Wells Fargo Health Savings Accounts – Frequently Asked Questions

About Health Savings Accounts

Top 5 frequently asked questions

What is an HSA?

The Wells Fargo Health Savings Account (HSA) consists of a Federal Deposit Insurance Corporation (FDIC)-insured, interest-bearing deposit (cash) account, and an investment account. An HSA works in conjunction with an HSA-qualified health plan. You can use your HSA to pay for current and future qualified medical expenses — tax-free.

What are the tax benefits associated with an HSA?

The money you contribute to your HSA is tax-deductible and can be used to pay for qualified medical expenses for not only yourself, but also for your spouse and tax dependents. You can maximize your tax savings by contributing up to the maximum annual amount allowed by the IRS. Your HSA balance plus investment earnings carry over from year to year — tax-free. State taxes may still apply, so please consult your tax advisor.

Why should I choose the Wells Fargo HSA?

The Wells Fargo HSA is backed by one of the largest and most recognized financial services companies in the nation - and one of the first banks to offer HSAs. We work with you now and over time to achieve your healthcare savings goals. The Wells Fargo HSA offers the tools and resources you need to manage your account and get the most out of your HSA. From convenient Wells Fargo Visa® HSA debit card access to dedicated Wells Fargo HSA customer service representatives, the Wells Fargo HSA makes it easy for you to use your HSA and get answers to your questions.

What are the advantages of the Wells Fargo Visa® HSA debit card?

With a swipe of your HSA debit card, you can pay for prescriptions, doctor’s visits, dental expenses, and more. You can use the HSA debit card anywhere Visa debit cards are accepted. You can also use it to make withdrawals at Wells Fargo ATMs.

Who do I call if I have questions about my Wells Fargo HSA?

You can call our dedicated Wells Fargo HSA customer service representatives at 1-866-884-7374 to get answers to your questions. Representatives are available Monday through Friday, 7 am to 8 pm Central Time. Our customer service representatives can help you get the most out of your HSA.

HSA eligibility

Who is eligible to contribute to an HSA?

To contribute to an HSA, you must be enrolled in an HSA-qualified health plan and can’t be covered by a non-HSA-qualified health plan. You also can’t be enrolled in Medicare, be a dependent on another person’s tax return, or have received VA medical benefits at any time over the past three months. If you have specific questions about your eligibility for an HSA, ask your benefits administrator or health insurance provider. 

What is an HSA-qualified health plan?

An HSA-qualified health plan is a health insurance plan with a minimum deductible and annual out-of-pocket expenses, which include deductibles and copays.

How do I know if my health insurance plan is HSA-qualified?

Your health insurance company can provide information about whether your plan is HSA-qualified. It’s your responsibility to make sure you’re covered by an HSA-qualified health plan.

What happens to my HSA if I am no longer enrolled in an HSA-qualified health plan?

You’ll no longer be eligible to contribute to the HSA. However, you’ll still have access to the HSA and can use the funds as you choose. Withdrawals for qualified medical expenses will still be tax-free.

How does FSA/HRA participation affect HSA eligibility?

General-purpose Flexible Spending Arrangements (FSAs) and Health Reimbursement Arrangements (HRAs) will probably make you ineligible for an HSA. However, if your employer offers a “limited purpose” (limited to dental, vision, or preventive care) or “post-deductible” (pay for medical expenses after the plan deductible is met) FSA or HRA, then you may still be eligible for an HSA. Additionally, you can’t have an HSA if your spouse’s general purpose FSA or HRA can pay for any of your medical expenses before your HSA-qualified health plan deductible is met. If you have questions about how FSA/HRA participation affects your HSA eligibility, consult your tax advisor.

Enrolling in the Wells Fargo HSA

How do I enroll in the Wells Fargo HSA?

If your employer offers an HSA-qualified health plan, you’ll need to enroll in that health plan first. Then you can follow the instructions specific to your employer’s benefits enrollment process to set up your Wells Fargo HSA.

If you’re an individual who would like to enroll in the Wells Fargo HSA, you must first enroll in an HSA-qualified health plan. Then, go to wellsfargo.com/hsa/index and choose Enroll Now. There is no online enrollment fee. 

What fees apply to a Wells Fargo HSA?

