Shoppers frequently utilize medical care and reach their health plan deductible. A single unexpected medical event or just frequent minor incidents can lead to increased medical costs. An HSA can help Shoppers save now and position themselves to build savings in years with less medical attention.
If you aren't contributing at least the amount you spend on health care, you essentially leave money on the table for the IRS. At the very least, deposit funds into your HSA before you pay a bill and gain the tax benefits of the HSA deposits.
HSA-qualified plans cost less than traditional health plans. With a traditional plan, Shoppers pay a high premium for benefits, whether they use them or not. The resulting savings can be used to fund an HSA with tax-free* dollars.
As a high medical care utilizer, you likely encounter frequent office visits, procedures and perhaps hospital stays. Each of these may require varying copays with a traditional plan. Typically, these out-of-pocket costs continue even after the “out-of-pocket maximum” is reached. However, with an HSA-qualified plan, again, there are no copays and your out-of-pocket costs end once you've satisfied the maximum.
*Note regarding tax-free statements:
HSAs are never taxed at a federal income tax level when used appropriately for qualified medical expenses. Also, most states recognize HSA funds as tax-free with very few exceptions. Please consult a tax advisor regarding your state's specific rules.
Survivor
Survivors may be dealing with a lingering health concern.
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Saver
Savers seek opportunities to reduce their tax liability and maximize earning potential.
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Minimalist
Minimalists are most likely able to enjoy a healthy life, with little medical expenses.
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How an HSA works A simple way to save |
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Winning with an HSA brochure Empowering you to build health savings |
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Plan comparison scenarios See how you can save based on the following actual plan designs |
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Qualified medical expenses See a list of qualified and non-qualified medical expenses. |
Make the most of your HSA dollars by selecting the appropriate level of medical service. A visit to the ER can cost three to seven times more than a visit to an urgent care facility. Furthermore, an appointment made with your primary physician will be typically less expensive than a visit to the urgent care.
Generic prescriptions can cost 30 - 80% less than their brand equivalent. Ask your provider about generic prescription options. Additionally, your health plan may offer a prescription price comparison tool.
