What is the HSA advance feature?
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.
What are the benefits of the advance feature?
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.
How does the advance feature work for members?
- 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 and get access to the advanced funds offered by my employer?
- 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
What can I use the advanced funds for?
If the HSA advance feature is enabled, 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.
When do advanced funds become available for me to use?
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.
What happens when I submit a claim before I have enough funds in my account? Will advance funds cover the claim?
If you have enabled the HSA advance feature within Further®'s member portal and the claim exceeds the total funded balance available, the advance funds will cover the claim.
How are HSA advanced funds repaid after being used?
Future routine employer contributions to your HSA will repay your outstanding advanced amount.
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.
How do I access the advanced funds?
Once the HSA advance feature has been enabled, simply use your Further® debit card or submit a claim. If the claim exceeds your HSA balance, funds will advance to cover the claim (up to the available advance amount).
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.