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“I like having control over my healthcare
today while building resources for tomorrow.”
Ruth E., Tulsa, OK |
SEE HOW HSAs WORK: USING
YOUR HSA
Using your HSA is a lot easier than you might expect, which is one reason why they are popular with so many consumers. Here are the basics on how HSAs work to benefit
you.
Using your HSA for Covered Qualified Expenses
You can choose to use your HSA funds to pay for qualified medical expenses
(for example, office visits, lab work and prescription drugs) before
you have met your annual deductible. These covered expenses will still
count toward your annual deductible.
Using Your HSA for Uncovered Qualified Expenses
You may also choose to use your HSA funds for qualified services not
covered by the health plan, such as dental care, weight loss programs
and eyeglasses. These expenses, however, do not count toward your annual
deductible.
Your Annual Deductible
If you prefer, you can save any or all of your HSA funds and pay for
your medical expenses out of pocket until you meet your annual deductible.
Once you've met this, additional health care expenses are covered by
your medical plan, but you can still use your HSA funds to pay for
fixed expenses such as co-payments.
Carrying an Account Balance
If you don't use all of your HSA dollars, the remaining amount will carry
over into the next year. To make this a bit easier to understand, take
a look at a few case studies of an HSA in action:
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