Tips to maximize your HSA savings - PowerPoint Presentation

Slide1

Tips to maximize

your HSA savingsSlide2

HSA educational series

2

HealthEquity

webinar series:

Health savings account basicsTips to maximize your HSA savingsHealthEquity member portal overviewwww.healthequity.com/webinars

HealthEquity

Advisors, LLC

TM

is a separate, wholly owned subsidiary of

HealthEquity

, Inc. Slide3

Maximize your HSA opportunity

3

Save now:

Lower monthly insurance premiums

HSA contributions aren’t taxedQualified medical expenses are tax-free1Save for the future:HSA funds roll over year after year

You keep the money even if you change

jobs or insurance plans

Tax-free interest earned

Simple investment options2Same: doctors, network, negotiated discounts

1. HSAs

are never taxed at a federal income tax level when used appropriately for qualified medical expenses. Also, most states recognize HSA funds as tax-free with very few exceptions. Please consult a tax advisor regarding your state's specific rules

.

2. Investments

available to HSA holders are subject to risk, including the possible loss of the principal invested and are not FDIC insured or guaranteed by HealthEquity, Inc..

HealthEquity

, Inc. does not provide financial advice. Slide4

Spend smart

4

Costs for a specific procedure or medical test can vary by provider or facility, even under the same health plan.

Things to remember:

Transparency tools

Major procedures

Procedure

codes for price quotes

Stay in network Slide5

Spend smart: generic drugs

5

Generic drugs typically cost

80-85% less

than their brand equivalent.11. Source: https://www.fda.gov/downloads/drugs/

resourcesforyou

/consumers/

buyingusingmedicinesafely

/understandinggenericdrugs/ucm305908.pdfSlide6

Spend smart: shop around

6

Visit

RetailMeNot.com

to compare prices between brand & generic as well as between your local pharmacies.Use a price transparency tool to compare medical procedure prices

such as

HealthcareBluebook.com

.

Shop with confidence. Discount online retailer HSAstore.com helps

ensure that you purchase qualified products at great prices.

HealthEquity

, Inc. is not affiliated with the aforementioned companies and is not responsible for their policies or services.Slide7

Spend smart: care facilities

7

A visit to the ER can cost up to

five times

more than a visit to an urgent care facility that provides the same treatment1Reason for visit

ER visit

2

Urgent care visit

2

Allergies

$345

$97

Acute

bronchitis

$595

$127

Earache

$400

$110

Sore throat

$525

$94

Sinus infection

$617

$112

Strep throat

$531

$111

Urgent care:

minor lacerations, fractures, bumps, sprains, sore throats,

ear infections, and other "just don’t feel good" conditions.Emergency room: potentially life threatening conditions like stroke or chest pain.

1. Source

: https://www.regence.com/emergency-room-vs.-urgent-care

2. Source:

https://www.debt.org/medical/emergency-room-urgent-care-costs/ (updated June 6, 2017)Slide8

Review your benefits

8

Billing errors can cost you money, regardless of who made the mistake.

Tips:

Compare provider statements to your explanation of benefits (EOB) from your health plan.Immediately contact your health plan to address any discrepancies.Slide9

Put money into your HSA

9

Maximize your HSA contributions in

2020:

Single-coverage: $3,550

(

2019:

$

3,500) save up to $700 in taxes!1Family-coverage: $7,100

(2019: $7,000)

save up to $1,400 in taxes!

1

Catch-up contribution,

age 55+:

$1,000

1. Estimated savings are based on an assumed combined federal and state income tax bracket of 20%. Actual saving will depend on your taxable income and tax status.

HealthEquity

does not provide tax advice.Slide10

Healthcare costs in retirement

10

*The average American couple will need $301,000 to have a 90 percent chance of having enough money to cover out-of-pocket healthcare costs in retirement.

Based on median prescription drug expenses. Source: Employee Benefit Research Institute 2019 -

https://www.ebri.org/content/savings-medicare-beneficiaries-need-for-health-expenses-in-2019Slide11

HSAs vs. IRA or 401(k)

11

IRA/401k savings (Roth or traditional) are taxed

at some point.

