Lane Health Health Savings Account (HSA)
Open an HSA Account
A Health Savings Account (HSA) is normally an employer sponsored solution through a bank custodian to help an employee that is currently signed up for a High Deductible Health Plan (HDHP) spend, save and invest their money, tax free.
Not all HSA’s are the same – the Lane Health Card with a Heart lets you keep more of your paycheck and gain peace of mind.
It’s your money in an HSA!
No “use it or lose it”!
Any money saved in an HSA belongs to you. HSAs are portable and move with you if you change jobs. Your HSA belongs to you, not your employer, just like your personal checking and savings accounts.
An important detail to know: if you leave an employer that offers a high deductible health plan with an HSA and go to a new one that does not offer one, you can no longer make contributions to your HSA funds until you are back in a qualifying health plan. However, you can still use your funds to help pay for qualified medical costs.
HSAs work like a bank account. Once you open a Health Savings Account, you don’t have to open a new one every year.
You can have multiple accounts through different HSA providers, though it is recommended that you rollover a previous HSA to your new one to save on fees.
Basic requirements to open an HSA Account
To be eligible for the tax, investment and retirement benefits of HSAs you must meet the following requirements set by the IRS.
- You must be enrolled in an HSA eligible health plan.
- You can’t be enrolled in Medicare
- You can’t be claimed on someone else’s tax return as a dependent
- You can’t have additional health coverage, however the following voluntary supplemental plans are allowed:
- Liabilities incurred under workers’ compensation laws, tort liabilities, or liabilities related to ownership or use of property
- A specific disease or illness
- A fixed amount per day (or other period) of hospitalization
- Dental care
- Vision care
- Long-term care
Why choose to open a Health Savings Account (HSA) with Lane Health?
The Lane Health HSA provides a new source of financial protection and bill paying capacity for your healthcare expenses. With most HSAs, you can only pay medical bills with money you’ve contributed and saved. With Lane Health’s Advance line of credit, you can pay bills with pre-tax dollars, with 12 months to repay your Advances from the time they are incurred.
Card with a Heart
Based primarily on length of employment, we determine a line of credit for you (minimum $500). After activating the Advance line of credit, you can simply swipe your Card with a Heart to pay qualified medical expenses. Any cash in your HSA is used first to pay a bill. If more is needed, funds are automatically provided up to your line of credit. We’ll then inform you of the amount of the pre-tax HSA payroll deductions required to repay the Advance over the following 12 months.
If you’re enrolled in an HSA-eligible high deductible health plan, we’ll enroll you in an HSA and give you access to a line of credit. And we’re always here for you — we want to speak with you! Questions? No problem! Concerns? Call us at 833-302-LANE (5263) or email us at WeCare@lanehealth,com.
1. Advances are issued by WebBank, Member FDIC
2. The Card with the 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.