Interest in My Health Savings Account
In the US I get medical benefit insurance. Every time, some amount of money is subtracted from my paycheck as a medical insurance premium cost. Besides that I contribute some amount of money to HSA (health savings account) which is a part of medical insurance benefit. When I go to doctor, insurance doesn't cover 100% medical costs so I have to pay some expense out of pocket. Because medical insurance doesn't cover 100% of my medical expenses I need to have that HSA account to pay the uncovered part. Here is the problem: I have recently seen that my HSA account balance started adding interest about 0.03$. As my balance grows, that interest will start growing. So my HSA account balance keeps growing with interest. Is that interest haram (forbidden)? Again, I put money into HSA account to cover my medical expense as part of tax requirement and they start to grow with interest and with my contributions. Is that interest haram?

Any amount of money received in addition to your capital is interest, and it is haraam. The only exception is the rate of inflation:

Before the fiduciary monetary system (paper money system), money was made of gold or silver, which are precious metals. Therefore, any amount of increase added on the principal was obviously interest.  However, purchasing power is the criterion in the current paper money system. In order to comply with the expression “neither you do wrong, nor you are wronged (al-Baqarah 2:279)”, the purchasing power of the loaned/owed money must be fixed. The loss of purchasing power may be calculated by considering the inflation rate. Any other addition to your capital is interest.

If there is a way to turn that HSA into a type of account that does not grow, maybe by applying to the officials personally, you can do that.

If that is of no use and you have to use that account for your health expenses, you should be keeping track of the interest, and giving away that amount of money to the needy without expecting any return from God. The money you give would be considered as interest for your use but as a gift for the person who receives it. So it is not forbidden for their use. You would better not tell the person that it was interest, which could hurt him/her.

Furthermore, there is no difference between the money being spent out of your HSA account or any other account. The physical money itself is not forbidden,  but consuming interest is. It is okay as long as the amount of money which was gained through interest is given away out of your possession.

Facebook'ta PaylaşTwitter'da Paylaş
Date: Nov 22, 2017
Other Fatwas In This Category:
#   Title Date Reads 
1 Should we collect jizyah from our non-muslim neighbours? 2011.09.16 687
2 Is it permitted to get the 0% interest credits? 2012.06.16 1,032
3 Working in a company that borrows loan on interest 2013.05.19 968
4 USURY IN QURAN AND SUNNAH 2010.07.11 5,225
5 Can we give out the interest profit to the poor? 2012.12.17 1,605
6 Bonds 2013.05.31 1,306
8 Borrowing interest-based loans 2012.06.18 860
9 Buying and selling of public property 2013.07.23 1,297
10 PROHIBITION OF USURY 2010.07.11 1,370
11 Can I buy a house by using mortgage from a bank? 2013.04.10 1,399
12 Ruling on Leasing 2014.01.14 1,059
14 Will it be a sin if we give rushwat for taking our own property which is wrongfully seized? 2013.01.27 736
15 Missed Credit Card Payments 2014.01.20 859
17 Is it lawful to buy gold in installments by using credit card? 2012.07.21 2,132
18 Lending and Receiving in Different Currencies 2014.02.12 871
20 Is it lawful to buy and sell gold over internet? 2013.02.11 714
21 Trading unlawful things 2014.03.05 1,183
22 Islamic Economics 2010.07.11 847
23 Is it lawful to buy cash by credit card? 2013.02.11 865
24 Buying Foreign Exchange by Credit Card 2014.03.08 1,000
25 BEY BI’-L-ISTIĞLÂL 2010.07.13 750
26 What is the difference between renting and interest? 2013.02.26 2,419
27 Death of a creditor 2014.04.25 1,015
28 Relation Between Alms and Market Economy 2011.04.28 741
29 Is it permitted to rent gold? 2013.02.26 746
30 Early Payment Discount and Interest 2014.05.27 1,375
31 What is the sentence for directing our customers to bank credits(loans)? 2012.01.05 519
32 How to borrow gold from jewelers? 2013.02.28 925
33 Partnership on a fixed profit 2014.11.06 1,320
34 Amount Of Interest 2011.04.14 966
35 What is the ruling on giving a tender to a predetermined company? 2013.03.11 595
36 Paying off debts by loaning 2015.10.22 1,208
37 Is it lawful -halal- to use the bonus points paid by banks? 2017.08.11 2,542
38 Is it permitted to rent our real estate property to banks? 2013.03.31 1,564
39 Using Counterfeit Goods and Pirated Content 2017.04.04 505
40 Is e-commerce legitimate? 2013.01.19 1,146
41 Stock market 2013.04.06 2,196
42 Is getting government scholarship lawful or not? 2017.04.04 520
43 What is the ruling on life insurance? 2011.08.06 1,318
44 Were the older communities ordered to give tax (zakat) like we are? 2013.04.12 582
45 Is Late Fee Considered as Interest? 2017.08.11 437
46 Trade and Usuary 2009.08.25 1,059
47 Is the interest from National Savings Certificates Haraam? 2012.04.24 14,008
48 Can we demand the loss caused by delayed payments from the debtors? 2013.04.27 645
49 Interest in My Health Savings Account 2017.11.22 79