Step 1: Compare your health plan alternatives
Your employer can provide you with a customized Health Plan Comparison tool which compares the health plan options your employer is offering to help you see how the HSA might work for your personal scenario.
Step 2: Determine your HSA contribution
Based on your medical spending habits, you will need to determine how much you intend to contribute to your HSA. Between employer contributions and your contributions, it is recommended that you target the annual HSA contribution at the level of your deductible or greater. Since unused funds carry forward and earn interest, there is no need to limit your contributions to expected medical expenses.
Contributions can be made up to the IRS maximums:
|•||For 2013, up to $3,250 for single coverage and $6,450 for family coverage|
|•||For 2012, up to $3,100 for single coverage and $6,250 for family coverage|
Step 3: Signup
When you enroll in the HSA-compatible health plan, you will typically enroll or authorize enrollment in the HSA. Your employer will provide you with the specific HSA enrollment instructions. Upon receiving your enrollment information, your account will be established and you will be sent welcome materials, including a signature card. Return the signature card for seamless use of your account.
Step 4: Start saving
From this point forward, every qualified purchase you make saves you 30 to 40 percent!
Accessing your HSA funds couldn't be simpler. You just use your Beniversal Card for HSA at a qualified merchant exactly as you would any credit card. Money is automatically deducted from your HSA.
Even though the IRS does not require an HSA expense to be verified for eligibility, you are required to keep all documentation associated with an HSA purchase for tax reporting purposes.
Whether you just want to know your account balance or you want to initiate an online bill payment, the HSA participant website provides convenient online access to manage your account at any time.