There is a monthly service fee of $4.25, unless otherwise indicated by your employer or insurance carrier. Additional banking fees may apply if you choose to use optional banking services or choose other non-standard services. The monthly service fee will be waived if the combined deposit and investment balance in your HSA on the last day of the month is greater than or equal to $5,000.

Your HSA debit account

What is the HSA deposit account?

Your HSA deposit account consists of an FDIC-insured, interest-bearing cash account, similar to a checking account.

What is the available balance?

The available balance in your HSA is the cash amount in your HSA deposit account. This is the amount that’s available for making withdrawals and purchases with your HSA. The HSA deposit account is protected by FDIC insurance and earns interest. 

You can view your available balance by signing on to Wells Fargo Online. You also can call Wells Fargo HSA customer service at 1-866-884-7374, or visit an ATM to get your available balance.

Do I earn interest on the cash in my HSA?

Yes, you may earn interest on the cash in the deposit account component of your HSA. Interest rates are subject to change. View current interest rates.

Contributing to your HSA

How much can I contribute to my HSA?

You may contribute up to the annual IRS limit. Individuals age 55 and over may also contribute an additional $1,000 per year in catch-up contributions. If you were eligible to make HSA contributions in the prior tax year, you may make prior-year contributions to your HSA up until the deadline for filing your federal income tax return, which is typically April 15.

How do I contribute money to my HSA?

You can contribute money directly to your HSA at any time through Wells Fargo Online. Additionally, you may use the coupon that’s included with your monthly HSA statement or make contributions to your account in a Wells Fargo retail banking store using a standard account deposit slip. You also may be able to make contributions through automated payroll deductions if your employer offers this service. To make a one-time contribution or schedule recurring contributions to your HSA, follow these steps: 

  1. Access your account by signing on to Wells Fargo Online
  2. From the Account Summary screen, select your account 
  3. Under Manage Your HSA, select Deposit to HSA
Note: You will need to have your bank account information for the checking or savings account from which you are requesting the funds to be debited.

Can contribution amounts be changed during the year?

Yes. You may make changes to the recurring contributions that you have set up anytime during the year through Wells Fargo Online:

1.    Access your account by signing on to Wells Fargo Online.
2.    From the Account Summary screen select your account
3.    Under Manage Your HSA, select Deposit to HSA

Note: If you have automatic payroll deductions through your employer, you can change your contribution amount based on the policies of your employer.

Can my spouse and I both contribute to an HSA?

You and your spouse can’t have a joint HSA. However, if you’re both eligible, you can both have HSAs. You may need to divide the maximum HSA contribution limit between the two of you. If you have questions about allocating contribution limits between spouses, please consult your tax advisor.

What if I change jobs, enroll in Medicare, or simply work for an employer whose benefits renew mid-year?

IRS rules state that contribution limits must generally be prorated by the number of months you participate in an HSA-qualified health plan without additional, disqualifying coverage. 

If you change coverage to or from a health plan that is HSA-qualified, you’ll need to calculate your eligible HSA contribution limit. 

Eligibility is based on your coverage on the first day of the month.

To calculate your contribution limit: Take the total annual contribution you can make, multiply it by the number of months you qualify, and then divide the amount by 12. 

Last month rule: If you’re an eligible individual on the first day of the last month of your tax year (December 1 for most tax payers), you’re considered an eligible individual for the entire year. You’re treated as having the same HSA-qualified health plan coverage for the entire year as you had on the first day of that last month. However, the IRS requires that you maintain HSA qualified coverage through December 31 of the following year (this is referred to as the “testing period”).

If you enroll in disqualifying coverage (including Medicare) mid-year, you’ll need to prorate your HSA contribution limit.

Rules surrounding contribution limits are complex, and the above information is summary in nature. Please consult IRS Publication 969 and your tax advisor with questions.

Your HSA investment account

When can I start to invest with my HSA?

You can start to invest in the available mutual funds when you’ve activated your investment account and have reached the minimum balance of $2,000 in the FDIC-insured deposit account. You may pre-select investment elections for contributions exceeding the $2,000 minimum deposit account balance requirement. Your contributions will be automatically directed into the investments you’ve selected once the minimum balance is met. See the instructions on this page for activating your investment account and setting up investment elections.

How do I activate my investment account?

