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Health Savings Accounts (HSA)
A personal tax-free savings account for healthcare expenses and investing.
Use the below information to determine if a Health Savings Account (HSA) is right for you and how to best take advantage of an HSA account.
How It Works
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 also enrolled in an HSA-eligible high-deductible health plan.
You choose an annual election amount, up to $3,650 for individuals and $7,300 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.
As a married couple, one spouse cannot be enrolled in an FSA at the same time the other is contributing to an HSA.
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 much can you potentially save for retirement? See below!
The IRS determines what expenses are eligible under an HSA. Below are some examples of common eligible expenses:
– Copays, deductible payments, coinsurance
– Doctor office visits, exams, lab work, x-rays
– Hospital charges
– Prescription drugs y 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
For a full list of eligible expenses, go to www.flexfacts.com.
Online & Mobile Access
Get instant access to your account with the Flex Facts Portal and the Flex Facts 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
– 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 audit your HSA transactions.
– Unused funds roll over year to year and once your account balance reaches $1,000 you have the option to invest your funds and accelerate your account 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.