MyHSA FAQs

Below is a list of commonly asked questions, if you do not see what you are looking for, or if there are any further questions, please contact our Help Desk at: 1 (800) 576-9472, 7:30 a.m. – 5:00 p.m. CT, Monday – Friday.

What is an HSA?

An HSA, or Health Savings Account, is a tax-favored savings account used to pay for qualified medical expenses of the account holder, the account holder’s spouse and any eligible dependents tax free.

Who is eligible for an HSA?

To be eligible for a Health Savings Account, an individual must be covered by an HSA Qualified Health Plan, and must not be covered by other health insurance (does not apply to specific injury insurance and accident, disability, dental care, vision care, long-term care) that is not HSA qualified, you can not be enrolled in Medicare, and you can’t be claimed as a dependent on someone else’s tax return.

What is an "HSA Qualified Health Plan"?

An "HSA Qualified Health Plan" is what is known as a High Deductible Health Plan (HDHP). The IRS defines an HDHP as: "having a higher annual deductible than typical health plans, and having a maximum limit on the sum of the annual deductible and out-of-pocket medical expenses that you must pay for covered expenses. Out-of-pocket expenses include copayments and other amounts, but don’t include premiums." Below are the current and previous years' limits as described by the IRS:

Who can contribute to an HSA?

Contributions to HSAs can be made by either the employer or the individual, or both. If contributions are made by the individual, it is an “above-the-line” deduction. If contributions are made by the employer, it is not taxable to the employee (excluded from income). Contributions can also be made by others on behalf of an eligible individual and deducted by the MyHSA account holder. All contributions are aggregated.

How much can I contribute to an HSA?

The maximum amounts allowed for contributions can change from year to year. Below are the most recent yearly amounts provided by the IRS. However, changes can occur at any time.

How is money desposited in my HSA?

Money may be deposited to your HSA through payroll deduction, if your employer participates in such a program, or you may make deposits directly to your HSA account. These deposits—known as after-tax contributions—may be made periodically or in a lump sum, but only up to the contribution limits set by the IRS.

How are contributions allocated in my HSA account?

The first $200 that you contribute to your MyHSA account will be held in cash; we call this the "cash threshold". All contributions above the cash threshold will automatically be invested in one or more of the investment options available as set up by the account holder.

If you have selected the investment(s) and the percentages that you want to be allocated to each fund then every time you make a contribution to your MyHSA account any dollars above the cash threshold will be allocated to those investments by the percentage that you setup. You can change your future allocation at any time.

What if I haven't selected any investment elections on my account?

The first $200 that you contribute to your MyHSA account will be held in cash; we call this the "cash threshold". All contributions above the cash threshold will automatically be invested in one or more of the investment options available as set up by the account holder.

If you deposit any funds into your MyHSA account before you have selected your investment options the additional funds above the cash threshold will default into the HSA program default investment option. At any time you can move funds between investment options and setup future contribution allocations.

Who has control over the money invested in my HSA?

You, as the HSA account holder have control over the assets in your account.

Do HSA funds rollover year-after-year and get invested?

Yes, the money invested in a HSA rolls over every year and will continue to grow. An HSA is not a "Use-It-Or-Lose-It" type of account it is a "Use-It-Or-Keep-It" account. The money not spent in an HSA account by the end of the year stays in the HSA account and the account holder continues to have access to those funds to pay for future qualified medical expenses tax free.

Who can make catch-up contributions to an HSA?

Account holders who are 55 or older, who are also covered by a HDHP can make an additional catch-up contribution to their own account. The maximum “catch-up” contribution to an HSA is .

Can we have a joint HSA, like our regular checking account?

No, only one person can be named the account owner of an HSA account. If both you and your spouse have HSA qualified health insurance, you could each have your own account.

If both you and your spouse have family coverage under an HSA qualified health plan, the maximum total tax-deductible HSA contribution both of you can make (including employer contributions) is the IRS limit for family coverage. For the max is . This contribution can be divided between you and your spouse however you wish. If you and/or your spouse are eligible to make catch-up contributions, you may each contribute your eligible catch-up contribution to your own HSA account.

