Us
 * Careers
 * Events
 * In the News
 * Leadership
 * Sales

RESOURCES & SERVICES

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 * IRS Information and Forms
 * Reduce Healthcare Expenses
 * Site Map

SECURITY & LEGAL

 * Browser Information
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 * Security
 * Webster Bank Financial Information

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