Health Savings Account
An HSA (health savings account) is a tax-advantaged medical savings account that is paired with low premium, high-deductible insurance plans. The funds within an HSA can be used to pay for qualified medical expenses at any time without federal tax liability or penalty.
FAQs
Can I ever change the amount I contribute to my HSA?
Yes, contribution amounts can be adjusted as long as they do not exceed the annual limit.
What happens if my contributions exceed the annual limit?
You may be allowed a corrective distribution for excess contributions. The IRS will impose an excise tax (see IRS Form 5329) on contributions made in excess to the annual limit. You will also be required to pay tax on any interest or earnings on excess contributions.
What tax forms am I required to file?
You are required to file Form 8889 with your personal income taxes.
What tax forms will I receive regarding my HSA?
You may receive two tax forms for your Alerus HSA, Forms 1099-SA and 5498-SA, in January/early February. Alerus files these forms with the IRS by January 31 each year. If you have an HRA, FSA, or Commuter benefit you do not need to report these on your tax forms and you will not receive any tax documentation from Alerus.
Form 1099-SA
Form 1099-SA reports total distributions paid from your HSA, including checks or direct deposits we issued you and any HSA debit card purchases you made within the tax year.
Form 5498-SA (informational purposes only)
Form 5498-SA reports total contributions for the prior tax year, as well as the fair market value of your HSA as of the end of the year. This form is not part of your tax return.
Form 8889
You’ll use the information from your 1099-SA and/or 5498-SA to complete Form 8899 when filing your tax return. Alerus does not issue this form. Learn more.
To access your tax forms online:
- Log into My Alerus.
- New users? Set up online access.
- Select Your HSA Plan and then choose Manage My Account.
- Select the Message Center tab.
- Click View Statements. Tax forms will be under HSA Tax Statements.
How to access your forms through the Alerus Benefits mobile app.
Registering for the Alerus Benefits mobile app.
Can I have more than one HSA?
Yes, you can have more than one HSA. However, the maximum contribution limit applies to you as an account holder, and total contributions to all HSAs must not exceed that limit.