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Frequently Asked Questions

What expenses are covered?

• Out-of-pocket expenses for medical, dental, vision, pharmacy, and over-the-counter medical items. For a complete listing of covered items, please visit your HSA medical plan administrator’s website.

Who is eligible to contribute to a Health Savings
Account?

• You are eligible if you have enrolled in an HSA- eligible medical plan and you do not have PPO coverage in addition to your HSA Medical Plan.
• You are NOT eligible for a Health Savings Account if you (or your spouse) contribute to a General-Purpose Flexible Spending Account (FSA) and
• You are NOT eligible for a Health Savings Account if you are enrolled in a government-sponsored medical plan such as Medicare, Medicaid, or Tricare.

Who can I use the funds for?

• You can pay for qualified expenses for yourself, your spouse, and dependent children, even if they are not covered on your insurance plans.
• If your Domestic Partner meets the IRS qualifications to be considered a taxable dependent, you can use your HSA funds for his/her qualified expenses.

Can I change my contributions throughout the year?

• Yes. You are not required to encounter a Qualifying Event to adjust your HSA contribution amount. Contact HR for more details and/or limitations on when changes to HSA contributions deducted through payroll should be reported.

What if I move to a PPO medical plan next year?

• Once funds are deposited into the HSA, the account can be used to pay for qualified expenses tax-free, even if you are no longer covered by an HSA- eligible medical plan. Please note, additional funds cannot be contributed into the account if you are not enrolled in an HSA-eligible medical plan.

What if I incur more expenses than I have funds
available in my account?

• If you do not have sufficient HSA funds to pay for an eligible expense, you will need to issue payment by some other means. However, as funds accumulate in your HSA, you can reimburse yourself for those expenses provided the account was open on or before the date the expense was incurred. You will be required to provide the receipt(s) showing proof of payment.

 

For additional information regarding Health Savings Accounts, Limited Health Savings Accounts and Flexible Spending Accounts:  www.chard-snyder.com