9 Tips to Maximize Your HSA

Follow these tips to make the most of the money you and Rockwell Automation contribute to your Health Savings Account (HSA).

1. Max your savings.

You can contribute up to $3,350 before-tax for single coverage and up to $6,750 for family coverage—and even more if you’ll turn 55 this year. The more you save, the greater your tax advantages and the more money you’ll have to pay health care expenses now or in the future. The good news is you can change your contributions at any time. Just log on to EmployeeConnect > Your Benefits Resources > Change Coverage.

2. Choose the right provider.

In general, you’ll keep more of your HSA money if you use network providers. They’ve agreed to provide discounts off billed charges, and your medical option pays a higher level of benefits when you use them. Your medical option pays even more if you use Premium Tier 1 providers and Freestanding Facilities. To find network providers, including Premium Tier 1 providers and Freestanding Facilities, search the Choice Plus network at myuhc.com anytime. Or call 1.844.234.7924 and ask a UHC advocate to help.

3. Compare costs.

Costs for the same procedure can vary significantly among providers. It pays to know upfront who charges what. Use UHC’s myHealthcare Cost Estimator (available on both myuhc.com and the Health4Me app) to compare doctors and facilities offering the services you need. You’ll be able to compare them based on estimated cost, as well as quality ratings.

4. Go generic.

Get the care you need and save money. Generic medications cost 30% to 80%* less than their brand equivalents. So ask your doctor if a generic could work for you. You can also check prices by logging in to caremark.com.

5. Know your urgent care options.

If you need emergency care, head straight to the ER. Otherwise, if you need care and your doctor’s office is closed, avoid ER prices by going to a convenient care clinic or urgent care clinic. You can also use Live Nurse Chat at myuhc.com or call 1.844.234.7924 and say “Speak to a nurse” for advice.

6. Review your statements.

Billing errors may be rare, but they do happen. So it’s important to review your Explanation of Benefits (EOBs) and Health Statements. If you notice an error, call 1.844.234.7924 and speak with a UHC advocate for assistance.

7. Invest your HSA.

As your account grows, you’ll be able to invest your money and possibly earn interest—tax-free. Visit HealthEquity’s website to learn more about the balance requirements and investment options available.

8. Cover the gap.

According to HealthEquity, the average retired couple will need more than $220,000 for medical expenses not covered by Medicare. As you save for today’s expenses, think about also preparing to cover the Medicare gap. With triple-tax advantages, your HSA is the best option to save for your future health care needs.

9. Download the app.

The Health4Me app lets you manage your HSA on the go. You can pull up your ID card, estimate costs, find providers and even talk to someone at the push of button if you have questions. Download the app through the Apple® App StoreSM or Google Play™, and log in with your myuhc.com username and password.

*Source: HealthEquity