How to Move money from your HSA to a different bank account
Sometimes you will have occasion to pay your medical bills using your HSA debit card. In these cases, you will use the HSA funds to pay the qualified medical expense and you will be all set.
But what if you spend money on a qualified medical expense using a credit card or check?
It is very easy to move an equal amount from your HSA account into your regular checking/savings account..perhaps the same place you get your direct deposits sent to.
- Go to mycigna.com
- click on manage claims and balances and click on the Health Savings Account link under Account Balances (left side of manage claims and balances page)
- This will open up your Chase HSA account page. You can check deposits and withdrawals on this site and even set it up for login independent of mycigna.com.
- Click on Transfers and then click on Withdraw from HSA
- Click on Setup Account
- Follow the directions to put in your checking/savings account info
- You will now be able to transfer funds from your HSA into your personal banking account
Important to Remember:
- Only use HSA funds for qualified medical expenses that are not reimbursed from other sources like Delta Dental. If you get a crown and it costs $1500 and Delta Dental sends you a check for $750, then you can transfer $750 from your HSA into your checking account.
- If you buy contact lenses and spend $300 with your Amex, you can transfer $300 from your HSA into your checking account.
- Try to keep the amounts spent the same as the amounts transferred. If you have three bills: $25, $75 & $150 totaling $250, then transfer the three amounts so there is a clear record just in case you are ever audited by the IRS.