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Health Savings Account (HSA)

Q: Who is eligible to open an HSA?

A: Anyone, individuals, employees and employers, can open an HSA but you must have a corresponding high deductible health policy. More technically, an HSA can be established for any individual that meets all of the following:

  • is covered by a high deductible health plan
  • is not covered by another health plan
  • is not eligible to be claimed as a dependent on another person’s tax return
  • is not entitled to Medicare benefits

Q: Are there any income limits affecting eligibility?

A: No, everyone is eligible.

Q: I have a High Deductible Health Plan. Do I qualify for an HSA?

A: You may, but in order to qualify for an HSA you must be an eligible individual (see above) and have a qualified High Deductible Health Plan (HDHP). A qualified HDHP is one that has specified minimum limits for the annual deductible and maximum limits for out-of-pocket expenses. Your insurance carrier or employer should know if you have a qualified High Deductible Health Plan.

Q: I have a qualified High Deductible Health Plan. How do I set-up an HSA?

A: To open your HSA, please visit any one of our branch locations.  We will ask you a few simple questions and complete the necessary paperwork.  You can request a debit card and online banking with your account as well.

Q: Does my HSA need to be set-up with my Health Insurance Company?

A: No. The HSA can be set-up with any qualified trustee or custodian. Many people are choosing to open their HSAs with a provider that is different from their insurance company to take advantage of lower fees and establish independence in the event that they change insurance providers.  A PyraMax Bank HSA has no minimum balance and no monthly fees.

Q: Will my account be protected?

A: Yes. Your HSA checking account with PyraMax Bank is FDIC insured.

Q: What if I don’t have a high deductible health insurance policy?

A: Before you can open a Health Savings Account with HSA Resources you must first be insured with a High Deductible Health Plan (HDHP).

Q: I have an HDHP through my employer but my employer does not offer an HSA, can I still have one?

A: Yes. The HSA belongs to the individual not the employer and any eligible individual may open an HSA. As long as you are covered under a High Deductible Health Plan (HDHP) you may open and contribute to an HSA.

Q: My wife and I have family coverage, can we both open an HSA?

A: Yes. You may both open an HSA however, the total amount that may be contributed to your HSAs is still the contribution limit.  You can also open one HSA account that you both have access to; whichever you prefer.

Q: If I lose my job, what happens to my HSA?

A: Your HSA belongs to you regardless of your employment. If you lose your job and elect to retain your HDHP under COBRA you may even pay the COBRA premiums from your HSA.

Q: Who can contribute to my HSA?

A: 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. Additionally, family members may make contributions on behalf of other family members as long as the other family member is an eligible individual (i.e., has a qualified HDHP and is not otherwise insured).

Q: How much can I contribute to my HSA?

A: The guidelines for contribution maximums are set by the IRS and may change annually.  There are different contribution levels for single coverage, family coverage and for individuals over age 55.  Caution: if this is your first year of HSA eligibility the amounts above may be reduced if you fail to meet a testing period. If you are an existing HSA owner, the amounts above may be reduced if you fail to maintain your eligibility for the full tax year.  To find out the contribution limit for the current year, visit the IRS website or contact one of our branches for assistance.

Q: Can I fund my account at the family level if I have single coverage?

A: No, if you have single coverage you are limited to the individual HSA contribution limit.

Q: Do I need to fund my entire HSA all at once or can I fund it over time?

A: You can fund your account over time or all at once. Also, one of the large benefits for employees is that contributions may be tax free; individuals’ contributions may be made on a pre-tax basis, employer contributions may be deductible as employer provided coverage for medical expenses and contributions on behalf of another family member may be deductible.  Consult your tax advisor regarding your specific situation.

Q: How do I make additional contributions after I opened my HSA?

A: Simply stop by any one of our convenient branches or mail a contribution at your convenience.

Q: What is a catch-up contribution?

A: Eligible individuals who are over age 55 but under age 65 are allowed to make additional “catch-up” contributions to their HSAs. The catch-up contribution limit can change annually.  To find out the contribution limit for the current year, visit the IRS website or contact one of our branches for additional assistance.

Q: My employer only funded a portion of my HSA, can I still contribute to it?

A: Yes. You may fully fund your HSA up to the contribution limit.

Q: I am age 65 and covered under an HDHP, can I still contribute to my HSA?

A: As long as you have not enrolled in Medicare Part A or B you are an eligible individual and may contribute to your HSA. Once you enroll in Medicare you may no longer contribute to your HSA. For most individuals this means you will no longer be eligible when you turn 65.

Q: When do I have to make my contribution?

A: You can make your HSA contribution until your tax filing due date (April 15 of the year following the tax year for most people).

Q: What can I spend my HSA funds on?

A: In general you can use your HSA funds to pay for any qualified medical expense that was incurred after the HSA was established. Qualified medical expenses are a defined term created by the IRS and include: medical care, prescription drugs, and payment for long term care. The IRS website provides a specific list of qualified medical expenses.

Q: Can I withdraw the funds from my HSA account at any time?

A: Yes, however, if the funds are withdrawn for any expense other than a qualified medical expense, the IRS will impose a penalty tax. After you reach age 65 you can withdraw the funds without penalty but the amounts withdrawn will be taxable as ordinary income.

Q: Am I required to track the expenditures made from my HSA?

A: Yes, the individual who establishes the HSA is required to maintain a record of the expenses sufficient to demonstrate that the distributions were for qualified medical expenses.

Q: Can I use my HSA to pay for health insurance premiums?

A: Generally, you cannot treat insurance premiums as qualified medical expenses, but the IRS has some special instances when you can use your HSA to pay for certain premiums.  Consult the IRS website for additional information.

Q: I have an MSA can I transfer this account into an HSA and what do I need to do?

A: Yes, an MSA can be rolled over into an HSA. The process is very simple and straightforward. Simply stop into any one of our branches for assistance.

Q: Are there any limits on the amount I have to spend or on the amount I can carry over to subsequent years?

A: No, there are no limits and the entire HSA balance can be carried over from year to year.

Q: Can I transfer my IRA into an HSA?

A: Yes, the law allows a one-time transfer of IRA assets to fund an HSA. The amount transferred may not exceed the amount of one year’s contribution and individuals must be otherwise eligible to open an HSA. Transfers are not taxable as IRA distributions however; amounts transferred into an HSA from an IRA are not deductible. Simply stop into any branch for assistance.

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