With an FSA, I can access all of the funds I elect to contribute for that year immediately on January 1; does an HSA work the same way?
No, with an HSA you can only access the funds that are actually in your account at that time. That includes the Purdue contributions that are made to your account; you will only be able to use those funds after they have been deposited in your HSA. If you incur out-of-pocket expenses and do not have funds available in your HSA to cover those costs, you can reimburse yourself for when the funds are deposited in your HSA after each pay cycle. You may access the funds using the one of the methods described in the questions above.
Related Questions
- With an FSA, I can access all of the funds I elect to contribute for that year immediately on January 1; does an HSA work the same way?
- If I enroll in the HDHP after January 1 but by December 1, can I still contribute the maximum annual HSA contribution for that year?
- What will happen on January 1st, 2009 that will prevent me from processing an FSA/HSA card for my customers?
