Health Savings Account

Learn about your health savings account (HSA), tax benefits, and unique features found only in First Dollar.

Colin Anawaty avatar Kayla Gross avatar Mason Endres avatar
66 articles in this collection
Written by Colin Anawaty, Kayla Gross, and Mason Endres
Getting Started

Are there any bank fees I should be aware of?

Mason Endres avatar
Written by Mason Endres
Updated over a week ago

How is a First Dollar HSA different?

First Dollar members enjoy zero-fees, pharmacy savings, exclusive member benefits, and best-in-class investing with TD Ameritrade
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Written by Kayla Gross
Updated over a week ago

What if I already have an HSA?

There are two ways to transfer an existing HSA if you already have one: 1) rollover or 2) trustee transfer.
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Written by Kayla Gross
Updated over a week ago

What is a Health Savings Account (HSA)?

An HSA is an account designed to support your high-deductible health plan (HDHP) so that you can reduce your out-of-pocket expenses.
Colin Anawaty avatar
Written by Colin Anawaty
Updated over a week ago

What are the benefits of an HSA?

1) You own your HSA, not your employer. 2) Your money rolls over yearly 3) It's triple tax-advantaged 4) You can invest your savings
Colin Anawaty avatar
Written by Colin Anawaty
Updated over a week ago

How does an HSA work?

A health savings account (HSA) is the only retirement account that is triple-tax-advantaged. Save, spend, & invest tax-free for your health.
Colin Anawaty avatar
Written by Colin Anawaty
Updated over a week ago

Isn't an HSA the same as an FSA?

No. HSA's are used to support HDHP's. Unlike FSA's, you own the HSA, not your employer, and your funds roll over at the end of the year.
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Written by Colin Anawaty
Updated over a week ago

What's the difference between an HSA and an HRA?

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Written by Colin Anawaty
Updated over a week ago

Why should I put money into my HSA over some other retirement account like a 401K?

The HSA is a triple-tax advantaged savings vehicle (one more than a 401k).
Kayla Gross avatar
Written by Kayla Gross
Updated over a week ago

Do I have to get an HSA if I am on a High Deductible Health Plan?

No, but you should! You'll be able to make contributions to your HSA and pay for qualified medical expenses using your pre-tax dollars!
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Written by Kayla Gross
Updated over a week ago
Am I Eligible?

What if I’m a dependent on someone’s health insurance plan?

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Written by Mason Endres
Updated over a week ago

Can I be covered under another insurance plan and still be eligible for an HSA?

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Written by Kayla Gross
Updated over a week ago

How can I get an HSA?

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Written by Kayla Gross
Updated over a week ago

How many HSAs can I have?

You can have as many HSA's as you want, but you can only contribute the maximum annual contribution limit across all of your HSA's.
Colin Anawaty avatar
Written by Colin Anawaty
Updated over a week ago

When am I eligible to open an HSA?

You become HSA-eligible on the 1st day of the 1st month that you meet all HSA-eligibility criteria.
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Written by Colin Anawaty
Updated over a week ago

What are the requirements to open an HSA?

You should 1) only be on an HSA-eligible HDHP 2) not also have an FSA 3) not be someone's dependent 4) not be enrolled in medicare.
Colin Anawaty avatar
Written by Colin Anawaty
Updated over a week ago

If I have a family, can I still have a HSA?

Yes! If your spouse and/or family is covered under your HSA-qualifying HDHP you can contribute a higher amount ($7,200 in 2021).
Colin Anawaty avatar
Written by Colin Anawaty
Updated over a week ago

What happens if I am enrolled in Medicare but still have an HDHP? Can I still have an HSA?

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Written by Kayla Gross
Updated over a week ago

How can you tell if you have a qualifying High Deductible Health Plan (HDHP)?

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Written by Colin Anawaty
Updated over a week ago

What's the connection between HSAs and health insurance premiums?

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Written by Colin Anawaty
Updated over a week ago

I no longer have an HDHP. Can I use my HSA?

If you're no longer on an HDHP, you can't contribute to it, but you may continue investing and/or paying for qualified medical expenses.
Colin Anawaty avatar
Written by Colin Anawaty
Updated over a week ago

What does it mean if my application for an HSA is “pending”?

This means that your First Dollar HSA needs a little extra time to process and confirm everything is correct for your safety and security.
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Written by Colin Anawaty
Updated over a week ago

Why was my HSA application denied?

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Written by Colin Anawaty
Updated over a week ago

Can I open an HSA account in the middle of the year?

Yes! You can open an HSA at any point as long as you're on a qualifying HDHP.
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Written by Kayla Gross
Updated over a week ago
Depositing Money

Can anyone put money in my HSA?

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Written by Mason Endres
Updated over a week ago

Is there a limit to how much can be gifted?

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Written by Mason Endres
Updated over a week ago

How do I tell others to gift money to my HSA?

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Written by Mason Endres
Updated over a week ago

What is HSA Gifting?

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Written by Mason Endres
Updated over a week ago

How do I deposit money?

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Written by Colin Anawaty
Updated over a week ago

How much can I contribute into an HSA?

For 2020, families can contribute up to $7,100 and individuals can contribute up to $3,550.
Kayla Gross avatar
Written by Kayla Gross
Updated over a week ago

Who can contribute to my HSA?

Anyone can contribute to your HSA, as long as your contributions do not exceed the maximum annual limit in any given year.
Colin Anawaty avatar
Written by Colin Anawaty
Updated over a week ago

I am 55 or older. Is there a catch-up contribution I can make?

If you are 55 or older and not yet enrolled in Medicare, you can make an annual catch-up HSA contribution of $1,000,
Colin Anawaty avatar
Written by Colin Anawaty
Updated over a week ago

Can I make HSA contributions and distributions if I am eligible for VA medical benefits?

Kayla Gross avatar
Written by Kayla Gross
Updated over a week ago

What happens if I contribute too much to my HSA?

You'll potentially have to pay an extra 6% tax on your excess contribution, and you can't claim a tax deduction for the extra contributions.
Colin Anawaty avatar
Written by Colin Anawaty
Updated over a week ago

What am I allowed to contribute if I stop being covered under a HDHP midyear?

If you're no longer on an HDHP, you can't contribute to it, but you may continue investing and/or paying for qualified medical expenses.
Kayla Gross avatar
Written by Kayla Gross
Updated over a week ago

Can I move money from my 401k to my HSA?

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Written by Colin Anawaty
Updated over a week ago

Is there an income limit or restriction for contributing to an HSA?

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Written by Colin Anawaty
Updated over a week ago

Is First Dollar a checking or savings account?

Despite being called a health "savings" account, the HSA is actually a checking account!
Kayla Gross avatar
Written by Kayla Gross
Updated over a week ago

What can I contribute if I enrolled in an HDHP mid-year?

If you enrolled into an HSA-eligible HDHP mid-year, you can still contribute up to the maximum HSA contribution for that year.
Kayla Gross avatar
Written by Kayla Gross
Updated over a week ago

Can I rollover or transfer money from an IRA into a First Dollar HSA?

Yes! You can make a once in a lifetime transfer from an IRA to an HSA.
Kayla Gross avatar
Written by Kayla Gross
Updated over a week ago