Welcome to the Employer Help Center

Health Savings Accounts (HSA)

Articles

HSA Overview
The following is a copy of the Securities and Exchange Commission's Investor Bulletin on Health Savings Accounts issued 5/18/2018: A health savings account (HSA) is a tax-advantaged savings account that you can use to pay for eligible medica...
HSA General FAQ
Common general questions: Q: What is an HSA? A: An HSA is an individual tax‐advantaged account that is similar to a bank account, and it can be used to pay for qualified medical expenses of the account holder, his or her spouse, or tax depend...
HSA Eligibility FAQ
Common Employee Eligibility Questions: Q: Is a married employee eligible for HSA coverage under his or her employer’s plan if his or her spouse has non‐HDHP coverage? A: Yes, provided the employee is not covered under the spouse’s...
HSA & FSA Account Interaction
How does Health FSA participation affect HSA eligibility? To be eligible to make or receive contributions to an HSA, an employee generally cannot have health coverage other than through an HSA-qualified HDHP or certain otherwise permitted insuran...
Limited Purpose FSA
Given that individuals are unable to contribute to a HSA while covered by a regular Medical FSA, some employers also provide a Limited Purpose FSA option. The Limited Purpose FSA covers dental and vision expenses only. Given this limited scope, IRS ...
HSA Identity Verification
HSA accounts are covered by the U.S. Patriot Act which has strict guidelines in place for verifying the account holder's identity. As part of the verification process Sentinel must verify the customer's name, physical address, date of birth ...
HSA Employer FAQ
Common Employer Questions: Q: If an employer does not contribute to an HSA, is the HSA subject to IRC Section 125 nondiscrimination testing? Or does that requirement apply only if there are employer contributions? A: All HSA contributions, wh...
Adding or Updating HSA Enrollments
As employees join your organization and experience qualifying life events, you may need to enroll new participants or update coverage levels through the online Employer Portal.  Important notes regarding HSA enrollments: HSA enrollments must...
HSA Distributions
Distributions from a HSA to pay for qualified medical expenses are tax-free. Account holders have two options for accessing their HSA funds: "Benny" debit card - pay a provider directly and transaction will automatically reduce the ...
HSA Investment Options
The Sentinel HSA is a simple way to create a smart HSA investment strategy. Initial funds will be allocated to the HSA default fund, the HCB Interest Bearing Account. Once the account balance exceeds $2,000, account holders may allocate HSA funds to...
HSA Tax Reporting
Each calendar year, there are three required tax filings associated with a HSA. Sentinel will generate IRS forms 1099-SA and 5498-SA on behalf of a HSA account holder. Account holders are responsible for filing the IRS Form 8889 during annual tax fi...
HSA & Medicare FAQ
Common HSA/Medicare questions: Q: Can I still use my HSA funds if I have Medicare coverage? / Can I use my HSA to pay for Medicare premiums? A: You can still use your HSA funds if you have Medicare coverage. You may withdraw funds from your H...