Tips to maximize your
HSA savings
Nothing in this communication is intended as legal, tax, financial, medical or marital advice.
Always consult a professional when making life changing decisions. It is the members'
responsibility to ensure eligibility requirements as well as if they are eligible for the plan and
expenses submitted.
No soliciting. No recording. No photography. No part of this presentation may be copied,
recorded, or rebroadcast in any form.
Copyright © 2013 HealthEquity, Inc. All rights reserved. HealthEquity and the HealthEquity logo are registered trademarks and service marks of HealthEquity, Inc.
Confidential and proprietary. Reproduction without express written consent is prohibited.
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
- Save now cash in later
It is the member’s responsibility to ensure eligibility requirements as well as if they are eligible for the plan and expenses
submitted. One should consult a tax advisor as individual factors and situations vary. Investments available to HSA holders are
subject to risk, including the possible loss of principal invested and are not FDIC insured.
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Spend smart
Costs for a specific procedure or
medical test can vary by provider or
facility, even under the same health
plan.
Things to remember:
• Transparency tools
• Major procedures
• Procedure codes for price quotes
• Stay in network
3
Spend smart: generic drugs
Generic drugs cost 30-80% less
than their brand equivalent.
Brand Name Drug
Brand Cost
Generic
Alternative Cost
Zofran* 4mg (30)
$678
$33
Lipitor* 10mg (30)
$199
$10
Adderall Xr* 20mg (30)
$156
$40
Boniva* 150mg (1 Tab, 30)
$175
$60
Visit lowestmed.com to compare prices between brand & generic
as well as between your local pharmacies.
*Brand name. Source LowestMed.com
HealthEquity and LowestMed are separate, unaffiliated companies that are not responsible for each others services or
policies.
4
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.
Reason for Visit
ER Visit
Urgent Care Visit
Flu symptoms
$395
$50
Sore throat
$440
$100
Laceration repair
$700
$150
Sprain
$385
$65
$1,110
$35
$785
$50
Abdominal pain
Headache
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.
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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.
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Maximize your savings
Maximize your HSA contributions in 2016:
• Single-coverage: $3,350 (2015: $3,350) Save up to $1005 in Taxes!*
• Family-coverage: $6,750 (2015: $6,650) Save up to $2025 in Taxes!*
• Catch-up contribution, age 55+: $1,000
*Based on 30% tax rate. Actual results may vary.
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Health care costs in retirement
•
The average couple retiring this year will incur
$220,000* to cover medical expenses during
retirement
•
This is $325,000 gross withdrawal from
traditional 401(k) plan to achieve net $220,000
medical expense in retirement**
-or• Only $220,000 tax free withdrawal from HSA
* Fidelity Benefits Consulting https://www.fidelity.com/viewpoints/retirement/retirees-medical-expenses
** Assumes 33% tax rate
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Cover the Medicare gap
Consider:
•
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
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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
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Invest your HSA
HealthEquity Advisors, LLCTM
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.
Investments available to HSA holders are subject to risk, including the possible loss of the principal invested and are not FDIC insured or guaranteed by HealthEquity. HealthEquity
does not provide financial advice. HealthEquity Advisors, LLC™, a subsidiary of HealthEquity and an SEC registered investment adviser, does provide web-based investment advice to
HSA holders that subscribe to its services (minimum thresholds and additional fees apply). HealthEquity Advisors, LLC also selects the mutual funds offered to HSA holders through
the HealthEquity platform. HSA holders making investments should review the applicable fund’s prospectus. Investment options and thresholds may vary and are subject to change.
Consult your advisor or the IRS with any questions regarding investments or on filing your tax return.
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Powerful resources
HSA balances grow with tax-free earnings from a choice of:
1. No-risk FDIC-insured cash account
2. Low-risk Yield Plus
3. Varying risk mutual funds
a. Best-in-class funds
b. Investor Choice funds
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Powerful resources
• Full service
• Auto implementation
• $.80 per $1000
• Member implements
advice
• $.50 per $1,000
• Member manages
• No advice
• Free
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HSAs win vs. IRA or 401k
By contributing the maximum
amount to your HSA, you
take advantage of effective
tax savings
•
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.
•
After 65 no penalty for non
medical (Subject to tax if non-qualified medical expense)
HSAs are never taxed at a federal income tax level when used appropriately for qualified medical expenses. Also, most states recognize HSA
funds as tax-free with very few exceptions. Please consult a tax advisor regarding your state’s specific rules. HealthEquity does not provide
financial or tax advice.
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Save now cash in later
Watch your HSA balance grow
• By delaying reimbursement for qualified
medical expenses that you pay out-of-pocket,
you can save toward a future financial goal or
(fill in the blank)
a dream _______________.
• Because there is no time limit with an HSA to
reimburse yourself for qualified medical
expenses that you pay out-of-pocket, you can
accumulate the reimbursable amount until
you reach a determined goal while building
tax-free earnings.
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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 FREE for iOS and Android
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Account Mentors
Always available
Our member services agents are taking
calls 24 hours a day, every day of the year
Call today
Let us conduct a personal assessment of
your plan options
866.346.5800
www.healthequity.com
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