Welcome to your new Health Savings Account! These accounts are a way for you to put money away on a tax-free basis to pay for medical expenses. In the list below you'll find time and money saving tips that will enhance your experience with HSAs.
- Always give the healthcare provider your insurance card. Even if it's close to the end of the plan year and you don’t believe you’ll meet your deductible; this ensures that you'll receive the in-network discounted rate.
- Reimbursements are easy! Don’t forget, that if you pay for a medical expense with out-of-pocket funds, you can reimburse yourself from the HSA to still claim the tax savings. If you haven’t already, log into Tango and add your direct deposit account so that you are all set-up when you'd like to request a reimbursement. Add your direct deposit account now.
- There are countless types of expenses that are covered by your HSA beyond what your medical insurance provider covers: dental, vision, bandages, crutches, contact lens solution...and even driving to and from your doctor. Find out more about what is eligible: https://support.tangohealth.com/hc/en-us/articles/203634860-What-can-I-purchase-with-my-HSA-What-are-eligible-expenses-
- Know where the closest in-network medical centers are. Scout out urgent care centers close to your home/work/any other place you visit frequently, and know their hours or where you’ll go if your preferred location is closed.
- Funds placed in your Health Savings Account are yours to keep year after year, and even if you leave your employer or change health plans. There is no use-it-or lose it provision.
- It is required that you save receipts for all expenses that you pay for (or reimburse yourself for) with HSA funds. You'll never need to show them to your insurance carrier or your employer, but if you are ever audited by the IRS they will ask for proof that all withdrawals from your HSA were for eligible medical expenses. Read more about HSA receipt-keeping here: https://support.tangohealth.com/hc/en-us/articles/204316210-Health-Savings-Account-Record-Keeping-Receipts-and-HSAs
- You can use your HSA to pay for the eligible expenses of yourself, your spouse, and any tax dependents - even if they are not covered on your insurance plan!
We hope you've found these tips helpful. Have one of your own? Add it in the comments section below!