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Leftover HSA money vs. FSA reimbursements.

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Old 03-15-2011, 03:15 PM   #1
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Leftover HSA money vs. FSA reimbursements.

Hello, question for you. My wife previously had an HSA with a HDHP policy while I was on a traditional healthcare plan. She transferred onto my traditional insurance policy late last year when she changed employers, but still had some leftover funds in her HSA account. We have been slowly using these funds until depleted, for medical costs. There is a debit card that we use at the Doctor or Pharmacy. That being said, I also have an FSA for 2011 and I just received an automatic copay reimbursement from my FSA for a $20 fee that was paid with her HSA debit card (for our daughter). Therefore, we were reimbursed for money that was paid out of an old HSA account already (no longer a HDHP that is attached to this account). Is there a tax problem with this? My understanding is that we could use the leftover HSA funds until depleted for qualifying medical expenses, but my FSA says that we can't be reimbursed for items that were reimbursed elsewhere? Is using the HSA leftover funds on the debit card called a reimbursement, and if so, what corrective actions should be taken?

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Old 03-25-2011, 06:40 PM   #2
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Re: Leftover HSA money vs. FSA reimbursements.

You can't get the $20 from two sources. Both HSA and FSA are a way of putting your own money aside to later use for medical expenses. If the bill is $20 and you get $40 you've been over reimbursed. Talk to a financial adivsor, I believe it's possible to keep an HSA indefinitely, sort of meant to be a long term savings account for costs now or in the future. If you have an HSA set up you may also be able to contribute to it so when in your retirement years, for example, you can use that money for health costs.

But the FSA you must use in the year in which you set the funds aside. Also be aware that FSA rules changed significantly this year, you can no longer use them for over the counter medications unless you can match the purchase to a prescription for OTC medications or treatment (i.e. band aids, etc). Thus my husband opted not to enroll in the FSA this year as we didn't want to chase down prescriptions for tylenol, etc.
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