So what is an HSA account?
HSA stands for Health Savings Account and it is a tax-advantaged account established to pay for qualified medical expenses of an account holder who is covered under a high deductible health plan (1). HSA plans can be rolled over annually and are pre-tax deductible. The employer and/or the employee contributes money to an HSA account to help offset costs of medical expenses.
Are HSA and FSA accounts the same?
An HSA and an FSA (flexible spending account) are structured similarly but intended for different purposes. Unlike HSA accounts, FSA are a not able to be rolled over and any money left in the account at the end of the year is lost. (2)
What can an HSA account be used for?
- Office Visits - If you have a copay or deductible for an office visit, you can use your HSA card to pay that amount.
- Supplements -Some plans require medical necessity notes or treatment plans submitted and approved before the purchase of supplements. While other cards allow you to purchase supplements as needed but may ask for a detailed receipt and/or a medical necessity note.
- Lab Work - Any remaining amount still owed to the lab company after the blood work is processed through insurance can be paid with an HSA card. If you pay out of pocket for lab work, you can still use an HSA card as a form of payment.
Decisions are a part of life. Often even if a situation feels out of our control, we still have to decide how we react to it. How we respond can dictated how we approach other challenges throughout our life. In this article, Jon Pope breaks down how to optimize decision making in any situation and build feedback loop to make this a part of every life decision.
It took us a while to find the perfect chocolate chip cookie recipe but we really feel this one is a keeper! If you like soft and chewy cookies, try going one minute less the first time in the oven. We also are a big fan of chopping up a Lily's Chocolate Bar to use the the chocolate chips in this recipe!