Health Savings Account
Helpful Hints
• You must have funds in your HSA before you can spend them. • You can change your election amount at any time during the plan year. • You own the HSA, which means the money in the account is yours to keep and stays with you, even if you change medical plans or leave your employer. • Remember, withdrawals for qualified healthcare expenses are never taxable. • Be a savvy HSA consumer and ask about the cost of procedures and provider visits to ensure you are getting the best care at the best price.
• Save your receipts because the IRS may audit your HSA transactions. • Unused funds roll over year to year and once your account balance reaches $1,000 you have the option to invest your funds and accelerate your account savings. • While your HSA funds are intended for healthcare expenses, once you reach 65 you have the option to use your account for any purpose, without penalty. You’ll just owe income taxes on withdrawals for non- qualified expenses. • The easiest way to manage your account is online at https://medcom.wealthcareportal.com or through the Medcom Mobile App .
Qualifying expenses
Qualifies
•
Copays, deductible payments, coinsurance
• Doctor office visits, exams, lab work, x-rays • Hospital charges • Prescription drugs • Dental exams, x-rays, fillings, crowns, orthodontia • Vision exams, frames, contact lenses, contact lens solution, laser vision correction • Physical therapy • Chiropractic care • Medical supplies and first aid kits • Over-the-counter medications • COBRA premiums • And much more…
Does not Qualify
•
Expenses incurred in a prior to opening your HSA
• Cosmetic procedures or surgery • Dental products for general health • Personal Hygiene products
www.medcombenefits.com MedcomReceipts@medcombenefits.com
Contact
(800) 523-7542, option 1
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