A Pound for Pound HFX and HSA Debit Card Comparison

HFX Cards weigh much more in value and provide benefits that other Health Savings Account (HSA) debit cards can’t.

HFX Card IRS Limits


  • Health Care Expenses (Doctors, Dentists, health insurance, eye care, medicine)
  • Can use HFX Card to pay for health insurance premiums and receive tax deduction on 1040
  • General spend discounts
  • Points for co-payments
Affordable health care cost options other than state exchanges

  • More flexible than HSA Accounts
  • Prescription drug discounts
  • Non-prescription OTC discounts
  • Promotional campaigns
Other IRS Exempt Expenses - Use HFX Card for payments (Receive reward points)

  • Real estate taxes
  • Motor vehicle registration
  • Gifts to charity
  • Last year’s tax preparation fees Job-related expenses
  • (union dues, job education, uniforms)

HFX Penalties


HSA Card IRS Limits

Limited access to health expenses after certain amount

Affordable health care cost options other than state exchanges

HSA Contribution Limits

For 2018: $3,450.00 maximum contribution for individual coverage; and $6,900 for family coverage. $1,000 for additional catch-up contributions for people age 55 or older.

You cannot use HSA Accounts to pay for health insurance premiums.

Basically, you can use HSA funds for medical costs but not insurance premiums except for:

  • If you are over 65
  • If you are unemployed
  • If you are on COBRA

HSA Penalties

HSA penalties for non-qualified expenses:

Effective Jan. 1, 2011, the penalty for using HSA funds for non-qualified medical expenses for those under the age of 65 (unless totally and permanently disabled) increased from 10% to 20% of the funds used for non-qualified expenses. Funds spent for non-qualified purposes also are subject to income tax.

HSA’s and coverage of adult children up to age 26:

While the Patient Protection and Affordable Care Act (PPACA) allows parents to add their adult children (up to age 26) to their health plans, the IRS has not changed it’s definition of a dependent for health savings accounts. This means that an employee whose 24-year old child is covered on their HSA-qualified high-deductible health plan is not eligible to use HSA funds to pay for medical bills for that 24-year old.


HFX Cards can rebate a portion of the premium paid with its HFX Insurance policies.


HSA Cards cannot be used to pay premiums and by law are not allowed to rebate premium dollars.

HFX Cards and HSA Accounts Working Together

Use your HFX Card for everyday spending to earn points and rewards. You can transfer HSA funds onto your HFX Card whenever you need to use your HSA funds and utilize the HFX Card statements as your proof of use for all HSA funds and healthcare dollars spent. If you pay qualified medical costs with your HFX Card, you can also use HSA funds for reimbursement to leverage their IRS Pre-tax advantages and roll-over features.

Remember, you do not earn rewards or points when using an HSA Card. Only an HFX Card can earn you reward dollars and provide you with detailed spend reports.

With the HFX Card, You Can:

  • Manage cash deposits
  • Manage rebates
  • Manage subsidies
  • Manage reward incentives
  • Manage payments that offset healthcare costs
  • Manage reward points. Points can be redeemed to pay for doctor visits, co-payments and insurance premiums
  • Schedule doctor appointments
  • Pay for doctor visits, prescriptions and premiums
  • Replace pay checks
  • Manage out-of-pocket expenses using reward points to offset costs
  • Download and install a mobile app to manage your card account

More Information

For more information visit hfxinsurance.com