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Level 2

Solved

I have money in an HSA account. I won’t have access to my HSA debit card for another 7-10 business days. What’s the last day before I have to spend that money?

Forum|Forum|3 years ago
April 18, 2023
1 reply
6 views

I feel like I read that I will get penalized if I don’t spend it by Wednesday.

TurboTax Self Employed Online

Best answer by Opus 17

Expert Reviewed

Once you have funds in an HSA, they are yours forever. You are allowed to withdraw them to cover qualifying medical expenses for yourself, your spouse and your dependents, at any future time, even if your insurance changes and you no longer can make new contributions. April 18 is the last date to make new contributions to count for the prior tax year (if you did not already contribute the maximum) but has nothing to do with spending.

An FSA from your employer is use-it-or-lose-it. The deadline to withdraw funds might be April 18, but is set by your employer, and you usually only have a 2 month grace period to submit claims. (An FSA for 2022 can only be used to pay for 2022 expenses and claims must usually be submitted by 2/28/23.)

Level 15

No, no, HSAs don't work that way - that's how FSAs worked (and still do to some extent).

You can leave money in your HSA for years, and spend it when you need to.

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matt-00-ruizAuthor

Level 2

Thank you. Super helpful.

Answer

Level 15

Expert Reviewed

Once you have funds in an HSA, they are yours forever. You are allowed to withdraw them to cover qualifying medical expenses for yourself, your spouse and your dependents, at any future time, even if your insurance changes and you no longer can make new contributions. April 18 is the last date to make new contributions to count for the prior tax year (if you did not already contribute the maximum) but has nothing to do with spending.

An FSA from your employer is use-it-or-lose-it. The deadline to withdraw funds might be April 18, but is set by your employer, and you usually only have a 2 month grace period to submit claims. (An FSA for 2022 can only be used to pay for 2022 expenses and claims must usually be submitted by 2/28/23.)