Health Savings Accounts (HSA)

Get more value from your healthcare dollars with a health savings account.

Enroll in a health savings account (HSA) and start saving today.

How does an HSA work?

An HSA is a personal savings account that allows you to set aside pre-tax dollars for current and future healthcare expenses for you and your dependents, even if they are not covered under your primary health plan. You are eligible to open an HSA if you are enrolled in an HSA-eligible high-deductible health plan. You choose an annual election amount, up to $3,550 for individuals and $7,100 for families. The money is placed in your account via payroll deduction, online banking transfer, or a direct contribution. Once your account is funded, you can choose to use the money to pay for current healthcare expenses or keep the funds in your account and watch your savings grow. If you are 55 or over, you have the option to contribute an additional $1,000 annually.

Why should I enroll in an HSA?

High-deductible health plans typically have lower monthly premiums and greater out-of-pocket costs. An HSA helps ensure you have money set aside to pay for out-of-pocket healthcare expenses. But an HSA is also a powerful investment vehicle and can be a smart addition to your retirement strategy. What makes an HSA such a great retirement investment tool? Simply put, money goes into an HSA tax-free, grows tax-free, and comes out tax free. That means you will never be taxed when you use HSA dollars for qualified medical expenses. No other investment account offers this benefit!

How do I use my HSA to pay for healthcare expenses?

You can use your Flexfacts Debit Card to pay your providers for eligible healthcare expenses, or pay with your personal funds and withdraw funds from your HSA to reimburse yourself for the expenses.

Qualifying expenses

What qualifies?

HSA funds can cover costs for:

– Copays, deductible payments, coinsurance

– Doctor office visits, exams, lab work, x-rays

– Hospital charges

– Prescription drugs

– Dental exams, x-rays, fillings, crowns, orthodontia

– Vision exams, frames, contact lenses, contact lens solution, laser vision correction

– Physical therapy

– Chiropractic care

– Medical supplies and first aid kits

– Prescribed over-the-counter medications

– COBRA premiums

– And much more…

What doesn’t qualify?

Certain expenses are not eligible, for instance:

– Expenses incurred prior to opening your HSA

– Cosmetic procedures or surgery

– Dental products for general health

– Personal hygiene products

A comprehensive list of eligible expenses can be found at flexfacts.com

Online & mobile access

Get instant access to your account with the Flexfacts Participant Portal and the Flexfacts Mobile App.

– View your account balance and transaction history

– Submit and view claims

– Upload and store receipts

– Make contributions

– Invest HSA funds

– View important alerts and communications

– Sign up for direct deposit

– Sign up for text message alerts

Register for the Flexfacts Participant Portal at www.flexfacts.com

Download the Flexfacts Mobile App on the App Store or Google play store

Helpful hints

– You must have funds in your HSA before you can spend them.

– You can change your election amount at any time during the plan year.

– You own the HSA, which means the money in the account is yours to keep and stays with you, even if you change medical plans or leave your employer.

– Remember, withdrawals for qualified healthcare expenses are never taxable.

– Be a savvy HSA consumer and ask about the cost of procedures and provider visits to ensure you are getting the best care at the best price.

– Save your receipts because the IRS may adult your HSA transactions.

– Unused funds roll over year to year and once your account balance researches $1,000 you have the option to invest your funds and accelerate your accounts savings.

– While your HSA funds are intended for healthcare expenses, once you reach 65 you have the option to use your account for any purpose, without penalty. You’ll just owe income taxes on withdrawals for non-qualified expenses.

– The easiest way to manage your account is online at www.flexfacts.com or through the Flexfacts Mobile App.