You can activate your investment account through Wells Fargo Online:

  1. Access your account by signing on to Wells Fargo Online
  2. From the Account Summary screen, select your account 
  3. Select the HSA Investments tab at the top of the page
  4. Select the Activate HSA Investment Account button

What investment options are available?

Wells Fargo offers a diverse array of mutual fund offerings to meet a variety of investing goals and objectives. An overview of the mutual fund options is available at wellsfargo.com/hsainvesting.

Are there any front-end load fees or transaction fees associated with investments?

The front-end load fees are waived for HSA accountholders. In addition, there are no transaction fees.

How do I set up or change my investment elections?

You can set up or change your investments anytime through Wells Fargo Online:

  1. Access your account by signing on to Wells Fargo Online
  2. From the Account Summary screen, select your account
  3. Select the HSA Investment tab at the top of the page and then click on the Manage HSA Investments button to be taken to the investment website
  4. Select Change Investments and Elections under the Actions & Investments tab and follow the instructions

Note: If you do not set up your investment elections before you reach the $2,000 minimum deposit account balance, funds will be invested in the default fund — Wells Fargo Advantage Cash Investment Money Market (S) — NWIXX until you make other investment elections.

How do I transfer money from my investments to my deposit account?

If you need to transfer money from your HSA investments to your HSA deposit account to pay for upcoming qualified medical expenses, you can liquidate a portion or all of your mutual fund holdings and transfer the proceeds to your HSA deposit account. You can do this through Wells Fargo Online

  1. Access your account by signing on to Wells Fargo Online
  2. From the Account Summary screen, select your account 
  3. Select the HSA Investment tab at the top of the page and then click on the Manage HSA Investments button to be taken to the investment website
  4. Select Change Investments and Elections under the Actions & Investments tab and follow the instructions

What is the cutoff time for an investment transfer to be processed same day?

In order for your investment transfer to be processed the same day, the request must be submitted before 3:00 pm Central Time.

Using HSA funds

What are qualified medical expenses?

To help you determine whether an expense qualifies for tax-free reimbursement under your HSA, Internal Revenue Code Section 213(d) states that eligible expenses must be made for “medical care.” This is defined as amounts paid for the “diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body.” Examples of common qualified medical expenses include: 

  • Acupuncture 
  • Ambulance services 
  • Artificial limb or prosthesis 
  • Dental treatment 
  • Contact lenses 
  • Doctor’s fees 
  • Hearing aids and hearing aid batteries 
  • Hospital services 
  • Laboratory fees 
  • Prescription medicines or drugs 
  • Nursing home
  • Nursing services 
  • X-rays 

Expenses for over-the-counter (OTC) drugs are no longer eligible for payment or reimbursement from an HSA without a doctor’s prescription. A few examples of OTC medicines that will require a doctor’s prescription for payment or reimbursement from an HSA are: 

  • Cold, cough, and flu medications 
  • Allergy and sinus medications 
  • Pain relief medications 
  • Acid controllers 
  • Sleep aids and sedatives

Insulin and prescribed drugs will continue to be eligible for payment or reimbursement from an HSA. You should save your receipts and doctor’s prescriptions for OTC medicines for tax purposes. 

Qualified medical expenses are eligible for reimbursement through your HSA as long as they aren’t reimbursed through insurance or other sources. Insurance premiums generally aren’t considered qualified medical expenses. However, the following types of insurance premiums typically do qualify: 

  • Continuation coverage under federal law (i.e., COBRA)
  • Qualified long-term care insurance contract
  • Any health plan maintained while an individual is receiving unemployment compensation under federal or state law
  • For accountholders age 65 and over (i.e., those eligible for Medicare), premiums for any health insurance (including Medicare and Medicare Part D premiums) other than a Medicare supplemental policy

As the HSA owner, you’re ultimately responsible for determining whether a healthcare expense is eligible for reimbursement from your HSA. Wells Fargo doesn’t determine whether claims qualify for tax-free reimbursement and cannot provide tax advice. Please consult your tax advisor if you have questions.

Can I use funds from an HSA for non-qualified medical expenses?

Yes, but you’ll be required to pay income tax and a 20% tax penalty on the amount you use for non-qualified medical expenses. (The 20% penalty doesn’t apply to distributions made after your death or disability or after you’ve reached age 65.)

