Individual HSA Support

Individual HSA Support2020-10-16T18:43:25-04:00

Frequently Asked Questions

What does it cost to open an account and why is a fee entailed? 

There is a $3.00 monthly maintenance fee upon opening a ConnectYourCare individual health savings account. This fee is automatically deducted from your account each month, as an eligible plan expense by the IRS.  

The fee—competitive with industry rates—not only ensures account maintenance and real-time transaction and balance information, but serves to provide you access to a variety of additional member benefits, including but not limited to:  

  • Award-winning educational HSA resources 
  • A user-friendly, on-the-go mobile application 
  • Easy-to-use investment tools 
  • 24/7 customer support to make it easy for you to save, fund, and invest for your future. 
How is an HSA different than a flexible spending account?

You own and control the money in your HSA, and contributions roll over year to year. On the contrary, a flexible spending account, or “FSA,” is less flexible (despite the name), as the account is owned by an employer, and funds not spent by the end of a plan year could be forfeited (unless a plan has a grace period or rollover option).

With an HSA, decisions on how to spend funds are made by you without relying on a third party or a health insurer. You also decide what types of investments to make with the money in your account. 

What expenses are covered under my HSA?

There are thousands of items and services that are approved health care expenditures under IRS Code Section 213(d) Eligible Medical Expenses. (View a sample list of eligible HSA expenses here.)   

HSAs can cover out-of-pocket prescription costs, medical copayments or coinsurance, long-term care costs, dental care, and vision care. Your HSA dollars can also be used to pay for some post-tax insurance premiums, like COBRA and long-term care premiums. Additionally, in March 2020, the U.S. Government passed the CARES Act, which includes over-the-counter items as eligible expenses for coverage without a prescription or letter of medical necessity from a physician.  

What investment options are available to maximize my HSA savings?

You have several funds to choose from, with offerings across a variety of recognized fund classes. Once signed up for an individual health savings account with ConnectYourCare, you can elect and manage your investment options through our easy-to-use investment tool. Additionally, you may choose to set up automatic investment of your HSA funds according to your preferences.

How do I know if I’m eligible for an HSA?

It’s great we’ve piqued your interestTo take advantage of a health savings account, you must be covered by a qualifying High Deductible Health Plan (HDHP). Further, you can’t be claimed as a dependent on someone else’s tax return, nor can you be enrolled or covered under any other types of health care coverage, such as Medicare or military/veteran health benefits.  
 
A HDHP generally costs less than what traditional health care coverage costs, so the money that you save on insurance can then be put into your HSA. 

How much can I contribute to my HSA each year?

In 2021, the maximum contribution for an individual with single coverage is $3,600, and the maximum contribution for an individual with family coverage is $7,200.

Individuals age 55 or older (and not yet enrolled in Medicare) can make additional “catch-up” contributions of up to $1,000 per person each year, which can provide extra help to many early retirees.

What if I already have an HSA?

Congratulations on taking that first step towards healthy savings!  While there is no limit to the number of health savings accounts an individual can own, your annual contributions across all of your accounts can’t exceed the IRS maximum contribution amounts for individual or family coverage in a given tax year. This includes any employer contributions made to your employer-based health savings account, as well as any contributions you make to your individual health savings account. 

Is there a minimum balance requirement?

There is no minimum balance required to establish a health savings account with ConnectYourCare, so you can fund your account with as little or as much as you would like (within IRS annual contribution limits) when you are ready. And it’s ok to start off small! Once your account balance exceeds $1,000 dollars, you’ll be able to invest your HSA funds, maximizing your health care savings nest egg.   

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