Did You Know: HSA Accounts

How far does your HSA card go?

HSA cards are like those weird things that sit in your wallet but never seem to get used. Often this is because knowing what they can and can't be used for is so confusing. 

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?

1. Office Visits - If you have a copay or deductible for an office visit, you can use your HSA card to pay that amount. 
2. 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. 
3. 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. 

Remember, everyone's HSA account is different and it is best to look into the rules and restrictions on your own HSA account first. The best way to find out the specifics of your plan is to contact the administrator of your HSA plan.

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