HSAs are not taxed if they are used for qualified medical expenses.1After 65 no penalty for non medical (Subject to tax if non-qualified medical expense)

1. HSAs

are never taxed at a federal income tax level when used appropriately for qualified medical expenses. Also, most states recognize HSA funds as tax-free with very few exceptions. Please consult a tax advisor regarding your state's specific rules.Slide12

Cover the Medicare gap

12

Qualified medical expenses not covered by Medicare can always be paid from your HSA tax-free.

1

PrescriptionsMedicalDentalVisionHearing expenses

Copays

Premiums

1. HSAs

are never taxed at a federal income tax level when used appropriately for qualified medical expenses. Also, most states recognize HSA funds as tax-free with very few exceptions. Please consult a tax advisor regarding your state's specific rules.Slide13

Extra fuel for your retirement

13

Maximize

your tax-free earning potential through investing

Take the guesswork out of investing with Advisor™HealthEquity.com/Advisor

(Powered by

HealthEquity

Advisors, LLC)

Investments available to HSA holders are subject to risk, including the possible loss of the principal invested and are not FDIC insured or guaranteed by HealthEquity, Inc.. HealthEquity, Inc. does not provide financial advice. HealthEquity Advisors, LLC™, a wholly owned subsidiary of HealthEquity, Inc. and an SEC-registered investment adviser, does provide web-based investment advice to HSA holders that subscribe for its services (minimum thresholds and additional fees apply). HealthEquity Advisors, LLC also selects the mutual funds offered to HSA holders through the HealthEquity, Inc. platform. Registration does not imply endorsement by any state or agency and does not imply a level of skill, education, or training. HSA holders making investments should review the applicable fund’s prospectus. Investment options and thresholds may vary and are subject to change. Consult your advisor or the IRS with any questions regarding investments or on filing your tax return.Slide14

Powerful resources

14

HSA balances can grow

with tax-free earnings

from a choice of:No-risk FDIC-insuredcash accountLow-risk Yield PlusVarying risk mutual funds

Investments available to HSA holders are subject to risk, including the possible loss of the principal invested and are not FDIC insured or guaranteed by

HealthEquity

, Inc..

HealthEquity, Inc. does not provide financial advice. Slide15

Investment advisory services

HealthEquity

, Inc. does not provide financial advice.

HealthEquity

Advisors, LLC™, a wholly owned subsidiary of HealthEquity, Inc. and an SEC-registered investment adviser, does provide web-based investment advice to HSA holders that subscribe for its services (minimum thresholds and additional fees apply). HealthEquity Advisors, LLC also selects the mutual funds offered to HSA holders through the HealthEquity, Inc. platform. Registration does not imply endorsement by any state or agency and does not imply a level of skill, education, or training. HSA holders making investments should review the applicable fund’s prospectus. Investment options and thresholds may vary and are subject to change. Consult your advisor or the IRS with any questions regarding investments or on filing your tax return.Slide16

Save now, cash in later

16

Watch your HSA balance grow

Pay out of pocket for qualified expenses

Delay your reimbursement and save toward

a future financial goal or a dream _________.

There is no time limit with an HSA to reimburse yourself for qualified medical expenses that you pay out-of-pocket

You can accumulate the reimbursable

amount until you reach a determined goal while building tax-free earnings.

(fill in the blank)

HealthEquity

does not provide legal, tax, financial or medical advice. Slide17

Mobile app

17

On-the-go

access for all account

typesTake a photo of documentation with phone and link to claims and paymentsManage

debit card transactions

View claims status

Manage claims

Available for iOS and Android

Convenient, powerful tools:

Accounts must be activated via the

HealthEquity

website in order to use the mobile app.Slide18

Available around-the-clock, every day

Helpful support for members

Based in Salt Lake City

Melissa

HealthEquity team member

866.346.5800