Hi there! You’ve either made the smart decision to enroll in the health savings account (HSA) medical plan, or you’re thinking about it. HSAs are designed for you to set aside pre-tax money to help you pay for eligible medical expenses now or in the future. In other words, it’s your account to use, forever.
This short video will provide you with some tips to ensure that you are getting the most out of your HSA.
Tip One: We get it, everyone has budget constraints, but if you can contribute even a little more (while staying under the IRS cap, of course), your account can grow faster. You have the option to either increase your pay period contributions or make ad hoc contributions throughout the year. Let’s say you are currently contributing 50 dollars a month. If you are able to contribute just 35 dollars more each month, you could have an extra one thousand two hundred and sixty in your account in just 3 years.
Tip Two. Use the simple online investing tool to grow your HSA through mutual fund options.It’s easy to select funds and set your amounts, and you can change your settings at any time. If you invest just thirty-five dollars each month, you could have over one thousand four hundred in your investment account in just 3 years. And over six thousand in 10 years!
Tip Three. Use our handy HSA Save-It! Feature to save for a rainy–or sunny–day! If you plan to preserve your HSA balance and pay for eligible expenses with personal funds, you can file these receipts online using the HSA Save-It! Feature. This is a quick, simple way to store your documentation and make withdrawals from your HSA Save-It! balance whenever you need it. As your account accumulates, you can later withdraw a lump sum from your HSA Save-It! Amounts …. and use it, tax free, for whatever you want without penalty.