Sage-Tips

How do I withdraw money from my HSA account?

You can submit a withdrawal request form to receive funds (cash) from your HSA. If the cash is used to pay for ineligible purchases, it must be reported when you’re filing your taxes. Once it’s reported, it’s subject to an income tax and treated as though it had never been in your tax-free HSA.

How do I use my HSA account?

Using Your HSA Funds HSA Central Debit Card – Pay for eligible medical items with your HSA Central Debit Card. You can use it just like a regular debit card for transactions in-store, online, at the doctor, and at other medical merchants.

What is a health savings account allowed to be used for?

How Can I Use HSA Money? The funds in your HSA can be used to pay for qualified medical expenses incurred by you, your spouse, and your dependents. The IRS establishes what is and what is not a qualified medical expense, detailed in IRS Publication 502, Medical and Dental Expenses.

How do I use my HSA card at an ATM?

To pay using a PIN (fee per PIN transaction may apply†), swipe your card, select debit on the keypad, and enter your PIN. To withdraw HSA funds from an ATM (fee per ATM withdrawal may apply†), be sure to select the “checking” option (not savings) when asked the type of account you are withdrawing from.

Can I use my HSA for cash?

Yes, you can withdraw funds from your HSA at any time. But please keep in mind that if you use your HSA funds for any reason other than to pay for a qualified medical expense, those funds will be taxed as ordinary income, and the IRS will impose a 20\% penalty.

How do I transfer money from my HSA to my bank account?

Online Transfers – You can contribute to your account through our Member Website by following the below steps:

1. Click on “Pay Bill/Contribute” within the Member Website.
2. Click on “Add Bank Account” to add your external personal savings/checking account.
3. A small deposit will be made into your account.

Can you buy toothpaste with HSA?

Toothpaste is not eligible for reimbursement with a flexible spending account (FSA), health savings account (HSA), health reimbursement arrangement (HRA), limited-purpose flexible spending account (LPFSA) or a dependent care flexible spending account (DCFSA).