Health Savings Accounts (HSA)

​Frequently Asked Questions

 

What is an HDHP and why do I need one?

In the United States, a high-deductible health plan (HDHP) is a health insurance plan with lower premiums and higher deductibles than a traditional health plan. Being covered by an HDHP is a requirement for having a health savings account.

Which contribution tax year should I choose?

HSA contributions for any particular year may be made on, or before, the applicable tax filing deadline for such year (usually April 15). Until the applicable tax filing date for a particular year, you have the option of making additional HSA contributions and designating them to apply to such year. Remember, however, that you must not exceed the maximum statutory limits on yearly contributions. Please consult your tax advisor if you have questions.

How many beneficiaries should I designate?

You can choose not to designate any beneficiaries. We recommend you designate at least one primary beneficiary who will inherit your account assets in the event of your death.

What is the difference between a primary and a contingent beneficiary?

A primary beneficiary receives account assets in the event of your death. A contingent beneficiary receives account assets in the event of your death only when all primary beneficiaries have also passed away.

Under what circumstances will my contingent beneficiaries receive my HSA assets?

A contingent beneficiary receives account assets in the event of your death only when all primary beneficiaries have also passed away.

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