HSA frequently asked questions

If you want to understand more about HSAs, here are answers to some of the most frequently asked questions:

What is a Health Savings Account?
Am I eligible for an HSA?
How can contributing to an HSA help me reduce my health care costs?
Who is eligible to be covered by my HSA account?
How much can I put in?
How much should I put in my HSA?
How do I contribute to an HSA?
How do I use an HSA to pay for qualified medical expenses?
What expenses are covered?
Can I use money from my HSA to pay for medical, dental, or vision plan premiums (payroll deduction costs)?
Can I use money from my HSA to pay for Medicare or other insurance premiums (payroll deduction costs)?
Should I invest the funds in my HSA?
What investment options are available in for my HSA?
Can my HSA earn interest?
Can I still open an HSA for the prior calendar year?
How do I manage and monitor the funds in my HSA?
What are the account fees with an HSA?
Can I use my HSA to pay for expenses incurred before I opened my account?
If I have multiple HSAs, can I consolidate them?
When will I receive HSA tax forms?
Can I make multiple and/or lump-sum contributions to my account?
How do I access funds from my HSA?
What happens if I don’t have enough funds in my HSA at the time I receive medical care or need to purchase eligible medical items?
What happens if I don’t use all the money in the HSA by the end of the year?
What if I leave my employer? What happens to the money in my HSA?
Can I contribute to an HSA if my spouse has elected to contribute to a Full Purpose Health FSA?

1In order to offer payroll deduction, an employer’s cafeteria plan must comply with Internal Revenue Code Section 125.