Open your Health Savings Account to use Tax-exempt contributions for the payment of medical care. Expenses for you and your loved ones, including medical expenses and hospital visits, user fees, including glasses, prescriptions, Long-term care insurance premiums, and COBRA premiums are included in BenefitWallet.
A health savings account (in your eyes, HSA) is an important part of your portfolio of services and is an integral part of your high deductible health insurance strategy. The idea is simple: After completing a qualified High Deductible Health Plan (HDHP) and opening a BenefitWallet HSA connection, members can pay medical bills for themselves, their spouse, and everyone else with premium-exempt contributions. Hospital visits, user fees, glasses, prescriptions, certain long-term care insurance premiums, and premium charges.
Even better and more qualified healthcare expenses on your own HSA for network operators can request the meeting of the annual deductible of your mutual insurance company. You and your employer can contribute to your HSA up to an annual limit set by the IRS, but you stay in control and access the balance from your account. You can use these funds for health in the future.
A health savings account (HSA) is a great way to save pre-tax money to pay for eligible medical expenses. You can open an HSA by signing up for the Consumer Plan or the Consumer Plus Plan. If you subscribe to the traditional plan, you are not eligible for the HSA. You will be given a debit card to pay for eligible expenses. Find out more about the benefits of an HSA below.
- With a combination of HDHP/HSA, you can use your HSA to pay eligible medical expenses until you meet your deductible.
- You and your employees can contribute to an HSA up to an annual limit set by the IRS, but your employees maintain control of your account and can transfer the remaining funds at the end of the year. The money is yours from day one and can be used at any time in the future.