- What Are Health Savings Accounts?
- Who Can Establish an HSA?
- How Much Can Be Contributed to an HSA?
- How Do You Establish an HSA?
- Who Can Make Contributions to an HSA?
- How Are Contributions Made to an HSA?
- Can You Make Contributions to an HSA if You Are Covered under an FSA or HRA?
- Can Your Contributions Earn Interest?
- How Are Contributions Taxed?
- How Are Distributions Taxed?
- What Are Qualified Medical Expenses?
- Are Rollovers Permitted?
- What Happens to Funds Remaining in Your HSA?
Qualified medical expenses are health-care expenses, as defined by Internal Revenue Code 213(d), that are paid by you, your spouse, or your dependents for the diagnosis, cure, mitigation, treatment, or prevention of disease. These expenses include laboratory fees, prescription drugs, dental treatment, ambulance service, eyeglasses, and hearing aids, as well as many other health care expenses. Note that over-the-counter (OTC) drugs are no not a qualifying expense. HSA funds may also be used to cover health insurance deductibles and co-payments.
Generally, health insurance premiums, including HDHP premiums, are not qualified expenses, except for the following types of health coverage:
- COBRA health care continuation coverage
- Qualified long-term care insurance
- Health care coverage while receiving unemployment compensation
- Retiree health insurance other than a Medicare supplemental policy (Medigap). This means that if you are age 65 or older, premiums you pay for Medicare Part A, Part B, Part D, or a Medicare HMO, or your share of premiums for employer-sponsored health insurance, including retiree health insurance, can be paid from an HSA.
IMPORTANT NOTE: The HSA trustee or employer is not responsible for ensuring that amounts distributed from an HSA are used for qualified medical expenses.
For a list of qualified medical expenses, see IRS Publication 502.
- ARE NOT A DEPOSIT
- ARE NOT FDIC-INSURED
- ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
- ARE NOT GUARANTEED BY THE BANK
- MAY GO DOWN IN VALUE
Important information about procedures for opening a new account
To help the government fight the funding of Terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means to you: When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Investment products are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Insurance products offered through Osaic Institutions, Inc.
