HSA Spending

HSAs are not “use it or lose it” funds, they’re tax-free personal savings accountsIf 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