Frequently Asked Questions

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Can I use my HSA to pay for medical expenses incurred before I set up my account?

No. You cannot reimburse qualified medical expenses incurred before your account is established. We recommend you establish your account as soon as possible.

Can I use my HSA to pay for non-qualified medical expenses or anything I want?

Yes. You may withdraw funds from your HSA for items other than qualified medical expenses, but in most cases these funds  will be subject to income tax and an additional 10% penalty tax on the amount withdrawn.

How do I access my account to pay for prescription drugs and other services not covered by my insurance?

If you opened your HSA account with HealthEquity®, they will send you an HSA debit card for these types of transactions. You can also contact HealthEquity® for fast reimbursement for expenses. If you opened your HSA account with another financial institution, contact that institution for details about your HSA.

How do I know which medical expenses are qualified?

Your HSA can be used for a variety of medical expenses and goods including those not covered by your insurance such as medical services, prescriptions, over-the-counter drugs, dental work, acupuncture, chiropractic care, eyeglasses, contacts, and more.

A complete list of IRS qualified health care costs Leaving websitepdf

How much can I contribute to my HSA?

In 2010, you can contribute up to $3,050 annually for yourself, $6,150 for your family. If you are between the ages of 55 and 65, you can contribute or “catch up” an additional amount of $1,000 in 2010.

I’ve heard people refer to their HSA as a retirement nest egg. How does that work?

Each year, any money not used for medical expenses stays in your account, growing tax deferred for future medical costs or retirement. Over time, your HSA has the potential to grow into a significant nest egg. After the age of 65, you can use money without penalty for any expenses. You simply pay regular income tax on the withdrawal.

What are the tax implications of using an HSA Account?

Any money that is contributed to your HSA Account is tax deductible, earnings in your account are tax deferred, and withdrawals for qualified expenses remain tax free. As always, check with your accountant for specific tax benefits.

What expenses can I use my HSA money for?

HSA funds can be used for qualified health costs that have been determined by the IRS. A complete list of IRS qualified health care costs Leaving websitepdf

What happens to my HSA if I leave my American Republic Insurance Company health plan?

You own the HSA, so you keep the account, even if you change health insurance plans or insurance companies. If you’re no longer enrolled in an HSA-qualified health plan, you are not eligible to make new contributions to your HSA, but you can continue to withdraw funds for qualified medical expenses.

What if I don’t use all of the money I have contributed to my HSA Account at the end of the year?

You will not lose this money. It will roll-over to the following year.

What’s an HSA?

A Health Savings Account (HSA) is an account you can use for qualified healthcare expenses. Once you put money into the account, it's yours forever - the HSA is in your name, just like a personal checking or savings account.

Why use an HSA for healthcare expenses?

Because you fund the HSA with pre-tax money, you're using tax-free funds for healthcare expenses you’d normally pay for out-of-pocket. Your HSA contributions don’t count toward your taxable income for federal taxes. They’re not taxable in most states, as well.

Since the money always belongs to you, and unused funds carry over from year to year, you never have to worry about losing your money. That means if you don’t use a lot of healthcare services now, your HSA funds will be there if you need them in the future – even after retirement.


 

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Not connected with or endorsed by the United States government or the Federal Medicare program.

Please Select Your State

American Republic Insurance Company serves customers in many states. However, not all products are available in all states.

Please select your state to continue.

 Go   Close


Not connected with or endorsed by the United States government or the Federal Medicare program.

Please Select Your State

American Republic Corp Insurance Company serves customers in many states. However, not all products are available in all states.

Please select your state to continue.

Go   Close

Not connected with or endorsed by the United States government or the Federal Medicare program.