How do I access funds in my HSA?

Wells Fargo offers several convenient options for accessing your HSA funds: 

  • Use your Wells Fargo Visa® HSA debit card to make purchases at any merchant that accepts Visa debit cards. 
  • Visit more than approximately 6,200 retail banking stores to make deposits, withdrawals, and transfers. 
  • Make free withdrawals at more than 12,000 ATMs nationwide. 
  • Make withdrawals at any ATM displaying the Visa or Plus® logos worldwide. 
  • Pay for qualified medical expenses using cash or your personal credit or debit card. Then, reimburse yourself by making a withdrawal from your HSA at an ATM or at a Wells Fargo retail banking store using your HSA debit card. You also can still send in a reimbursement request to pay yourself back by check or electronic deposit. 
  • Use online distributions through Wells Fargo Online to make one-time transfers into a Wells Fargo bank account that’s in your name. 
  • Provide the doctor or merchant with your HSA debit card number to pay for a product or service. 
  • Use HSA checks to pay merchants for qualified medical expenses. (Note that an additional fee applies to order HSA checks.)

Can I overdraw my HSA and incur fees as a result?

Yes, an HSA can be overdrawn. There isn’t an overdraft fee, but an HSA can be overdrawn for a variety of reasons. If your HSA does become overdrawn, it’s important to resolve it quickly or your account may be closed. 

Here are some examples of transactions that could cause your HSA to overdraw: 

  • The available balance (the cash balance) in your HSA deposit account was insufficient to cover the monthly service fee or other account fees. 
  • A contribution (or deposit) to your HSA couldn’t be processed and those funds were removed from your account. 
  • A transaction on your HSA debit card was approved at the time of purchase, but the available balance in your HSA deposit account was insufficient to cover the transaction when processed. 
  • While waiting for an approved transaction(s) on your Wells Fargo HSA debit card to be processed to your account, other transactions on your debit card were processed and your deposit account was left with insufficient funds to cover the initial, approved transaction(s). 
  • You may have requested direct reimbursement from Wells Fargo for an out-of-pocket expense. While that request was in process, another transaction was processed first, leaving an insufficient balance in the account to cover the direct reimbursement request.

Understanding your Wells Fargo Visa® HSA debit card

What are the advantages of the Wells Fargo Visa® HSA debit card?

With a swipe of your HSA debit card, you can pay for prescriptions, doctor’s visits, dental expenses, and more. You can use the HSA debit card anywhere Visa debit cards are accepted. You can also use it to make withdrawals at Wells Fargo ATMs.

When will I receive my HSA debit card?

You’ll receive your HSA debit card and your personal identification number (PIN) within seven to 10 days of enrolling in the Wells Fargo HSA. For security, the HSA debit card and PIN will arrive in separate mailings.

How does the HSA debit card work with the HSA?

Your HSA debit card is tied to the available deposit account balance in your HSA. The HSA debit card can be used to pay for qualified medical expenses billed from an insurance company, at a doctor’s office, or pharmacy, or at any merchant that accepts the Visa debit card. You can also use the card to make withdrawals from your HSA at an ATM. 

Can I order HSA debit cards for my spouse or dependents?

You may order HSA debit cards for your spouse or dependents through Wells Fargo Online

  1. Access your account by signing on to Wells Fargo Online
  2. From the Account Summary screen select your account 
  3. Under Manage Your HSA, select Order HSA dependent card

Note: Please have your dependent’s name, mailing and physical address, Social Security Number, date of birth, phone number, and residency information when you begin.

If I order an HSA debit card for my dependents, what do my dependents and I need to know about the HSA debit card?

