What is the HSA advance feature and what are the benefits?
Further’s health savings account (HSA) advance feature provides account holders early access to HSA funds before routine employer contributions have been deposited into your account. It's a supplemental feature that employers must choose to add to their Further HSA.
It offers access to HSA funds before you've had the chance to build your balance through routine employer contributions. This provides a safety net in the event medical care is needed early in the year, decreasing the likelihood of delaying care due to costs. The feature also helps new HSA members familiarize themselves with high-deductible health plans.
Here's how it works:
- If you're eligible because your employer enrolled in a plan that includes the HSA advance feature, you can enable the feature under settings within Further’s member portal
- The first eligible expense claim that costs more than your funded available balance will trigger the HSA advance feature. The advanced funds will cover your expenses that cost more than what you had remaining in your funded available balance. This amount covered by the HSA advance feature cannot exceed your remaining available advance.
- Your employer's routine contributions repay your outstanding advance balance until your outstanding advance balance is zero
- After the current plan year ends, if you'd like to re-enroll in the HSA advance feature for the next year, you need to re-enable the feature in the member portal.
How do I enable the HSA advance feature?
You can enable the feature within the member portal. Here's how to do that:
- Log-in to the member portal
- Go to the My Profile on the upper navigation bar, and select See All Settings from the dropdown menu
- In the "HSA Settings" section, choose Change Enrollment Status next to "HSA Advance" and select Enable
- In the window that opens, enter your email address and then choose Enable HSA Advance after reading the terms and conditions
- Your first eligible expense exceeding your funded available balance will trigger advanced funds to cover the expense
Once you have enabled the advance feature within Further’s member portal, HSA advance funds will be available to use immediately. The first eligible expense claim submitted to your account will trigger advanced funds to cover the cost of the expense.
The advanced funds can be used for anything you'd normally use HSA funds for. Check out our eligible expense list to see what you can use HSA funds to pay for.
Can I enable the HSA advance feature if I have an HSA investment account?
No. Members with an active investment account (basic or brokerage) with a balance greater than $0.01 are ineligible to participate in the HSA advance feature.
Are HSA advanced funds a loan? How is it different from a loan?
No, HSA advanced funds are not a loan. Loans are typically a financial agreement between an individual and a financial institution like a bank or credit union and typically carry an interest charge that must be paid back along with the principal amount of the loan. The HSA advance feature is an agreement between you and your employer and advanced funds carry no interest that must be repaid. Your outstanding advances will be paid back in full by future routine employer contributions to your HSA.