Cover unexpected medical needs and care costs with an HSA advance
An HSA is a smart, easy way to set aside money for qualified health care expenses. But what if unexpected medical expenses come up or care costs more than you anticipated? HSA On Demand can help.
What is HSA On Demand?
HSA On Demand is a special feature offered by some employers to complement your HSA. It gives you immediate access to the funds you plan to contribute to your HSA for the entire year, helping you cover health care expenses when needed.
How it works
An example: $300 in your HSA, $650 in medical costs. Here’s how HSA On Demand helps.
You sprain your ankle while out on a walk. The unexpected injury sends you to the doctor.
Your medical bill is $650, but your HSA only has $300. Without help, you’d have to cover the rest out of pocket.
Use your $300 now and HSA On Demand covers the remaining $350 for you.
You repay the $350 advance over time through future HSA contributions. Simple, automatic and stress-free.
See how HSA On Demand helps 2 participants cover expenses
Mark just opened an HSA and needs funds fast
Mark needs $500 for a dental procedure, but since he just opened his HSA, he doesn’t have any funds in his account. With HSA On Demand, he can immediately access the $500 and take comfort in the fact that he's covered. Over time, through regular payroll deductions, he’ll repay the money into his account.
Helen needs to cover a fertility procedure
Helen needs $800 for a fertility procedure. But because she’s had several major medical expenses recently, she doesn’t have that much left in her account.
HSA On Demand gives her access to the funds she needs right away, enabling her to have the procedure done sooner rather than later. Over time, through regular payroll deductions, she’ll repay the money that was advanced to her.
HSA On Demand FAQ
Yes. As long as you have funds available based on your future HSA contributions, funds are automatically advanced if you have a claim to pay. You cannot access funds if you don’t have a claim.
If you have an HSA with an employer that offers HSA On Demand, and if you’re making HSA contributions for the current plan year, you’re automatically eligible for HSA On Demand. In short, there is no need to sign up for HSA On Demand.
HSA On Demand is an optional offering. To find out if your employer participates in an HSA On Demand program:
- Check your benefits information.
- Contact your HR department.
- Check your paystubs regarding HSA contributions and any references to HSA on Demand.
Usually if an employer offers HSA on Demand, it will be clearly communicated to employees through the benefits portal or during open enrollment periods.
Yes. You can increase or decrease your HSA contribution amount anytime throughout the year. If you decrease your contribution, the funds that can be advanced to you will be reduced accordingly. If you have already used funds through HSA On Demand, your new contribution amount cannot be less than the amount you accessed.
You will need to repay any funds that were advanced to you. This can take several forms, including your employer withholding advanced funds from your final paycheck. Check your benefits information or contact your HR department for information specific to your organization.