How Your WageWorks HSA Works
Simply decide how much you want to contribute to your WageWorks® HSA, and funds are withdrawn from your paycheck for deposit into your account before taxes are deducted. You may choose to add funds to your HSA at any time. While these direct contributions aren't tax-free, they can be deducted on your tax return.
But here's the best part about a WageWorks HSA: you can earn money while saving money. Just like other savings accounts, your HSA earns interest. You can even invest your HSA balance and not pay taxes on your gains. The money in your account is yours to keep even if you change jobs, switch healthcare plans, or retire. Unused funds are rolled over from year to year.
Using Your WageWorks HSA
With a variety of payment and reimbursement options, your WageWorks HSA is easy to use to pay for everyday eligible healthcare expenses. Any balance left builds your healthcare nest egg.
Pay Your Provider
Arrange for convenient direct payments to your healthcare provider. Simply access your account online and fill out a simple form to have eligible expenses paid directly from your account.
Pay You Back
Arrange for HSA funds to be transferred to your checking account or a check to be mailed to reimburse you for eligible expenses you've already paid.
Pay by WageWorks Healthcare Card
Use the convenient WageWorks Healthcare Card to pay for eligible expenses. It works like a debit card. Money is deducted directly from your HSA. The convenient WageWorks Healthcare Card associated with your account can be used to pay for hundreds of eligible healthcare products and services for you, your spouse, and your dependents.
Managing Your WageWorks HSA
Manage your account via a secure website on any computer or mobile device that’s connected to the Internet or via the WageWorks EZ Receipts® mobile app.
The WageWorks EZ Receipts app makes managing your WageWorks HSA quick, easy, and completely mobile. Download this handy app to your mobile device, log in to your account, and check your balances, submit claims, view transactions, snap photos of receipts, get account alerts by text or email—all on the go!
Annual Contribution Limits
The IRS has established the following maximum contribution limits for 2015:
If you are 55 or older as of December 31, 2015, you may contribute an additional $1,000.
These limits may change for 2016.