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Spending the money you’ve accumulated in your HSA is as simple as swiping your debit card or using online bill pay. But to take full advantage of the benefits, there are some things you should know.
Open a HSA Online
Download the Printable Transfer Form
HSA funds are payable on demand. There are no restrictions on when or how you may take distributions. However, to fully recognize the tax advantages, funds must be used for qualified medical expenses.
The IRS requires that a HSA be an individual account. If you would like another person to have a debit card, you may name them as an authorized signer.
As of age 65, funds can continue to be used for eligible medical expenses tax-free. You may also use the funds for non-eligible expenses and you are only subject to ordinary income tax without any penalty from the IRS.
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