An HSA helps to plan for future medical costs but is also beneficial in the short term to pay medical expenses that your insurance doesn’t cover.
How to use your HSA:
- An HSA helps to plan for future medical costs but is also beneficial in the short term to pay medical expenses that your insurance doesn’t cover.
- You can save your HSA for retirement or use it anytime during your lifetime for qualified medical expenses. Only use it for qualified medical expenses, however, or you could incur a penalty.
- You can use your HSA funds to pay your deductible.
- You can use your HSA as a savings account until retirement.
You can access your HSA funds through:
- Debit Card
- Paying online through the HSA Portal
- Requesting a reimbursement through the portal or app if you paid out of pocket
- Paying with an HSA check
- ATM Withdrawals
Once you file a reimbursement, depending on your election, you will either receive a direct deposit into your bank account you provide, or a check will be processed and sent to you.
It’s your money, so don’t spend more than you should for medical services. Ask questions and do a little research on cost and quality just like you would for any other purchase you make. Some great options are:
- Free Annual Preventive Care visit – Annual preventive care visits are free, improve health and reduce future costs through illness prevention
- Using virtual care options- Up to 70% of all office visits could be eliminated using telemedicine or an online visit. The cost of a virtual care visit is around $50 so you could save about $100 compared to going to a clinic.
- Shopping for Prescriptions- Not all pharmacies charge the same amount for medications. Using your carrier’s prescription price tools or an external source like GoodRx you can save big bucks on your medications
- Ask for cost estimates – For non-emergency surgeries, check with several facilities in your insurance network for prices. Price differences for surgeries like a knee replacement or back surgery can be many thousands of dollars from one hospital to another.