What If I Can’t Fund My HSA Regularly?

Thursday, 09 December 2021

Hsa 2

Do you have an HSA, also known as a Health Savings Account?

If so, then you are probably already aware of how an HSA works. But, if you’re new to the HSA game, here’s a little rundown for you.

According to healthcare.gov, an HSA is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. This could be anything from doctor’s visits, hospital bills, prescriptions, dental visits, optometry services, etc. (For a full list of HSA covered expenses, we recommend checking with your bank.)

But you may be wondering, what happens if you can’t fund your HSA account on a regular basis?

Well, one of the great things about HSA’s is that the money goes in pre-tax and comes out tax-free! So, if you cannot fund your HSA regularly, when you have a medical claim, put the money you would use to pay for the claim first into your HSA. Then, pull the money from your HSA using the HSA debit card to pay the claim! If you filter the money through your HSA before paying, you’ll get a tax incentive!

If you have any questions regarding your HSA or would like to review your health insurance benefits, give Clevenger Insurance a call today at 574-267-2181.