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Covered California and Obamacare related questions from consumers, employers and agents are answered by Phil Daigle with the best information available at the time. Archived entries may no longer be accurate as the Covered California and Obamacare knowledge-base is evolving quickly. TO REQUEST A PERSONAL RESPONSE INCLUDE EMAIL ADDRESS.

Use HSA Money for Non-HSA Premium?

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Question: I currently have an HSA plan. If I select a new policy in 2014 that is not an HSA plan, can I still use my the money in my HSA bank account for uncovered medical expenses with no penalty?

Answer: No. There is a tax penalty for using your HSA savings for anything but deductible medical expenses (including health insurance premiums). You are penalized in 2 ways: (1) you will pay income tax on whatever you withdraw and (2) you will pay an additional 15% penalty as well.

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