Health Savings Account

You can open an HSA only if your spouse’s FSA is a limited-purpose FSA for dental and vision expenses only, not a full healthcare FSA.

Yes. But you can’t put money into your HSA until the FSA grace period is over.

No. You cannot contribute to an HSA and a healthcare FSA at the same time.

The names sound alike, but don’t confuse the two. When you enroll in a high-deductible medical plan, you can use an HSA to pay for eligible health care expenses with tax-free money. If you elect a different medical plan or no medical coverage, you can use a health care flexible spending account (FSA), which also [...]

Your HSA can be used for cosmetic surgery if prescribed by a physician and deemed to be medically necessary.

You can’t use your HSA to pay for your Albertsons Companies benefits premiums, but there are some situations that allow you to use your HSA to pay for health plan premiums. You can use your HSA to pay premiums for: COBRA continuation coverage Health coverage while getting unemployment compensation Qualified long-term care Medicare and other [...]

If you are under 65, you’ll be taxed on the money you use and assessed a penalty. After age 65, if you withdraw funds for any purpose other than qualified medical expenses, you will be subject to income taxes, but there is no penalty. Funds withdrawn for qualified medical expenses will remain tax-free.

No. You can only use the HSA funds to pay for eligible health care expenses incurred after the date your HSA was established.

Yes. You can withdraw money tax and penalty-free if used for qualified medical expenses. If you take money out for other purposes, however, you’ll have to pay income taxes on the withdrawal plus a penalty. After age 65, you can use HSA funds for other purposes without penalty. You’ll just need to pay income taxes [...]

Qualified medical expenses are the medical, dental and vision expenses defined in IRS Publication 502 (https://www.irs.gov/publications/p502).