Am I eligible to open an HSA?
- You must be enrolled in a qualified High Deductible Health Plan (HDHP)
- You are not covered by disqualifying coverage - disqualifying coverage includes other health plan coverage, including coverage under a spouse’s plan, Health FSA, HRA, telemedicine plan, or any other plan that provides disqualifying coverage before you have met the minimum HSA deductible.
- You are not enrolled in Medicare
- You are not someone else’s tax dependent
Can I enroll in an HSA under my name if my spouse has an HDHP plan?
No, but you can be enrolled in your spouse’s family coverage HSA.
When am I eligible to open an HSA?
You become HSA-eligible on the first day of the following month that you meet HSA eligibility criteria. If you elect an HDHP on March 15, you will become HSA eligible on April 1.
Can I open an HSA account in the middle of the year?
Yes, as long as you meet the HSA eligibility requirements.
Can I use my HSA dollars to pay for expenses prior to the start of my HSA benefits?
No, you cannot use HSA contributions to reimburse expenses that were incurred prior to the HSA being established.
However, if you had another HSA prior to establishing a new HSA, the established date of the new HSA could be the established date of the old HSA if you have an HSA with a greater than $0 balance at any time during the 18-month period ending on the date the later HSA is established. For example, if you open an HSA with another vendor on 1/1/22 and deposit money into the account, then open an HSA with Forma on 1/1/23, the Forma HSA will be considered established on 1/1/22 and could reimburse claims back to the original date. But if you only have one HSA, then no expenses incurred prior to that account being opened can be reimbursed.
What happens to my HSA if I lose eligibility?
If you lose HSA eligibility you will no longer be able to make contributions to the HSA account. However, the account is still yours and the money you’ve contributed is yours to keep. You also can still withdraw money from your account after you are no longer eligible to contribute.
You can still contribute to your HSA if you lost eligibility mid-month. For example, If your health plan changes on June 10, you can still make HSA contributions until June 30.
It is your responsibility to ensure expenses were incurred during the eligible period, as the administrator does not review HSA claims.