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.
What is an HRA?
A Health Reimbursement Arrangement (HRA) is benefit funded 100% by the employer. It is designed to help employees pay for certain out of pocket expenses, tax-free. As the cost of providing medical insurance benefits continues to rise, employers are looking for creative ways to maintain benefit levels while at the same time attempting to contain […]
What are my HRA’s eligible expenses?
Eligible expenses are determined by your employer. If you are not familiar with your company’s HRA plan design, please see your Human Resources representative or contact FlexBank.
How do I request reimbursement?
We want to make it as easy for you to obtain reimbursement. In order to process your request, we must have the information required to make sure your request is for an allowable expense. To assure prompt service, please follow these simple steps. Always use a claim form, it’s short and easy. You can find […]
Am I able to receive my reimbursement via direct deposit?
It’s up to you. You may receive your reimbursement via check or direct deposit. Some employers may require FlexBank reimburse you via direct deposit, similar to requiring direct deposit for payroll.
How long will it take to make a withdrawal?
Reimbursement requests are processed on a daily basis.