Questions and answers regarding your HSA

To be eligible to open an HSA, you must have a qualifying high-deductible health plan (HDHP), such as Disney’s Consumer Choice medical plan option, and meet IRS guidelines for the annual deductible and out-of-pocket maximum.

You also cannot be:

• Covered by any other health plan that is not an HDHP
• Currently enrolled in Medicare or TRICARE
• Claimed as a dependent on another individual’s tax return
• A recipient of Department of Veterans Affairs (VA) benefits within the past 3 months, except for preventive care. If you are a veteran with a disability rating from the VA, this exclusion does not apply.

This health plan satisfies certain IRS requirements with respect to deductibles and out-of-pocket expenses. For 2023, this means your deductible is at least $1,500 for individual coverage and $3,000 for family coverage, and your out-of-pocket limit is at least $7,500 for individual coverage and $15,000 for family coverage.

It’s easy to find qualified HSA and FSA products at your favorite retailers. Find out whether your expense is qualified by checking out the qualified medical expense tool. Pay with your HSA card every time for faster payouts and less paperwork, plus, you save up to 30%* because you’re using pretax dollars.

Yes. You must complete IRS form 8889 each year with your tax return to report total deposits and withdrawals from your account. You do not need to itemize. For more information about tax rules, including distribution information, consult a qualified tax advisor.

You may choose from among a number of pre-selected mutual funds from nationally recognized fund families. These have been selected to offer a broad and diverse range of investment objectives, with high Morningstar ratings and some of the lowest expense ratios in the industry.

There are 3 ways to make a contribution to your HSA.

• Payroll deductions through Disney
• Set up recurring contributions
  • Sign in to your account to set up recurring contributions to ensure you’re contributing the maximum allowed by the IRS each year.
• Make a one-time contribution
  • If you haven’t contributed the maximum allowed by the IRS, you can make a one-time contribution to your account at any time.

Learn more about making a contribution to your HSA.

The IRS sets guidelines for how much you can contribute to an HSA each year.

2023 limits:

• An individual can contribute up to $3,850 (increase of $200 from 2022) for the year.
• An individual with family coverage can contribute up to $7,750 (increase of $450 from 2022) for the year.

If you are age 55 or older, you can contribute an additional catch-up contribution of $1,000 per year. If your spouse is also 55 or older, they may establish a separate HSA and make a catch-up contribution to that account.

Sign in to your account today and check your contribution limit.

To learn more about the annual HSA contribution limits, visit our HSA contribution limits page.

The IRS sets guidelines for how much you can contribute to an HSA each year.

2024 limits:

• An individual can contribute up to $4,150 (increase of $300 from 2023) for the year.
• An individual with family coverage can contribute up to $8,300 (increase of $550 from 2023) for the year. If you are age 55 or older, you can contribute an additional catch-up contribution of $1,000 per year.

If your spouse is also 55 or older, they may establish a separate HSA and make a catch-up contribution to that account.

Sign in to your account today and check your contribution limit.

Learn more about the annual HSA contribution limits.

Browse the new account holder checklist to get off to a good start.

You can also visit our resource library for videos and other educational materials to help you make the most of your HSA.

Contributions for a taxable year can be made any time within that year and up until the tax filing deadline for the following year, which is typically April 15.

If you contribute more than the IRS annual contribution limit, you have until the tax-filing deadline to withdraw excess contributions. If excess contributions are not withdrawn by the tax-filing deadline, an annually assessed excise tax of 6% will be imposed on any excess contributions.

You can use your HSA payment card, use online bill pay, or pay out of pocket and then pay yourself back using HSA funds.

In general, no, but exceptions include qualified long-term-care insurance, COBRA health care continuation coverage, any health plan maintained while receiving unemployment compensation under federal or state law and, for those 65 and over (whether or not they are entitled to Medicare), any employer-sponsored retiree medical coverage premiums for Medicare Part A or B or Medicare HMO. Premiums for Medigap policies are not qualified medical expenses.

Yes. However, any amount of a distribution not used exclusively to pay for qualified medical expenses for you, your spouse or your eligible tax dependents should be included in your gross income. These distributions are subject to taxes and an additional 20% IRS tax penalty, except in the case of distributions made after your death, disability or reaching age 65.

No. Qualified medical expenses may be reimbursed only if the expenses are from after the date your HSA was established.

You can reimburse yourself at any time for expenses you paid for out of pocket. There is no time limit, but the expenses must have been incurred since you opened your HSA.

While you can no longer contribute to your HSA, you can still use the remaining funds for qualified medical expenses.

No. You can keep your account, and the money in it remains yours, no matter what, even if you change jobs or move off a qualifying high-deductible health plan.

No. You can open and contribute to an HSA at age 65 or later as long as you meet HSA eligibility requirements, which are:

• You’re covered by an HSA-qualified medical plan.
• You’re not someone else’s tax dependent.
• You don’t have any conflicting coverage (including enrollment in Medicare). Turning age 65 does not, in and of itself, preclude you from remaining HSA-eligible absent any disqualifying coverage.

If you are married, your spouse will become the owner of the account and assume it as their own HSA. If you are unmarried, your account will cease to be an HSA. The money in your account will pass to your beneficiaries or become a part of your estate, and it will be subject to applicable taxes.