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.