How to spend your
How to spend your HSA Funds
Simply swipe your Lane Health Card With a Heart™¹ to use your HSA funds!
When you (or a family member) use the Lane Health Card with a Heart to pay for any qualified HSA medical expense, any money in your HSA cash account is used first. After you’ve activated your Advance² line of credit, if you don’t have enough money in your Health Savings Account (HSA) funds will be advanced to you. You have up to 12 months to pay it back (along with associated fees) with pre-tax dollars. Lane Health makes it easier for your healthcare costs to be predictable, manageable and affordable.
HSAs are not “use it or lose it” funds, they’re tax-free personal savings accounts
If you have money in your HSA account at the end of the year it remains there for you to invest, pay for qualified medical healthcare expenses or reimbursement of medical expenses including prescription, doctor care and health insurance copays.
Reimbursement of medical expenses is easy to do via the member portal. Be aware reimbursement is only for HSA eligible expenses incurred after your insurance plan becomes active and your HSA was opened.
HSAs stay with you wherever you go!
An important detail to know: if you leave an employer that offers qualified health insurance plans with a HSA and go to a new employer that does not offer an HSA, you can no longer make contributions to your HSA funds until you are back in a qualifying insurance plan. However, you can still use your HSA to pay for qualified medical expenses.
Pay for your prescriptions
Did you know that you can use your HSA funds to pay for your prescription expenses?
In 2018 prescription health care expenses averaged out to $1200 per person. This number does not include OTC (Over the Counter) expenses.
You can also use your HSA for OTC care expenses, which you can’t do with an FSA (Flexible Spending Account). To use your HSA money to pay for your prescription and OTC expenses, simply swipe your Lane Health Card with a Heart!
Paying doctor bills with your HSA
Deductibles and doctor office copays are just two of the many qualified expenses that you can pay using your HSA. You can pay for your doctor visit with your Lane Health Card with a Heart the same day. Or, if you a get an invoice or doctor bill in the mail, you can use your card to pay online or go on your member portal to send a check directly from your HSA.
Forgot your card? It’s okay.
Health care expenses paid out of pocket can be reimbursed with your HSA. Reimbursing yourself lets you take advantage of the tax savings in your HSA. It’s easy to do via the member portal. Keep in mind, you can only reimburse yourself for expenses that you incurred after your HSA was opened.
What are some qualified medical expenses?
Here are examples of what you can use your HSA funds for:
You can access a full list from the IRS here.
- Copays, deductible payments and coinsurnace
- Doctor office visits, exams, lab work, x-rays
- Hospital care charges
- Prescription drugs
- Dental exams, x-rays, fillings, crowns, orthodontia
- Vision exams, frames, contact lenses, contact lens solution, laser vision correction
- Physical therapy
- Chiropractic care
- Medical supplies and first aid kits
- Some over-the-counter medications
- COBRA premiums
- A portion of long-term care premiums
One card for all your tax-advantaged spending accounts
The Lane Health Card with a Heart is a simple solution to pay for medical care. It is a debit card that allows you to access all your other tax advantaged spending account options offered by your employer (HRA, FSA, Dependent Care, and Commuter health plans) including your Lane Health Advance line of credit with a simple swipe.
With our Lane Health Card with a Heart you can take advantage of all the programs that help you pay your bills on a more affordable pre-tax basis.
If you don’t have enough money in your Health Savings Account (HSA), funds will be advanced to you. You have up to 12 months to pay it back (along with associated fees) with pre-tax dollars.
Lane Health makes it easier for your healthcare costs to be predictable, manageable and affordable.
1. The Card with a Heart® is issued by The Bancorp Bank, Member FDIC, pursuant to license by Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Card can be used everywhere Mastercard is accepted for healthcare expenses.
2. Advances are issued by WebBank, Member FDIC