  • Your dependents will have access to your HSA funds with their HSA debit card. Dependents don’t have any HSA ownership rights, and can’t request any changes to the HSA. This includes ordering or writing of checks, maintenance of your account, or buying or selling of investment funds. 
  • The dependents’ HSA debit cards can be used to pay for goods and services that are qualified medical expenses or for reimbursing qualified medical expenses paid out-of-pocket by withdrawing cash at an ATM. 
  • The card can be used at any merchant that accepts Visa debit cards for payment or to withdraw cash at Wells Fargo ATMs or any other ATM with a Visa or Plus® logo. If given the option when making a purchase, select credit for payment and sign for the purchase. Dependents should keep all of their receipts and provide them to the HSA account owner. 
  • There’s a daily spending limit on the dependents’ debit cards. The amounts are listed with the card when it’s initially mailed. Dependents can’t change this amount; only the HSA owner can request a change to the spending amount.
  • Dependents can access your balance and transaction history as well as the transaction history of all dependents by telephone, ATM, or at any Wells Fargo retail banking stores. 
  • You’re responsible for any transaction initiated by your dependents. 
  • You may be required to pay taxes and penalties for distributions if your dependents use the dependent card for non-qualified medical expenses. 
  • For more information on the dependents’ responsibilities and rights, please read the Card Terms of Use, which are mailed with each HSA debit card. 
  • For service questions, call Wells Fargo HSA customer service at 1-866-884-7374, Monday through Friday, from 7 am to 8 pm Central Time. You can: 
    • Obtain the balance on the HSA by following the prompts when you call the service center. You’ll need to enter your card number and your Personal Identification Number (PIN).
    • Call immediately if your card is lost or stolen. We’ll close your card and order you a card with a new card number.
    • Change your address or update your personal information. Be sure to inform the HSA owner of your changes.

If I am at the ATM and it asks me to indicate what type of account I have, what do I choose?

Choose checking.

Do I choose debit or credit on the signature pad when I make a purchase using my HSA debit card?

Choose credit. Also, it’s important to note that you can’t get cash back from your HSA debit card when you make a purchase at a merchant.

I received my new HSA debit card, but didn’t receive the PIN. How do I get the PIN?

For security reasons, your PIN will be mailed separately from your debit card. However, you can visit a Wells Fargo retail banking store to get your HSA debit card PIN. If you aren’t near a Wells Fargo retail banking location, you can call Wells Fargo HSA customer service at 1-866-884-7374. To ensure your security, we require that the accountholder contact customer service to get a PIN, rather than your spouse or dependent. 

How do I change my HSA debit card PIN?

You can change your PIN at any Wells Fargo ATM or Wells Fargo retail banking store, or by calling the automated phone line at 1-866-884-7374. If using the automated system, enter your HSA deposit account number or HSA debit card number and follow the prompts. If you plan to change your PIN at a Wells Fargo ATM, you’ll need to know your current PIN in order to make the change.

Who do I contact if I think there have been unauthorized transactions on my HSA debit card?

If you think there are unauthorized transactions on your HSA debit card, please call customer service immediately at 1-866-884-7374 and choose option #4.

Managing your HSA

Where can I get information about my account activity?

You’ll receive a monthly account statement that lists your HSA deposit account balance, investment details, and all transactions, including your HSA debit card transaction details. It also includes a year-to-date contribution summary. Your monthly transaction activity is also available online through Wells Fargo Online. See the questions below for more information. 

How do I access my HSA online and manage my account?

Wells Fargo Online makes it fast and easy for you to manage your Wells Fargo HSA anytime. It provides all the tools you need to: 

  • View detailed account activity, including your HSA debit card transactions. 
  • Maintain your account profile. 
  • Make a one-time or recurring contribution to your HSA (current or prior year). 
  • Schedule recurring contributions to your HSA. 
  • Create automatic transfer to investments. You can turn auto transfer on or off at any time. 
  • View online tax documents and monthly statements. 
  • Use online distributions to make one-time transfers into your Wells Fargo bank account — a great way to reimburse yourself for out-of-pocket expenses. 
  • View your available balance and investment balance.

How do I sign on to Wells Fargo Online?

If you are already a Wells Fargo Online user, just select your account from the Account Summary screen.

If you are a new user, follow these steps to sign up:

  1. Visit wellsfargo.com and select "Sign Up" at the top of the page.
  2. Follow the steps to create a personal username and password. You will need your Health Savings Account number or your Wells Fargo Visa HSA debit card number and Personal Identification Number (PIN) for online registration. 
  3. Once you are signed on, select your account from the Account Summary screen.

What account information can I access by calling the automated phone line?

