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Tips to maximize your HSA savings

Tips to maximize your HSA savings. HSA educational series. Three-part webinar series: Health savings account basics Tips to maximize your HSA savings HealthEquity member portal overview www.healthequity.com/webinars. Maximize your HSA opportunity. The HSA win: Save now - Spend smart

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Tips to maximize your HSA savings

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  1. Tips to maximize yourHSA savings

  2. HSA educational series Three-part webinar series: • Health savings account basics • Tips to maximize your HSA savings • HealthEquity member portal overview www.healthequity.com/webinars

  3. Maximize your HSA opportunity The HSA win: • Save now - Spend smart - Review your benefits - Maximize your HSA contributions • Save for the future - Cover the Medicare gap - Investment opportunity - Bank future benefits

  4. Spend smart: the right provider Costs for a specific procedure can vary by provider, even under the same health plan. Things to remember: • Transparency tools • Major procedures • Procedure codes for price quotes

  5. Spend smart: generic drugs Generic drugs cost 30-80% less than their brand equivalent. Visit lowestmed.com to compare prices between brand & generic as well as between your local pharmacies. *Brand name

  6. Spend smart: care facilities A visit to the ER can cost you 300% - 700% more than a visit to an urgent care facility for the same issue. • Urgent Care: minor lacerations, fractures, bumps, sprains, sore throats, ear infections, and other "just don’t feel good" conditions. • Emergency Room: potentially life threatening conditions like stroke or chest pain.

  7. Review your benefits Billing errors can cost you money, regardless of who made the mistake. Tips: • Compare provider statements to your explanation of benefits (EOB) from your health plan. • Immediately contact your health plan to address any discrepancies.

  8. Maximize your HSA contributions • 2014 max contributions allowed by IRS: • Single-coverage: $3,300 • Family-coverage: $6,550 • Catch-up contribution, age 55+: $1,000 • How to fund your HSA: • Make pretax contributions through payroll deduction, online, or directly to HealthEquity • Fully fund your HSA on day one • Make contributions anytime after your HSA is open

  9. Cover the Medicare gap Consider: • Average retiree will need $220,000 to cover out-of-pocket health expenses not covered by Medicare*. • Social Security payments alone will not cover health expenses in retirement. • Average out-of-pocket medical expenses on Medicare: • 65–74 spend $2,920/yr • 75–84 spend $3,815/yr • 85 and above spend $4,615/yr *Source: Fidelity, 2013

  10. Cover the Medicare gap Medical expenses not covered by Medicare, can always be paid from your HSA. Your HSA can always pay for: • Dental • Eyewear • Hearing aids

  11. Invest your HSA HealthEquity offers best-in-class investments options. • Access the easy-to-use investment platform within your HealthEquity member portal. • Use your banked benefits and other savings to grow your money even faster.

  12. HSAs win vs. IRA or 401k • IRA/401k savings (Roth or traditional) are taxed at some point. • HSAs are not taxed at any point in the savings or spending process if they are used for qualified medical expenses. By contributing the maximum amount to your HSA, you are taking advantage of the MOST effective tax savings available to you. Tax statements refer to federal taxes. A few states treat HSA contributions as taxable.Consult your tax advisor for more details.

  13. Bank future benefits There is no time limit to reimburse expenses from your account. • Paying out-of-pocket allows you to keep money in your HSA and earn interest until you really need it. • Upload your receipts to your personal portal for safekeeping. • Banking benefits leaves more for you to invest.

  14. New HealthEquity mobile app Convenient, powerful tools: • On-the-go access for all account types • Take a photo of documentation with phone and link to claims and payments • Send payments and reimbursements from HSA • Manage debit card transactions • View claims status • Available for iOS and Android

  15. Expert friends • Always availableOur member services are taking calls 24 hours a day, every day of the year • Every step along the wayWe are here to answer any questions you have and help you maximize your savings • Call todayLet us conduct a personal assessment of your plan options • 866.346.5800 www.HealthEquity.com 15

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