FAQs

There are federal maximum amounts an individual and family can contribute to an HSA each year. Check with your plan administrator or Human Resources department for this year's maximum.

Contributions to your HSA can be made by you, your employer, a family member or any other person contributing on your behalf. When determining if you have met the maximum allowed contribution amount for a calendar year (January through December), contributions from all persons are counted together.

Contributions can be made to your account periodically throughout the year or in one lump sum. You may contribute to your HSA at any time during the tax year. The last day to make a contribution for a calendar year is April 15 of the following year.

No, you are not eligible to participate in an HSA if you are covered under any other non-qualifying health plan.

No, only one person can own an HSA. If you are both covered under an HDHP, you may each have your own HSA.

If you cancel your HDHP coverage, you are no longer allowed to contribute to your HSA. However, you can still use the funds in your HSA for qualified medical expenses.

When you turn 65, you are eligible to enroll in Medicare. If you elect to enroll in Medicare or are automatically enrolled in Medicare Part A you can no longer contribute to your HSA. However, you are still allowed to pay for qualified medical expenses with money remaining in your HSA. At age 65, you are also allowed to make withdrawals from your HSA penalty-free, but you will pay income tax on withdrawals at that time.

Generally, no. You may only participate in an HSA if you are enrolled in a limited purpose FSA that only covers vision and/or dental expenses or does not pay until the deductible is met. If you enroll in an HDHP during the run-out period of an FSA (the additional time allowed to file FSA claims), you are still eligible to enroll in an HSA as long as the balance in your FSA is zero or if the balance in your FSA is directly transferred to your HSA.

A high deductible health plan (HDHP) is a health plan that meets the requirements to allow an individual to participate in an HSA. While the deductibles are higher, compared to other health plans, the premiums for an HDHP are often lower. You are required to be enrolled in a qualifying HDHP in order to participate in an HSA. You may not be covered in any other non-qualifying health plan (i.e. a health plan offered through your spouse's employer).

The money in your HSA is yours and will go with you if you leave your current employer. If you join another employer that offers a high deductible health plan (HDHP), you can continue to contribute to your HSA. However, if your new employer does not offer an HDHP, you cannot continue to contribute to your HSA, but you can still use the funds in your account for qualified medical expenses.

What is the maximum amount I can contribute to my HSA?

Can anyone else contribute to my HSA?

When can I make contributions to my HSA?

I am covered under my spouse's low-deductible health plan. If I enroll in my employer's HDHP, am I eligible to participate in an HSA?

Can my spouse and I have a joint HSA, similar to a joint checking account?

What if I cancel my HDHP coverage?

What happens when I turn 65?

Can I participate in an HSA and an FSA at the same time?

What is a high deductible health plan?

What happens if I terminate employment?

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