Health Savings Account
Product overview
Use pre-tax dollars to pay for eligible expenses now and in retirement
A Health Savings Account (HSA) is an account owned by you that can be used to pay for eligible medical expenses today, tomorrow, and during your retirement. Your HSA is yours forever — the account stays with you, even if you change jobs or retire.
- You don’t pay taxes on the money you contribute through payroll deduction.
- You don’t pay taxes on the money you earn in the account — from interest- or investment growth.
- You don’t pay taxes on the money you withdraw, as long as it’s spent on eligible expenses.
- Medical expenses: Doctor office visits and co-pays, ER services, hospital services, deductibles, lab tests, diagnostics, imaging, and prescription medication.
- Dental expenses: Dentist office visits and co-pays, cleanings, dental X-rays, fillings, and braces.
- Vision expenses: Eye exams, contact lenses, eyeglasses, and LASIK.
- Professional services: Medically necessary physical therapy, chiropractor, and acupuncture services.
- Everyday essentials in your medicine cabinet: Over-the-counter medicine, acne and skin care products, sun care products, baby thermometers and rash ointment, bandages, first aid, pregnancy test kits and menstrual products.
- Other medical equipment and supplies: Artificial limbs, automated external defibrillator, breast pumps, compression stockings, and more.
Additional details
- You — and anyone else — can deposit money into your HSA account up to a yearly per-person or per-family limit set by the IRS.
- You can consider investing for the long-term: When your balance reaches a certain threshold, you have the option to invest1 your HSA funds. You can put your investments on “cruise control.” Choose from a menu of funds, including target-date-funds, for hands-off balanced investing. Visit the Customer Portal to see your investment options, or view Voya’s standard HSA Investment Fund2 information.
Download our mobile app today to manage your account
- App Store®: Voya Health Account Solutions – Apple Mobile
- Android™: Voya Health Account Solutions – Google Play Mobile
FAQs
What are the current IRS contribution limits for HSAs?
View the annual IRS Contribution Limits.
What are the eligibility requirements to contribute to an HSA?
To be eligible for an HSA, you must meet the following requirements:
- Be covered by an HSA-qualified high deductible health plan (HDHP)
- Have no other health insurance coverage that is not HSA-qualified
- Not be enrolled in Medicare
- Not be claimed as a dependent on someone else's tax return
Do all HSA funds need to be utilized by the end of my plan year?
HSAs are not “use it or lose it” plans. Your balance will roll over from year to year.
Can I use my HSA to pay for eligible expenses for a spouse or dependent?
Yes, you may use your HSA funds without penalty to pay for eligible expenses for yourself, spouse, or any of your tax dependents, even if they are covered under another health plan. Consult a qualified tax advisor for advice.
Who qualifies as a dependent?
A person generally qualifies as your dependent for HSA purposes if you claim them as an exemption on your Federal tax return, even if they are covered under another health plan. Please see IRS Publication 502; for exceptions. Consult a qualified tax advisor for advice.
What if I use my HSA to pay for something other than an eligible expense?
If you use your HSA funds for a non-eligible expense, then expenditures are subject to income tax and, if you’re not disabled or over the age of 65, subject to an additional 20% tax penalty.
Can I reimburse myself with HSA funds for eligible medical expenses incurred prior to my enrollment in an HSA?
No. Eligible expenses may only be reimbursed tax-free if the expenses are incurred after the date your HSA was established.
Do I have the option to invest in my HSA?
Yes. When your account reaches a designated threshold, you have the option to invest for additional account growth potential. You can put your investments on “cruise control.” Choose from a menu of funds, including target-date-funds, for hands-off, balanced investing. As with any investment, there are risks; make sure to fully explore those risks before choosing to invest.
Where can I learn more about the investment offered in my HSA?
Once you have reached the designated threshold, you can access investment information via the Customer Portal by selecting View Investments from the quick links.
Will I receive a debit card with my HSA?
You will receive an initial set of two debit cards, and you may request additional cards , or cards in your dependents’ names, at no cost.
What do I do if my debit card declines or doesn’t work?
