Health Savings Account

For 2022 plans, limits are $3,650 for individuals and $7,300 for family. Individuals who are ages 55 and up may make an additional $1,000 “catch-up” contribution each year.

For 2023 plans, limits are $3,850 for individuals and $7,750 for family. The individual catch-up contribution remains at $1,000 additional for participants ages 55 and up.

Limits are set annually by the IRS.

The IRS determines which expenses are considered “eligible expenses,” and HSA funds may be used on any of these expenses. Some of the most popular expenses would be lab fees, over the counter medications, some medical equipment, prescription drugs and eyewear and doctor or hospital fees. Additionally, HSA funds can be used for Medicare premiums and long-term care insurance. For a full listing, visit our eligible expenses page.

There are a few ways to spend your funds. The easiest method is to use the MyChoice Accounts debit card that was mailed to you a few weeks before your plan began. Activate it according to the directions on the mailer and use it to purchase eligible items or pay for eligible services. You may also pay for eligible items with your own money and submit a claim for funds transfer online or via the MyChoice Mobile App. Finally, you may pay a provider, such as a doctor or lab directly with your account online or via the mobile app, and we will submit the payment to that provider on your behalf from your HSA funds.

Unused HSA funds continue to roll over year over year, so any unused funds will stay in your account and gain a modest amount of interest, like a standard savings account.

The best way to stay up to date on your HSA is to log in to your benefits portal online or access your account via the MyChoice Mobile App. You may also call your member services number listed on the back of your debit card for an automated balance or in-person balance request. Additionally, you will receive a quarterly e-mail statement outlining your savings and use of the HSA.

Yes. HSAs can be modified at any time if you would like to increase or decrease your contribution amount. You may change your contributions in your online benefit portal or contact your HR department for more guidance.

Absolutely. In fact, the HSA can be an excellent option to pair with a high deductible health plan since you can contribute significantly more than a flexible spending account. Plus, since you do not have to spend the money by year end, if you don’t have enough expenses to satisfy your deductible, you can carry over the remaining amount to meet deductible expenses in future years.

You can make pre-tax contributions from your paycheck through your employer. You can change how much you contribute at any time during the year. Your employer can make contributions too. It’s all tax-free while you save. But be sure that the total of what you save and what your employer contributes doesn’t exceed the annual IRS HSA contribution limit. If contributions during the year exceed this limit, you’ll owe a tax penalty. If you’d like to make post-tax contributions outside of your payroll, you may contact member services for more information.

Any funding into your HSA is yours, and your HSA is fully portable after you leave the organization. Upon termination, you will no longer make pre-tax payroll contributions or receive employer funding. Employer matching or subsidies are a great benefit and yours to use for future eligible expenses for the life of your HSA.

During your annual enrollment, you may select any health plan that suits your needs. If you are not currently enrolled in an HDHP, you will no longer be eligible to CONTRIBUTE to your HSA; however, you will continue to have access to the funds to save, spend or invest as needed. You may incur a monthly fee for account access as your employer will no longer be making your payroll or matching contributions on your behalf.

Yes. You may cover eligible expenses incurred by any member of your family, including your spouse and any dependents. Any single expense must be covered by only one account type at a time, so any expenses reimbursed by a spouse’s FSA could not ALSO be reimbursed by your HSA.

Yes. One of the key benefits of your HSA is the ability to use your funds as a longer-term savings vehicle. Typically, your employer will require you to build a $1,000 balance before you are eligible to invest. Best practice is also to keep some funds uninvested in case you need to access them for an unexpected medical need. You may liquidate your investments at any time, but the funds may take a few days to sell and settle amounts. The settled amount would then be moved to your accessible HSA balance.

Once your HSA balance reaches $1,000, you are eligible to perform self-directed investment. For the best results, log in to your online benefits portal and navigate to your Health Savings Account. Select "HSA Investment Tool" and follow the prompts to make to your investment selection(s). Within the investment portal, you may view a video and review step-by-step directions on investing your HSA. Additionally, you may manage current investments, visit the marketplace, review Morningstar ratings and funds fact sheets and prospectus information for any investment option. You may also set up recurring investments, so new contributions are added to your investment portfolio as they post.

Because your funds are held by our custodial bank and are an individual savings account, your uninvested funds are FDIC insured. The funds that are held in investment accounts are NOT FDIC insured.

No. MyChoice Accounts is not licensed to provide financial advice or investment advice. If your organization has opted for member services support, our team will be able to help you navigate to your investment options online and use the website. Additionally, there are several tools available in the investment portal that you may use to compare and research various funds available.

Yes. The USA Patriot Act Section 326 requires financial institutions to verify the identity of individuals wishing to conduct financial transactions with them. Any bank opening a Health Savings Account (HSA) must provide Customer Identification Programs (CIP) to prevent the financing of terrorist operations and money laundering. 

Each time you open an HSA, you have a new “bank account” in your name. In order for MyChoice Accounts to remain compliant with federal laws, we have to verify your identity.

About 97% of members are verified automatically. However, if your process isn’t automatic, UMB and MyChoice Accounts will attempt to reach you up to five times – two by mail, and three by email. These communications will specify how to respond and what is required. Your account will be "pending" until the CIP requirements are met.

These are the pieces of information we’ll need:

• Full Legal Name (First Name, Last Name, Middle Initial)
  • No married name if legal change hasn’t been made
  • No Americanized version of a legal name
  • ​No nicknames
  • No different spellings of a legal name
• Residential Address
  • No P.O. Box or Non-U.S. Address allowed
• Date of Birth
  • Must be at least 18 years old
• Social Security Number (SSN)
• Home or Business Phone

Yes and no. HSAs do not require documentation for expenditures. Participants self-attest that the funds used were for eligible medical expenses and are responsible for consulting eligible expense lists. MyChoice Accounts will not request documentation in order to provide a fund transfer to a participant. However, it is best practice to maintain personal records and upload documentation with a fund request in case of IRS audit.

To help you spend your HSA funds compliantly, the card is set up to work at major retailers and pharmacies that carry eligible items. If you are purchasing multiple items (like over-the-counter medication AND an ineligible item, like toothpaste), you’ll want to pay separately for your HSA-eligible items with your MyChoice Accounts debit card. To pay a provider, simply provide your card at the point of sale (doctor’s office, lab, hospital, etc.) or pay provider bills after the fact by providing your debit card number.

Participants are responsible for understanding HSA use. Using an HSA for an ineligible expense can incur significant IRS penalties.
If you made an error and used money for an ineligible expense, you may provide “substitute” documentation in your records for eligible items you have purchased out-of-pocket in the same or greater amount of your ineligible purchase. For instance, if you accidentally purchase cleaning supplies at a retailer along with your eligible items, you may add receipts for a prescription (eligible) that you bought with your own funds to equal the amount of the cleaning supplies.