Omnify’s six essential HSA questions answered

Everyone would like to save a little money if they can — especially when it comes to healthcare needs. A health savings account (HSA) can help you manage constantly rising healthcare expenses by allowing you to use pre-tax dollars for qualified medical expenses. To help you maximize your HSA savings, Omnify has answered six essential HSA questions that cover all the basics of the account.

What expenses are eligible with my HSA? 

HSA funds can be used for a wide range of qualified medical expenses, including doctor visits, prescription medications, and hospital services. In addition to routine healthcare needs, HSAs can also cover expenses for dental care, vision services, and even certain over-the-counter products like bandages, first aid supplies, and allergy medications. Health-related services such as chiropractic care and acupuncture may also be available. 

In addition to traditional medical expenses, HSA funds can also be used to purchase items from the HSA Store, an online retailer that offers a wide variety of eligible healthcare products. This store provides an easy way to access an expansive selection of health-related products, ensuring you can use your HSA money how you want and need. Bonus tip: You can also view a list of qualified HSA expenses and access the HSA Store from your Omnify account, under the Resources menu.

How much can I contribute to my HSA in 2026? 

The amount you can contribute will depend on your coverage type and age. For individual coverage, you can contribute up to $4,400 in 2026. If you are under family coverage, you can contribute $8,750. Additionally, if you are over the age of 55, you and your spouse are able to make a catch-up contribution. This means that no matter your coverage type, you are able to contribute an extra $1,000 to your HSA annually. These contribution totals include any employer contributions as well as your own.

What happens to the money in my HSA if I don’t use it this year? 

If you don’t use your HSA money, don’t worry! It will still remain in the account and continue to grow tax-free. Unlike flexible spending accounts (FSAs), which have a “use-it-or-lose-it” rule, HSA funds roll over year after year. Over time, the balance can grow and accumulate, making HSAs a powerful long-term savings tool, especially for future healthcare costs and retirement.

Can I invest my HSA funds?* If so, how? 

Yes, to start investing your HSA funds with Omnify, your account must first have a balance of $500. Once you reach the $500 minimum investment threshold, you have access to 41 investment options including 12 life cycle funds, 4 target risk funds, and 25 individual funds. 

Risk tolerance is a key factor when deciding how to invest your HSA funds. It reflects your comfort level with market fluctuations and potential losses in pursuit of long-term growth. Before investing, consider your time horizon — how soon you’ll need the money for medical expenses — along with your overall financial stability and emotional response to volatility. If you prefer steady, predictable returns, conservative options like target risk funds may suit you, while those with a longer timeline and higher tolerance for risk might choose life cycle or equity-heavy funds. 

What happens to my HSA if I change jobs or health plans? 

If you change jobs or health plans, your HSA remains yours and you can continue to use the funds for qualified medical expenses. The account is not tied to a specific employer — you are the sole owner of this account. If your new employer offers an HSA, you may need to open a new one. You can transfer or roll over funds from your old HSA to a new one, providing the efficiency of one account, one login, one tax document, and one debit card. Or, you can also keep them separate if it makes more sense for you. One thing to keep in mind is to keep track of your contributions, since you can only contribute $4,400 (2026 limit) for individuals and $8,750 for families in total for all HSAs you own. Additionally, HSA eligibility requires you to be enrolled in a high-deductible health plan (HDHP). 

Can I have an HSA if I am on Medicare? 

Even if you’re on Medicare, you are able to use existing HSA funds for qualified medical expenses for your spouse, tax-qualified dependents, and yourself — but you are not allowed to contribute to any HSA. Eligibility to contribute to an HSA requires you to be covered by a high-deductible health plan (HDHP) and have no other disqualifying health coverage, which includes Medicare. 

When considering Medicare enrollment, it’s important to understand the implications of delaying Part A coverage. While most people qualify for premium-free Part A, postponing enrollment can trigger a six-month retroactive coverage rule once you sign up. This means Medicare Part A will backdate up to six months (but not before your 65th birthday or eligibility date), which can affect HSA contributions and tax planning. If you’re still working and contributing to an HSA, enrolling in Part A — even late — could create penalties for excess contributions during that retroactive period. Carefully review your employment benefits, retirement timeline, and tax strategy before deciding when to enroll.