FAQs | Surency

Generally, no. You may only participate in an HSA if you are enrolled in a limited purpose FSA that only covers vision and/or dental expenses or does not pay until the deductible is met. If you enroll in an HDHP during the run-out period of an FSA (the additional time allowed to file FSA claims), you are still eligible to enroll in an HSA as long as the balance in your FSA is zero or if the balance in your FSA is directly transferred to your HSA.

A high deductible health plan (HDHP) is a health plan that meets the requirements to allow an individual to participate in an HSA. While the deductibles are higher, compared to other health plans, the premiums for an HDHP are often lower. You are required to be enrolled in a qualifying HDHP in order to participate in an HSA. You may not be covered in any other non-qualifying health plan (i.e. a health plan offered through your spouse's employer).

The money in your HSA is yours and will go with you if you leave your current employer. If you join another employer that offers a high deductible health plan (HDHP), you can continue to contribute to your HSA. However, if your new employer does not offer an HDHP, you cannot continue to contribute to your HSA, but you can still use the funds in your account for qualified medical expenses.

You are eligible to participate in a Health Savings Account if you:

have coverage under a qualifying high deductible health plan (HDHP).
are not enrolled in Medicare.
are not eligible to be claimed as a dependent on someone's tax return.
are not covered by any other non-qualifying health plan (ie. A health plan offered through your spouse’s employer).
and/or your spouse are not enrolled in a Health Care FSA.

A one-time, tax-free transfer of IRA funds to your HSA is allowed.

If you die and your surviving spouse is listed as your beneficiary, your HSA will be treated as your spouse's HSA. If you have no surviving spouse or your spouse is not listed as your beneficiary, the funds in your HSA will be included in the federal gross income of your estate or your beneficiary.

Unused funds in your HSA will roll over each year. There is no time limit to use your funds.

Any HSA money you spend on non-medical expenses will require you to pay taxes on that amount and, unless you are 65 years of age or older, you'll also pay a 20 percent penalty.

Generally, you are not allowed to use HSA dollars to pay health insurance premiums. However, exceptions include COBRA premiums, long-term care premiums, Medicare Part D premiums or any premiums that allow you to continue coverage while receiving unemployment compensation.

There are four ways to access your plan details:

The easiest option is to use the Surency mobile app. The mobile app is available for download from the Apple App Store or Google Play. On the mobile app, you can view your current account balance, file claims, purchase HSA-approved items and securely contact Surency.
Log in to your Member Account to view your account details, file claims and more.
Contact Surency Customer Service at 866-818-8805.
You can also sign up to receive electronic updates on your plan via email and/or text alerts. Log in to your Member Account and visit the "Statements & Notifications” tab to select your notification preferences.

HSA FAQs

Can I participate in an HSA and an FSA at the same time?

What is a high deductible health plan?

What happens if I terminate employment?

What are the requirements to participate in an HSA?

Can I transfer funds from another investment account to my HSA?

What happens to my HSA if I pass away?

What happens to unused funds in my HSA at the end of the year?

What happens if I spend HSA dollars on non-medical expenses?

Can I use the money in my HSA to pay for health insurance premiums?

Can I see how much is in my HSA?

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