 As with any financial program, you may have questions about how Health Savings Accounts (HSAs) work or what your balance is from time to time. To make sure you get the most out of your plan, here are some facts about HSAs and where to go when financial questions arise.
An HSA allows you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis, similar to a 401(k). Unused funds carry over indefinitely during your lifetime, even traveling with you if you change jobs or health plans.
Your HSA may be administered by Mellon Financial Services. When you visit the Mellon website you will be able to view your available funds and see what medical services have been paid from your HSA. You can also request an account statement reprint, additional checks or debit cards, service forms and much more. The tools available to you on Mellon's website help you become a more informed participant.
Remember, you are not required to pay a deductible for covered preventive services such as physical examinations, immunizations and well-person care; your plan pays the expenses for covered preventive services. Also, once your HSA is exhausted and the deductible is met, traditional insurance kicks in, offering coverage protection for any major or unpredictable medical expense.
Coverage Advisor
Access Subimo's Coverage Advisor to assist you in forecasting out-of-pocket expenses under different scenarios. The Coverage Advisor allows you to compare the healthcare plans that you are considering (e.g. HMO, PPO, CDHP, etc.) side-by-side. Thereby, allowing you to determine if funding an HSA would be sufficient to cover anticipated use.
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