Frequently Asked Questions
1. What if employees don’t use all of their H.S.A. funds within the year?
The money is theirs. Whatever funds they don’t spend in one year remain in their accounts, earn interest and are available for the next year.
2. How do employees access their H.S.A. funds?
They can either pay their qualified medical expenses directly from their H.S.A. accounts to their physicians, facilities, or pharmacies, or pay from their own funds and reimburse themselves from their H.S.A.’s Most H.S.A. providers enable them to access their funds through a) debit card, b) ATM withdrawal, c) check, or d) online bill payment.
3. Who can open an H.S.A. account?
• An eligible individual is anyone:
• Covered by an high deductible health plan that meets IRS requirements
• Not covered under another non-HDHP health plan
• Not enrolled in Medicare
• Not eligible to be claimed as a dependent on another’s tax return
• If they have workers’ compensation benefits, specified disease or fixed indemnity coverage for hospitalization, they may still be eligible to open an H.S.A.