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Tips to maximize your savings

Generic prescriptions

Generic prescriptions typically cost 30 - 80% less than their brand equivalent. We encourage you to consult your provider about generic prescription options. Your insurance plan may offer a prescription pricing tool for comparisons.

Urgent care vs. emergency room

A visit to the emergency room can cost three to seven times more than a visit to an urgent care facility that can provide the same treatment. You should consider only going to the emergency room in a potentially life threatening situation. Furthermore, an appointment made with your primary physician will be typically less expensive than a visit to the urgent care.

Max out your HSA contributions

Each year, the IRS gives you the chance to save up to a fixed amount on HSA contributions. To get the most out of this opportunity, you should contribute the maximum allowed:

2020 contribution limits

Contribution 55 or older catchup
Individual $3,550 +$1,000
Family $7,100 +$1,000

2021 contribution limits

Contribution 55 or older catchup
Individual $3,600 +$1,000
Family $7,200 +$1,000

Additionally, during the year you turn age 55 and every year thereafter, an additional $1,000 per year catch-up contribution is allowed.

You have until the tax filing deadline (usually April 15) to contribute the maximum amount. You should consider making a deposit to your account through check EFT in the first quarter of the year (for the prior year) if you haven’t maximized your deposits. Payroll deductions can only be applied to the current year in which they are withheld.

At the very least…

If you aren’t contributing at least the amount you spend on health care, you essentially leave money on the table for the government. At the very least, deposit funds into your HSA before you pay a bill and gain the tax benefits of the HSA deposits.