Account closure process Complete the account closure form by clicking the ‘Complete Online’ button above or download the form below. We will process your form within 3-4 weeks. We will initiate a blackout period of five business days to allow outstanding transactions to process.
Is there a fee for closing an HSA account?
Important Fee Information
HSA Closure Fee $25.00 To avoid this fee, keep your account open with HSA Bank and continue to use your HSA funds for eligible expenses.
What happens when you close HSA account?
If you close your HSA and withdraw the funds that are left, you will have to pay taxes and fees that could eat up your whole balance. Instead, you could just spend the money on qualified expenses like contact lenses or prescriptions, and then close the emptied account.
How do I cancel my HealthEquity card?
To deactivate one or more of your HealthEquity account cards, please call HealthEquity Member Services at 866-346-5800. HealthEquity does not currently offer temporary deactivation or suspension of a card.
Can I close my HealthEquity account? – Related Questions
Can I cash out my HSA when I leave my job?
As long as you’re receiving federal or state unemployment benefits, you may withdraw the money in your HSA to pay health insurance premiums. 1 For example, you could purchase a health plan from your state’s Affordable Care Act health insurance exchange and use money from your HSA to pay the premiums.
What happens to my HSA if I change jobs?
Your HSA is your account
The bottom line is that your HSA is yours. This amazing savings tool doesn’t belong to your employer, so you get to take it with you wherever you go, even if your new employer doesn’t offer HSAs or provide HSA contributions.
Can I transfer money from my HealthEquity card to my bank account?
Complete Online You can add your bank account details in the HealthEquity member portal to make it easier to send and receive money via electronic funds transfer (EFT).
Can I get cash back with my HealthEquity card?
No. HealthEquity offers free online reimbursements into your personal checking/ savings account. and you cannot get cash back, and cannot be used at gas stations, restaurants, or other establishments not health related. See Cardholder Agreement for complete usage restrictions.
How do I get cash back from my HSA card?
You can submit a withdrawal request form to receive funds (cash) from your HSA. If the cash is used to pay for ineligible purchases, it must be reported when you’re filing your taxes. Once it’s reported, it’s subject to an income tax and treated as though it had never been in your tax-free HSA.
How do I get cash from my HealthEquity card?
Can I withdrawal cash at an ATM? No. HealthEquity offers free online reimbursements into your personal checking/savings account.
Can I transfer my HSA to my bank account?
Online Transfer – On HSA Bank’s Member Website, you can transfer funds from your HSA to an external bank account, such as a personal checking or savings account. There is a daily transfer limit of $2,500 to safeguard against fraudulent activity.
Can you take money out of HSA at ATM?
Health Benefits Debit Card – Your HSA Bank Health Benefits Debit Card provides access to your HSA funds at point-of-sale with signature or PIN and at ATMs for withdrawals.
Can I use my HealthEquity card for a massage?
Therapeutic massages can help people deal with depression, pain and other medical ailments. In certain cases, the massage is deemed medically necessary, and can be classified as a qualified medical expense. In a case like this, accountholders can use their HSA to pay for the massage.
Can I use my HSA card to buy a treadmill?
Yes, it could — if you prove the expense is medically necessary. General fitness expenses don’t qualify for HSA/FSA use, but things change when a physician or nurse practitioner prescribes an exercise regimen.
Can I pay for gym membership with HSA?
Can I use my HSA for a gym membership? Typically no. Unless you have a letter from your doctor stating that the membership is necessary to treat an injury or underlying health condition, such as obesity, a gym membership isn’t a qualifying medical expense.
Can I use HSA for dental?
HSA – You can use your HSA to pay for eligible health care, dental, and vision expenses for yourself, your spouse, or eligible dependents (children, siblings, parents, and others who are considered an exemption under Section 152 of the tax code).
Can I use my HSA card for gas?
Fuel is eligible for transportation to and from medical care, up to the allowed mileage rate. Fuel, gasoline for medical care reimbursement is eligible with a flexible spending account (FSA), health savings account (HSA) or a health reimbursement arrangement (HRA).
Can I use HSA for vitamins?
According to the IRS, you cannot use your HSA to pay for vitamins or supplements that are taken for general health. However, you can use your HSA to pay for vitamins or supplements that have been recommended by a health professional to treat or prevent a specific condition.
Can HSA be used for Invisalign?
A health savings account, or HSA, is a special savings account designed for people with a high-deductible health insurance plan. You put money into the account and can use it to cover certain medical, dental, and orthodontic costs, including Invisalign clear aligners.
Can I use HSA money for electric toothbrush?
Electric toothbrushes are not eligible for reimbursement with flexible spending accounts (FSA), health savings accounts (HSA), health reimbursement accounts (HRA), dependent care flexible spending accounts, and limited-purpose flexible spending accounts (LPFSA) because they are general health products.