First, ensure you have activated the card and have available funds for use. You can confirm your card status and balance information within the Customer Portal. Prior to use, you will also need to accept the HSA Terms and Conditions. When you login to the customer portal or mobile app for the first time, Terms and Conditions will appear if this step still needs to be completed.
Can I request funds or reimbursement for an eligible expense from my HSA?
Yes, you can request a distribution from your HSA through the Customer Portal, mobile app, or by submitting a HSA Distribution Request form. For distributions to be tax-free (and tax penalty-free if under age 65), funds need to be used for HSA-eligible expenses.
Once I request reimbursement, how long does it take for my funds to be available?
In general, if you have a bank account linked to your account this can take as little as 3 business days for the reimbursement to be posted. However, a check can take up to 7 business days to arrive. Allow additional time if funds need to move out of investments.
I requested a paper check for the payment/reimbursement of an eligible expense, and it wasn’t received. How can I request a replacement?
If it has been more than 14 days since the check was issued to you, or more than 30 days if the check was issued to your provider, you can submit a request for us to void the check and re-issue a new one. Access the Void & Reissue Request form within the Customer Portal.
Will I need to submit supporting documentation for my HSA purchases?
No, you should however save receipts and documentation for all eligible expenses, even if you paid with your HSA debit card, in the event of an IRS audit. If you paid for an eligible expense with your own funds since becoming covered under an HSA, you can reimburse yourself at any time in the future if you maintain the documentation to support the reimbursement.
If I change employers, what happens to my HSA?
Since you are the owner of the HSA, you may continue to maintain the account if you change employers. You can also choose to rollover your HSA to another HSA custodian to maintain its tax favored status while consolidating your HSAs.
How do I transfer my existing HSA to Voya?
Access the HSA Transfer Request form. Please confirm that your current provider will accept Voya’s transfer form in advance of completing your request.
Can I transfer my IRA to my HSA?
An IRA-to-HSA transfer is a one-time transfer that allows you to move funds from an IRA to an HSA to help you save for eligible medical expenses. Here are some things to consider when transferring funds from an IRA to an HSA:
- Eligibility - You must be eligible to contribute to an HSA, which means you must be covered by an HDHP.
- Coverage period - You must remain eligible for your HSA for 12 months after the transfer. If you lose eligibility, you'll need to include the rolled-over funds as income on your taxes and pay a 10% penalty.
- Permitted IRAs - You can transfer funds from a traditional IRA, Roth IRA, SEP IRA, or SIMPLE IRA, as long as the IRA isn't considered "ongoing" by the IRS.
- Contribution limits - The transfer counts toward the annual contribution limit for the year it's made.
- Taxation - The transfer isn't taxable as an IRA distribution, and the amount you transfer isn't tax deductible.
- RestrictionsYou can only transfer funds once per lifetime, and the IRA and HSA must be owned by the same person. You can't transfer funds to a spouse or partner's HSA.
If I over-contribute to my HSA (above IRS limits), how do I request a refund of the over-contributed amount?
Access the HSA Distribution Request form.
How do I close my Voya HSA?
Access the Account Closure Request form.
Who can I contact regarding HSA questions?
See our expanded list of HSA FAQs or Contact the Voya Health Account Solutions team at (833) 232-4673 or [email protected].
The HSA Store is not affiliated with the Voya® family of companies.
Health Savings Accounts offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC). Custodial services provided by Voya Institutional Trust Company.
This highlights some of the benefits of a Health Savings Account. If there is a discrepancy between this material and the plan documents, the plan documents will govern. Subject to any applicable agreements, Voya and its subcontractors reserve the right to amend or modify the services at any time.
The amount saved in taxes will vary depending on the amount set aside in the account, annual earnings, whether or not Social Security taxes are paid, the number of exemptions and deductions claimed, tax bracket and state and local tax regulations. Check with a tax advisor for information on whether your participation will affect tax savings. None of the information provided should be considered tax or legal advice.
Investments are not FDIC Insured, are not guaranteed by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC), and may lose value. All investing involves risks of fluctuating prices and the uncertainties of return and yield inherent in investing. All security transactions involve substantial risk of loss.
