Are there any tax implications if I use money from my HSA Advance fund?

No. Use of the HSA Advance fund has no tax implications. At year end, you will receive Form 5498-SA showing the amount contributed to your HSA during the year. If you have questions, contact your tax preparer or visit IRS.gov for tax preparation resources.

How do I pay back the HSA Advance funds?

Your HSA Advance repayment balance is automatically repaid as your payroll deductions and employer contributions are applied to your HSA until the advance is paid in full.

How do I know how much money is available through HSA Advance?

You can access HSA Advance details any time using the Accounts Page in your Member Account. It will tell you your Total Available Balance, which will include what is in your HSA currently plus any unused funds from HSA Advance. It will also show you a breakdown of your different accounts, including the Advance Balance, which is the amount available in your HSA Advance fund.

On the Account Activity page, you can select to view activity for your HSA or your HSA Advance account. There, you can see all transfers that have been made, and if you have an outstanding HSA Advance balance that needs to be repaid.

What if I don’t want to use this feature?

If your employer allows for HSA Advance, it is included with your HSA automatically; there is no option to opt out. If you don’t wish to use this feature, be sure to carefully monitor your HSA cash balance using the Surency mobile app or online Member Account to ensure that payments do not exceed your balance.

Are there any fees to use this feature?

No. Unlike a bank overdraft advance, HSA Advance does not accrue interest, and you do not pay any additional fees if you access funds in the account.

When are the HSA Advance funds available?

Your HSA Advance funds will be available for eligible expenses according to your employer's policy. Typically, they will be available on the first day of your Plan Year.

How does HSA Advance work?

If you make a payment for an eligible expense using your Benefits Card or through your Member Account, and you do not have enough funds in your HSA or investment account(s) to cover the expense, HSA Advance will automatically advance funds, up to your advance limit, at the point of payment.

Likewise, if you pay for an eligible expense with personal funds and request reimbursement from your HSA, funds will be advanced at the time of reimbursement. The amount available will be determined based upon your annual contribution amount, and your employer’s policy regarding this benefit.

NOTE: You must use your HSA available balance, as well as funds in your HSA investment account, before HSA Advance funds are applied to the expense.

Do I have to sign up for HSA Advance?

No. If your employer allows HSA Advance, it is included automatically as part of your HSA. You will see your available HSA Advance funds in your online Member Account.

What is HSA Advance?

HSA Advance is a special feature of certain Health Savings Accounts (HSAs) if your employer’s policy allows it. HSA Advance allows you to access future HSA funds upfront, before they have been contributed. For example, if you have claims that are greater than the balance of your HSA Account (including investment account(s)), you can access HSA Advance funds to help cover the cost. It works similar to a bank’s overdraft protection but doesn’t accrue interest or require additional fees. The amount available in the HSA Advance fund is determined based upon your annual contribution amount and your employer’s policy regarding this benefit.