A WageWorks Health Savings Account (HSA) is a great way to save money for current and future healthcare expenses. It’s like a 401(k) for healthcare.
You can set aside pre-tax money for eligible healthcare expenses in your HSA, and earn interest on and invest the money in your account. The funds are moved to your HSA before taxes are deducted, which reduces the amount of money you pay tax on. Plus, there’s no “use it or lose it.” HSA funds roll over from year to year. And you can take them with you if you change employers.
Using your WageWorks HSA is as easy as 1-2-3:
- Decide how much to contribute to your HSA your estimated healthcare expenses before you meet your health plan’s deductible. Contributions can be made through automatic payroll deductions or direct contributions. It’s your money, so you decide where it goes – into an HSA, mutual funds, or a combination of the two.
- HSAs are available to any individual covered by a qualified high deductible health plan, a type of health insurance plan specified by Congress with generally lower premiums and higher deductibles than a traditional health plan. Ask your employer for details and enrollment information if a high deductible health plan option is offered. Click here to find out if you qualify for an HSA.
- Pay for eligible healthcare services using several no-hassle payment and reimbursement options:
- WageWorks® Healthcare Card. Use your card when you make healthcare-related purchases. It’s just like a debit card – just swipe and go.
- WageWorks EZ Receipts® mobile app. Use this mobile application to snap a photo of receipts and instantly submit them for payment and check your HSA balance – right from your mobile device
- Pay My Provider. Access your HSA online and fill out a simple form to pay your provider – no receipts or claims forms required.
- Pay Me Back. Arrange for HSA funds to be deposited directly to your checking account or a check to be mailed to reimburse you for expenses you’ve already paid.