My employer offers an FSA, can I have both an FSA and an HSA?
You can have both types of accounts, but only under certain circumstances. General Purpose Flexible Spending Arrangements (FSAs) will typically make you ineligible for an HSA. General purpose FSAs reimburse medical, vision and dental expenses for you, your spouse and your dependents. If your employer offers a “limited purpose” (limited to dental, vision or preventive […]
My employer offers an HRA, can I have both an HRA and an HSA?
You can have both types of accounts, but only under certain circumstances. Health Reimbursement Arrangements (HRAs) that reimburse your medical expenses from first dollar will typically make you ineligible for an HSA. If your employer offers a “limited purpose” (limited to dental, vision or preventive care) or “post-deductible” (pay for medical expenses after the IRS deductible […]
My spouse has an FSA or HRA through their employer, can I have HSA?
You cannot have an HSA if your spouse’s FSA or HRA can pay for any of your medical expenses before your HDHP deductible is met.
I don’t have a job, can I have an HSA?
Yes, if you have coverage under an HSA-eligible HDHP. You do not have to have earned income from employment. In other words, the money can be from your own personal savings, income from dividends, unemployment or welfare benefits, etc.
Does my income affect whether I can have an HSA?
There are no income limits that affect HSA eligibility.
I’m a single parent with HDHP coverage but have a child that can be claimed as a dependent for tax purposes and this dependent also has non-HDHP coverage. Am I still eligible for an HSA?
Yes, you are still eligible for an HSA. Your dependent’s non-HDHP coverage does not affect your eligibility, even if they are covered by your HDHP.
What is a Health Savings Account (HSA)?
An HSA is a savings account in your name that offers a different way to pay for health care expenses on a tax-advantaged basis. HSAs enable you to pay for current eligible medical expenses and save for future ones on a tax-free basis. In order to be eligible to contribute to an HSA, the HSA […]
What is a “High Deductible Health Plan” (HDHP)?
You must be enrolled in an HSA-eligible high deductible health plan (HDHP) if you want to legally open and contribute to an HSA. An HDHP is a health insurance plan that generally doesn’t pay for first dollar health care expenses, other than preventive services. Your HSA is available to help you pay for qualified medical […]
How can I open a Health Savings Account (HSA)?
Contact FlexBank at 888.677.8373.