The automated phone line will allow you to: 

  • Obtain your deposit account balance.
  • Hear recent account activity.
  • Report a lost or stolen HSA debit card.
  • Customize your HSA debit card PIN.
  • Locate Wells Fargo retail banking stores or ATMs. You can access the automated phone line by calling Wells Fargo HSA customer service at 1-866-884-7374. In order to access your account information, you’ll be prompted to enter your HSA number or HSA debit card number and your HSA debit card PIN. If you’ve changed your PIN from the one that was initially assigned to you, please enter the most recent PIN.

Taxes and your HSA

What tax reporting does Wells Fargo provide as part of the HSA administration?

Wells Fargo provides IRS Form 1099-SAand IRS Form 5498-SA for accountholders. IRS Form 1099-SA reports the distributions you took from your HSA. It’s mailed in January of each year. IRS Form 5498-SA is mailed in May so it reflects all contributions for the previous year, which can be made up until the deadline for filing the federal income tax return for the current year. 

Additionally, accountholders may access the two most recent annual tax forms online through Wells Fargo Online. For more information about IRS forms associated with HSAs, visit our Using Your Health Savings Account page.

Do I need to file any special forms with my federal tax return to report contributions to my HSA?

Yes. You’ll need to file IRS Form 8889-Health Savings Accounts with your federal tax return. Please consult a tax advisor if you have specific questions.

Will I have to pay tax penalties on the monthly fees that Wells Fargo deducts from an HSA?

No. The IRS has said that administration and account maintenance fees withdrawn directly from the HSA are allowable withdrawals and, therefore, not subject to taxes or penalties.

What are the HSA guidelines for domestic partners?

The federal tax rules governing HSAs and domestic partners vary depending on whether the domestic partner is a tax dependent. Consult your tax advisor on whether your domestic partner is a tax dependent. 

If your domestic partner is a tax dependent 

HSA disbursements from your account for your domestic partner’s qualified medical expenses are tax-free. Your domestic partner can’t contribute to his or her own HSA. Individuals who can be claimed as dependents on a tax return aren’t eligible to open their own HSA. 

If your domestic partner isn’t a tax dependent 

HSA disbursements from your account for your domestic partner’s medical expenses would be taxable and would also be subject to the 20% excise tax (The 20% penalty doesn’t apply to distributions made after death or disability, or after the accountholder reaches age 65). However, your domestic partner may open his or her own HSA and contribute up to the annual family IRS maximum amount if he or she is covered under an HSA-eligible health plan. An HSA for your domestic partner can be opened as long as the domestic partner is in a qualifying high-deductible health plan. 

Note: This assumes that you have family medical coverage under your qualifying health plan, cover your domestic partner as a dependent, and that your domestic partner has no disqualifying coverage.

HSA Federal Tax Center

How do I report distributions from my HSA?

Use IRS Form 8889 to report distributions when filing your income taxes.


What are considered qualified medical expenses?

Qualified medical expenses are defined by Section 213(d) of the Internal Revenue Code. They generally include most medical care and services; dental and vision care; and prescription drugs that are not covered by insurance. Cosmetic procedures are generally not considered qualified medical expenses. Note that insurance premiums are also generally not considered qualified medical expenses. However, the following types of insurance premiums typically do qualify:

  • Healthcare continuation coverage (such as coverage under COBRA)
  • Long-term care insurance coverage
  • Healthcare coverage maintained while an individual is receiving unemployment compensation under federal or state law
  • For accountholders over age 65 (whether or not they are entitled to Medicare), any deductible health insurance (including Medicare Part D premiums) other than a Medicare supplemental policy

Wells Fargo does not determine if your HSA distributions are for qualified medical expenses. Consult a tax advisor if you have questions on what constitutes a qualified medical expense. 

What receipts and records should I keep?

You should keep all receipts and records for qualified medical expenses paid with your Wells Fargo HSA funds. Keep these items for your own records. You do not need to submit them to Wells Fargo. Wells Fargo does not substantiate expenses; you are responsible for determining if your expenses are qualified medical expenses.

Why do I need to keep receipts and records?

It’s important to keep receipts and records in case the IRS audits your tax return. The IRS might ask you to provide receipts and records for qualified medical expenses paid using distributions from your Wells Fargo HSA.

How do I handle excess contributions to my Wells Fargo HSA?

