An HSA is an effective, tax-free tool that allows you to save up funds for qualified medical expenses. HSAs are partnered with high deductible insurance plans. High deductible plans are advantageous because they lower premiums and help create savings that you can put into your HSA. As you know—the funds in your HSA go in tax-free, accrue tax-free interest, spend tax-free on qualified medical expenses, and roll over from year to year. These ever-growing funds can be used to pay for your deductibles. This way you create a safety net to cover unexpected medical fees all while lowering your premiums. If you want to build up this safety net even faster, be sure to participate in our Steps Program, which earns you a dollar for every day you walk 8,000 steps or more, up to 20 days per month toward your HSA. That’s $20 per month, or $250 per year. Get your spouse involved and you’ve earned an easy $500.
How to Use Your HSA Card During Doctor Visits
Most people are used to paying a copay during doctor visits. When you have an HSA plan, you do not pay a copay. If the receptionist asks for a copay regardless, make sure to inform them that you are on an HSA plan—don’t pay a copay. All you need to do is present your insurance ID card. If a deposit from your HSA is required, it will be added to your invoice. Your invoice can be paid off with your HSA debit card or through the member portal. Though MotivHealth lists our preferred in-network providers in our price transparency tool (also located in your member portal), HSAs are valid at non-network providers as well. Remember, HSAs can be used to cover any qualified medical expense. *
How to Use Your HSA Card for Prescriptions
Once your doctor provides you with a prescription, bring the prescription to your local pharmacy along with your insurance ID card. The pharmacy will then determine how much you owe for the prescription and you can pay that fee with your HSA debit card. Call our pharmacy benefit analysts at 385-247-1030 to find out if you can lower the costs of your medications.
*Qualified medical expenses don’t just include doctor visits and prescription medications. Your HSA card can also be used for bandages, vitamins, and more. Pro-tip: Type “HSA” into your Amazon search box to see a variety of HSA-eligible products. Of course, in order to maximize the benefits of your HSA, it’s always a good idea to keep those funds tucked away or even invest them so they can continue to grow and act as a safety net.