Quick Tips for Using Your HSA

Overview: Intended as an introductory piece to assist employees in understanding at a high level how to use HSA.

Making the Most of Your HSA Dollars

With a health savings account (HSA) fromOptum BankSM,Member FDIC, you set aside funds to help plan, save and pay for health care. You take responsibility for managing your costs up to the deductible and out-of-pocket maximum that applies to your plan. By using your HSA funds to pay for your health care, you learn more about the true cost of medical services and medications, making you a smart health care shopper.Below are some useful tips to help you get the most out of your HSA.

Quick Tips when using your HSA Dollars

Prescriptions:

  • Buy generic. Many commonly prescribed medications have generic equivalents. In many cases, generics cost less than name-brand alternatives, and are just as effective.
  • Shop by mail. If you take a prescription medication on an ongoing basis, you could save money by ordering your prescription through a mail-order program. And, most prescriptions come in a convenient 90-day supply.
  • Stay in network. Your health plan provider has contracts with certain pharmacies. By choosing a pharmacy in the network, you can save money.

Doctor’s office visits:

  • Get informed. When you do go to the doctor, ask your provider to estimate your financial responsibility before you accept services. Make it known that you are cost-conscious, and don’t be shy about negotiating a rate.
  • Stay in network. Take advantage of your health plan’s pre-negotiated discounts by choosing providers who participate in your plan’s network.
  • Wait to receive your explanation of benefits (EOB). The true cost of your health care expense may be discounted if your doctor is in your health plan’s network. It’s best to wait until after the claim is filed and the insurance company notifies you of how much you are responsible for before using your HSA funds to pay. Your EOB will show what you owe, as well as your deductible and other plan information.

Reimburse yourself. You can pay for qualified expenses out-of-pocket and reimburse yourself. Be sure to keep your receipts to avoid your unnecessary fees or penalties. To reimburse yourself, log into your account at Optumbank.com and fill out the electronic request. Or use your Optum BankSM Health Savings Account Debit MasterCard®to withdraw those funds from any ATM* with the MasterCard® logo. Remember that the ATM owner may charge an access fee in addition to the $1.50 ATM withdrawal fee.

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Health savings accounts (HSAs) are individual accounts offered by Optum BankSM, Member FDIC, and are subject to eligibility and restrictions, including but not limited to restrictions ondistributions forqualified medical expenses set forth in section213(d) of the Internal Revenue Code. State taxes may apply. This communication is not intended as legal or tax advice. Please contact a competent legal or tax professional for personal advice on eligibility, tax treatment, and restrictions. Federal and state laws and regulations are subject to change.

FSEDU0253Cv02NV Rev. 4/13