Commonly Asked Questions
Who is Health Savings Administrators?
Health Savings Administrators is the administrator and the first point of contact for your HSA. We are not a bank. HSA Bank serves as our custodian. The role of the custodian is to process all funds in and out of the account, provide tax reporting, and supply and service the debit card/checking account portion of your HSA.
What options are available for my account?
Your Health Savings Account has two components: A mutual fund investment account and/or a debit card/checking account. You can make contributions to either or both components
Vanguard Investment Option: You may choose to invest your HSA money in up to 4 different Vanguard Funds from the 22 funds offered.
Debit Card Option: The account can be used to pay for eligible medical expenses or to reimburse yourself for eligible out-of-pocket medical expenses using the available balance in your account. Please note that you cannot access the Vanguard Mutual funds through your debit card account.
What will I receive after my account is opened?
Once your enrollment has been received and your account is set up, Welcome Letters from Health Savings Administrators and HSA Bank will be mailed to your home address. If you elected the debit card option, your debit card will arrive within 7 to 10 business days of opening your account. Please check your mail carefully as the card will come in a nondescript envelope for your security from Sheboygan, WI.
Can I view my account balance online?
Yes, click on CUSTOMER LOGIN in the top right corner of this website.
Will I receive statements on my account?
All account holders will receive a quarterly statement from HSA Bank either by mail or electronically which reflects the balance in the debit card/checking account, and all activity in your HSA. This statement will not reflect the balance in your Vanguard Funds. If you prefer not to receive the paper statement from HSA Bank, click here to log in to your Internet Banking account, go to Profile, then Statement Preferences and select the preferred method of delivery.
Vanguard Only: If you elected e-mail delivery, a notification will be sent to you when your quarterly statement is available to be viewed online. Otherwise, you will receive your quarterly paper statement at your home address ($10 annual fee applies).
Can I use the funds in my HSA for my spouse and/or child?
Yes, the funds in your HSA can always be used to pay the eligible medical expenses of the account holder, their spouse and any tax dependents. Insurance coverage for your spouse and tax dependents does not affect the ability to use the funds for their expenses.
What are qualified medical expenses?
To help you determine whether an expense qualifies for tax-free reimbursement under your HSA, Internal Revenue Code Section 213(d) states that eligible expenses must be made for “medical care.” This is defined as amounts paid for the “diagnosis, cure, mitigation, treatment or prevention of disease, or for the purpose of affecting any structure or function of the body.” This includes medical, dental and vision. You may also refer to IRS Publications 502 and 969 for extensive lists of eligible expenses. Click here for more information.
Can I use funds from my HSA for non-qualified medical expenses?
Yes, but funds used for non-qualified medical expenses must be reported in your annual income tax filing and are subject to income tax and a 20% penalty. The 20% penalty doesn't apply to distributions made after your death or disability, or after you've reached age 65.
What is the deadline for submitting claims for reimbursement from my HSA?
There is no deadline for submitting claims for reimbursement from an HSA. In the event of an IRS audit, you will be required to produce receipts for any medical expenses that have been reimbursed from your HSA.