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HSA 101: Paying for Eligible Expenses
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What’s Covered?
IRS publication 502
IRS publication 969
Medical Calculator
Not all medical procedures are priced equally. Before your appointment, use this calculator to determine a fair price for the service, procedure or office visit. This resource recommends pricing that providers typically receive from insurance companies in your area.
Frequently asked questions
Click here to view examples of qualified medical expenses. For a comprehensive list, see IRS publication 502 and IRS Publication 969.
Yes, but funds used for non-qualified medical expenses must be reported on the HSA owner’s annual income taxes and are subject to income tax and a 20% penalty. The 20% penalty doesn’t apply to withdrawals made after the accountholder has reached age 65 or after their disability or death.
There is no deadline for submitting claims for reimbursement from an HSA. In the event of an IRS audit, the accountholder will be required to produce receipts for any medical expenses for the amounts that have been reimbursed from their HSA.
Yes. In additional to paying for the accountholder’s own expenses, the HSA can be used to pay for a spouse’s and/or child(ren)’s qualified expenses, regardless of their insurance coverage. For additional information regarding domestic partnerships, divorce, etc., see IRS publication 969.
Funds can be withdrawn online, via debit card or by mail or fax.
- To withdraw funds online, an accountholder should log into his/her account and/or watch our “how to” video. After logging in, they can go to SERVICES > WITHDRAWAL/REIMBURSE, enter the amount to withdraw and how he/she would like to receive the funds, then click Submit.
- To withdraw funds via debit card, simply visit any ATM. For accountholder security, there’s a $500 daily limit on ATM withdrawals. Funds are deducted from the accountholder’s cash account. A debit card cannot access an investment account; however, funds can be moved between investment account and cash account online.
- To withdraw funds by mail or fax, an accountholder should download, complete and submit our Withdrawal Form. Two weeks should be allowed to complete this request.
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