HSA Day is October 15: How to Save with an HSA

Health care costs are continually changing, and more often than not, rising. We understand how hard it can be to plan and budget for health care costs for you and your family, along with other household expenses.

Understanding health benefits is not always an easy task, especially when it comes to high-deductible plans and Health Savings Accounts (HSA). With National HSA Awareness Day coming up on October 15th, we highlighted some practical benefits of using an HSA. Consider how these HSA hacks could help keep your out-of-pocket costs under control.

What Is An HSA

An HSA, usually a part of an insurance plan, is a triple tax-free savings account that can be used at any time for out-of-pocket medical expenses. An HSA acts like a “security blanket” when you need it for unexpected health care costs, including prescription medications you obtain using the Inside Rx prescription discount card.

Use It Or (Never) Lose It

Money that is in an HSA stays with you no matter your job, age, employment status, etc., it is yours forever. Therefore, as you build up your HSA you are free to use that money however you need pertaining to your health care.

Let Your HSA Work For You

You can use the funds in your HSA for a variety of things. These funds can be used for common items you can find at a drugstore, medicare premiums, long-term care insurance premiums, doctor visits, certain preventive screenings or tests and even prescription medications.

Another benefit of an HSA is that it can be used for medical expenses for anyone in your family, regardless of if you are or were enrolled for single coverage.

Talk to your insurance provider or find an HSA provider to discuss how to set up an account, how to access the funds in the HSA or if you have any questions about an HSA.

Listen to Jean Chatzky, host of HerMoney podcast and educational ambassador for HSA Day, discuss what you can pay for with your HSA account in the Oh My Dollar podcast.