Account Holder FAQ

What is an HSA?

An individually owned tax-exempt interest-bearing health savings account. Allows you to manage how you plan and pay for qualified medical expenses.

Am I eligible?

To be eligible for an HSA an individual must be enrolled in a qualifying High Deductible Health Plan (HDHP) often through an employer or individually purchased through an exchange.

How it works?

Start contributing through payroll deductions or rollover from another HSA. Use your HSA funds to pay for qualified medical expenses. It's that simple.

Tax year HSA contribution limit
Individual Family
2023 $3,850.00 $7,750.00
2024 $4,150.00 $8,300.00
At age 55, an additional $1,000.00 is allowed annually


  • Contributions and earnings are tax exempt when used for qualified expenses.
  • Funds roll over from year to year as the account is owned by the individual, not the employer.
  • HSA funds can be transferred/rolled over to other HSA trustees.
  • HSA funds can be saved for retirement, as distributions are penalty free after the age of 65.
  • HSA funds are easy to distribute via debit card, online banking, or check.


  • By partnering with the HSA industry investment leader, Devenir, you will have
    access to a diverse lineup of carefully curated mutual funds which you can select
    individually or utilize the Guided Portfolio model.
  • By maintaining a $500 minimum balance you will have immediate access to funds providing you peace of mind when unexpected health care expenses arise.
  • Achieve your financial goals with the potential for additional returns.
  • Make the most of your health care dollars by maximizing tax savings.


What is an HSA?

Am I eligible for an HSA?

How much can I contribute to my HSA?

What are the tax advantages associated with an HSA?

How can I move my funds to another financial institution?

Do HSA accounts have a "use it or lose it" policy?

How do I change my address?

Will I still have access to my funds if I change employers?

Can I invest my HSA funds?

How is an HSA beneficial to retirement?

What can I spend my HSA funds on without a penalty?

Can I add a joint owner to my HSA?

How do I add a beneficiary?

Who is considered a Dependent?

How do I add a dependent?

What access will I have to my HSA funds?

Will I need to substantiate my transactions by submitting receipts?

Can I pay for my family’s expenses with my HSA funds?

Who can contribute to my HSA?

How do I close my HSA?

Is there a mobile app I can download?

Will I be receiving anything in the mail when my account is opened?

What happens if I become ineligible for an HSA?

If I pass away what happens to my HSA funds?

Can I make contributions outside of payroll?

What is the contribution deadline for my current tax year?

How do I make prior year contributions?

What is a "catch-up" contribution?

What fees may I potentially be charged?

What tax documents can I expect to receive and when will I receive them?

Will my HSA earn interest?

How do I open an HSA with Selfcare HSA?

What happens if I over contribute to my HSA?

Will SelfcareHSA allow me to spend my funds on non-qualified expenses?

When will my funds be available to spend?