What can distributions from my HSA be used for?

Distributions from an HSA can be distributed for either qualified medical or other expenses. If the amount distributed is used for qualified medical expenses, then the distribution is tax free. If the amount distributed is used for other than qualified medical expenses, the amount distributed will be taxed and, for individuals who are not disabled or over age 65, subject to a 20% tax penalty.

HSA account holders can use the money in their HSA to pay for their own qualified medical expenses and the qualified medical expenses of their spouse and any eligible dependents tax free.

Are dental and vision care qualified medical expenses under an HSA?

Yes, as long as these are deductible under the current rules. For example, cosmetic procedures, like cosmetic dentistry, are generally not deductible and would not be considered qualified medical expenses.

What happens to the money in an HSA after I hit age 65?

Once you turn 65, if you enroll in Medicare, the money in your HSA can be used for health expenses and to pay certain insurance premiums like Medicare Part A & B. It cannot be used to purchase a Medigap policy. It can also be used for any other qualified medical expenses. If used for qualified medical expenses, the amounts come out of the account tax free. If used for other expenses, the amount received will be taxable (however the tax penalty will no longer apply). If when you turn 65 you do not enroll in Medicare and are otherwise a qualified individual per section 223 of the Internal Revenue Code you may continue to contribute to your HSA account. At the point you elect to enroll in Medicare you can no longer contribute to your HSA.

Be sure to consult with Medicare if you are thinking about delaying your enrollment in Medicare to better understand how delaying your Medicare enrollment will impact you.

What happens to my HSA funds when I die?

Your HSA is an inheritable account. What happens to your HSA when you die depends who you named as your beneficiary.

Spouse designated beneficiary If your spouse is your designated beneficiary, the account will be treated as your spouse's HSA after your death. The account will continue to be tax-free for qualified medical distributions. If your spouse is covered by an HSA qualied health plan, contributions to the account may also be made tax-free, up to maximum annual contribution limits.

Other than Spouse designated beneficiary If you designate someone other than your spouse as the beneficiary of your HSA:

1. The account stops being an HSA on the date of your death.
2. The fair market value of the HSA becomes taxable to the beneficiary in the year in which you die.

Your estate is the beneficiary If your estate is the beneficiary of your HSA, the value of your account is included on your final income tax return.

NO designated beneficiary on file If you do not have a beneficiary on file, the funds are payable to the accountholders estate.

Can I rollover or transfer funds from my IRA to my HSA?

Yes. The government does allow a one-time transfer of funds from an IRA to an HSA. The transferred amount, when combined with other HSA contributions for the year, may not exceed your annual maximum contribution.

Be aware that if you do not remain covered by an HDHP for the 12 months following the IRA to HSA rollover, the transferred amount must be included in your income and is subject to a 10% tax penalty.

What tax forms will I receive to include with my annual tax fillings?

Form 1099-SA (you will get in January) notifies the IRS of distributions made from your HSA during the tax year. Form 5498-SA (you will get in May because you have until April 15th of the current year to make a contribution for the previous year) notifies the IRS of contributions made to your HSA during the tax year. EPIC Retirement Plan Services will send the appropriate year-end forms to you. The forms that you receive are informational only forms. We electronically upload the forms to the IRS.

How do I log in to my HSA account?

You can log in to your MyHSA account 24/7 by going to https://go-retire.com/myhsa.

If you need assistance or are having issues logging in to your account, please call our Help Desk at: 1 (800) 576-9472.

How do I get a PIN for the MyHSA Debit Card?

Please follow these instructions to set up your MyHSA Debit Card PIN.

If you need assistance or are having issues setting up your PIN, please call our Help Desk at: 1 (800) 576-9472.

What should I do if my debit card is lost or stolen?

To report a lost or stolen debit card, please call 1-800-576-9472. If no one is available or it is after hours, please leave a message which includes the account holder’s name, the card holder’s name (if dependent card) and a call back number. A customer service representative will return your call as soon as possible.

You will want to monitor all transactions on your account (You will find a Claims History Widget on the Home Page of your online account). Most fraudulent activity must be reported within 50 days. A customer service representative will be happy to assist you with the claim process.