Thinking about closing your account? Not sure what you signed up for? The following are some common reasons customers have when they ask us to close their account and what we wish you knew before hitting that Close Account button:
I No Longer Have HDHP Coverage So I Can't Have an HSA
Anybody can have an HSA! There are just rules about who can contribute to an HSA and enjoy the tax benefits. You are correct that with a non-HDHP insurance plan (and Medicaid/Medicare/VA Coverage) you are unable to contribute to your health savings account with us. However, you are still able to use your balance for HSA eligible purchases and services, and you can still invest your HSA balance to make it grow. As long as you have a balance in your Starship account, you are able to use it for health related expenses or investment.
I Just Want My Balance Returned to My Linked Bank Account
When your account with us is closed and your funds are not rolled over into another HSA, you can be subject to taxes and penalties. (20% penalty+income taxes) We highly recommend speaking with your tax professional before you make this decision. And remember, as long as you have an HSA balance, you can still use it or invest it.
I Didn't Know What I Signed Up For or I'm No Longer Interested in an HSA
We get it - these are big decisions and things can be confusing. If you decide later that you want to give it another go it's really best to just keep your profile active so you can pick back up where you left off. There are no fees or charges and you can come back any time.
To get you familiar with what you've signed up for here are a few helpful links - they are quick reads :)