What are the requirements to participate in an HSA?

You are eligible to participate in a Health Savings Account if you:

• have coverage under a qualifying high deductible health plan (HDHP).
• are not enrolled in Medicare.
• are not eligible to be claimed as a dependent on someone's tax return.
• are not covered by any other non-qualifying health plan (ie. A health plan offered through your spouse’s employer).
• and/or your spouse are not enrolled in a Health Care FSA.

Can I transfer funds from another investment account to my HSA?

A one-time, tax-free transfer of IRA funds to your HSA is allowed.

What happens to my HSA if I pass away?

If you die and your surviving spouse is listed as your beneficiary, your HSA will be treated as your spouse's HSA. If you have no surviving spouse or your spouse is not listed as your beneficiary, the funds in your HSA will be included in the federal gross income of your estate or your beneficiary.

What happens to unused funds in my HSA at the end of the year?

Unused funds in your HSA will roll over each year. There is no time limit to use your funds.

What happens if I spend HSA dollars on non-medical expenses?

Any HSA money you spend on non-medical expenses will require you to pay taxes on that amount and, unless you are 65 years of age or older, you'll also pay a 20 percent penalty.

Can I use the money in my HSA to pay for health insurance premiums?

Generally, you are not allowed to use HSA dollars to pay health insurance premiums. However, exceptions include COBRA premiums, long-term care premiums, Medicare Part D premiums or any premiums that allow you to continue coverage while receiving unemployment compensation.

Can I see how much is in my HSA?

There are four ways to access your plan details:

1. The easiest option is to use the Surency mobile app. The mobile app is available for download from the Apple App Store or Google Play. On the mobile app, you can view your current account balance, file claims, purchase HSA-approved items and securely contact Surency. 
2. Log in to your Member Account to view your account details, file claims and more. 
3. Contact Surency Customer Service at 866-818-8805. 
4. You can also sign up to receive electronic updates on your plan via email and/or text alerts. Log in to your Member Account and visit the "Statements & Notifications” tab to select your notification preferences.  

What can I pay for with my HSA dollars?

You can use money set aside in your HSA on qualified medical expenses, generally those medical expenses not covered by insurance. Qualified medical expenses include diagnosis, treatment and prevention of disease or treatment for any part or function of the body. Cosmetic medical expenses (such as a facelift) and expenses that benefit your general health (such as health club fees) are not eligible. View a list of qualified medical expenses.

What funds are available to me at the start of the year?

The funds in your HSA are available as they are contributed. As you contribute additional funds to your account later in the year, you can be reimbursed for qualified medical expenses paid out-of-pocket earlier in the year (as long as the expenses were incurred after the establishment of your HSA).