Who can be a trustee for a HSA?

A trustee can be a bank, insurance company, or anyone already approved by the IRS to be a trustee of individual retirement arrangements.

Who can contribute to my HSA?

Your employer may decide to make contributions to a HSA for you. You do not pay tax on these contributions. Employer contributions are immediately vested to the employee. If you leave your employer, all of your HSA funds go with you. You can make your own tax free contributions in a year to your HSA but not if your employer has made a contribution in that year.

Death of the HSA Holder

You should choose a beneficiary when you set up your HSA. What happens to that HSA when you die depends on whom you designate as the beneficiary:

• Spouse is the designated beneficiary – if your spouse is the designated beneficiary of your HSA, it will be treated as your spouse’s HSA after your death.
• Spouse is not the designated beneficiary – On the date you die, if someone other than your spouse is the designated beneficiary of your HSA: - The account stops being an HSA, and - The fair market value of the HSA becomes taxable to the designated beneficiary.
• No designated beneficiary – if you have no beneficiary, the fair market value of the HSA will be included on your final income tax return after your death.

Qualified Medical and Dental Expenses

Whose medical and dental expenses can you include?

• Spouse
• Dependent
• Adopted Child
• Child of Divorced or Separated Parents