Amounts contributed to your HSA that exceed your maximum annual contribution amount are considered excess contributions and are not deductible. Generally, you must pay a 6% excise tax on excess contributions. See IRS Form 5329 “Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts” to calculate the excise tax. To avoid the 6% excise tax, you must withdraw the excess contributions and any applicable earnings by the due date, including extensions, of your tax return for the year the contributions were made. Consult your tax advisor for more information.

How is a rollover to my Wells Fargo HSA reported?

An HSA rollover is reported in Box 4 on IRS Form 5498-SA issued by Wells Fargo. Rollover amounts are not counted toward the maximum annual contribution limit. (Note that IRA transfers are reported in Box 2 and are counted toward the maximum contribution limit.)

I transferred my HSA to Wells Fargo. Who will send me my tax forms?

If you transferred your HSA to a Wells Fargo HSA the IRS Form 5498-SA issued by Wells Fargo only includes contribution and rollover activity from the time the account was first transferred to Wells Fargo. Your former HSA record keeper should provide an IRS Form 5498-SA for any contribution/rollover activity that occurred before you transferred your account to Wells Fargo.

What is the current maximum annual contribution limit for my Wells Fargo HSA?

View current contribution limits.

You are responsible for monitoring your contribution limit. Consult IRS Publication 969 and your tax advisor for more information about how the contribution limits apply to your situation.

IRS Form 1099-SA

Why did I receive IRS Form 1099-SA?

The IRS requires Wells Fargo to issue IRS Form 1099-SA if you took a distribution from your Wells Fargo HSA during the previous tax year.

Am I required to report information contained on IRS Form 1099-SA on my federal income tax return?

Yes. Distributions from HSAs are generally reportable on IRS Form 8889. Please consult your tax advisor or refer to the official IRS instructions for IRS Form 8889 for more information.

IRS Form 5498-SA

Why did I receive IRS Form 5498-SA?

The IRS requires Wells Fargo to send you IRS Form 5498-SA by the end of May if you had any contribution activity in your Wells Fargo HSA during the previous tax year. Wells Fargo also submits the information on IRS Form 5498-SA to the IRS. You receive this form for your records only.

Do I need to report the 5498-SA information on my taxes?

If you live in a state that does not recognize an HSA as a state tax exempt account, you should consult your tax advisor on how to report the contributions made to your HSA.

IRS Form 8889

How do I report distributions from my HSA?

Use IRS Form 8889 to report distributions when filing your income taxes.


I use tax preparation software to do my taxes. Will it prepare my IRS Form 8889 for me?

Most tax preparation software programs include questionnaires on whether you have participated in a variety of activities, including HSAs. You should expect to see a question regarding HSAs, and once you indicate you have an HSA, the program should generate your IRS Form 8889 (of course, you should double-check that the program does). For IRS Form 8889 instructions, visit irs.gov/instructions/i8889/index.html.

Life changes and your HSA

What happens if I change jobs or health plans?

HSAs are owned by the individual, so if you change jobs or health plans, you may keep your HSA at Wells Fargo or roll your funds into another HSA at another qualified institution. Your eligibility to continue to contribute to the HSA will depend, in part, on the type of health insurance you have. 

Can I use money in my HSA to pay expenses for my adult children?

U.S. healthcare reform legislation extended coverage for adult children for family health plans until they turn age 26. The “age 26” change did not extend to the use of the HSA because HSAs are covered under a different section of the tax code. If you list your adult child as a tax dependent on your federal income tax return, you may typically use the money in your HSA for eligible expenses for that adult child, regardless of age.

If your adult child is not listed as a tax dependent on your federal income tax return, you may not use the money in your HSA for that adult child − even if they are covered by your qualified high-deductible medical plan. If your adult child does not qualify as a tax dependent, any HSA distributions for the adult child may be subject to income tax and a penalty tax. If your adult child is covered under your qualified high-deductible medical plan and is not your tax dependent, your adult child may be able to open his/her own HSA and contribute up to the allowable family maximum.

What happens to the money in my HSA upon death?

Upon death, if your spouse is the designated beneficiary, he or she will become the owner of the HSA without tax consequences. If you designate another person as the beneficiary of your HSA, the HSA ceases to be an HSA on the date of death and the value of the HSA at death is taxable to the non-spouse beneficiary. If your estate is your beneficiary, the value of your HSA at death is includible on your final tax return.