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. With an HSA, there is no time limit to reimburse yourself for qualified medical expenses that you pay out-of-pocket, which means you can accumulate the reimbursable amount until you reach a determined goal while building tax-free earnings.

Here's how you can do it:

1. Set a savings goal

Establish a goal and determine how much money you will need to achieve it.

2. Pay medical expenses out-of-pocket

By paying medical expenses out-of-pocket, you allow the funds in your HSA to continue to build and earn tax-free interest.

3. Archive your receipts

Keep track of your medical receipts, EOBs and invoices by uploading them to your account via the documentation library available on the member portal and mobile app.

4. Reach your savings goals

Track your accumulated reimbursable expenses online until you reach the desired amount.

5. Cash in

Use the HealthEquity member portal or mobile app² to submit a reimbursement for the accumulated qualified medical expenses and receive a tax-free payment for the amount of out-of-pocket expenses you paid.

Tips to maximize your savings

Generic prescriptions

Generic prescriptions typically cost 80 – 85 percent less than their brand equivalent. Consult your provider about generic prescription options. Your insurance plan may offer a prescription pricing tool for comparisons.

Urgent care vs. emergency room

A visit to the emergency room can cost up to five times more than a visit to an urgent care facility that often provides the same treatment. You should consider only going to the emergency room in a potentially life-threatening situation. An appointment made with your primary care physician will typically be less expensive than a visit to the urgent care.

Maximize your HSA contributions

If you are not contributing the amount you spend on healthcare, you leave money on the table for the government. At the very least, contribute funds to your HSA before you pay a bill and gain the tax benefits of the HSA contributions.
Each year, the IRS gives you the chance to contribute up to a certain amount to your HSA. To get the most out of this savings opportunity, you should consider contributing the maximum allowed: