Welcome to your new HealthEquity Health Savings Account (HSA)! Whether you’re saving for today or planning for tomorrow, your HSA gives you a powerful way to take charge of your healthcare dollars. From setting up your online account to planning for the future, we’ve got you covered.
Let’s jump in to set up your account
Here are nine easy tips to jumpstart your health savings.
1. Set up online access.
If you don’t already have online access, visit HealthEquity.com and create a new username and password. Your online account makes it so easy to save, spend, and invest in your healthcare.
2. Download the latest version of the HealthEquity mobile app.
Find the HealthEquity mobile app in the app store on your mobile device. It’s a fast, convenient way to do all things HSA.
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View balances on all your HealthEquity accounts.
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Manage your HealthEquity® Visa® Cards1 in one place.
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Submit and review reimbursements.
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Use the barcode scanner to check if a product is covered.
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Manage HSA investments.2
Plus, you can search help articles and chat live with Member Services.
3. Set up your communication preferences.
Log in to your online account to set up your communication preferences and update your contact information.
You can also choose paperless monthly statements to avoid the monthly statement fee. If you choose paperless monthly statements, consider going paperless for your end-of-year tax statements too.
4. Link a bank account for quick reimbursement.
Linking an external checking account means faster reimbursement. You won’t have to wait for a check in the mail.
Also, you can use the same checking account to set up one-time or recurring HSA contributions.
5. Activate your HealthEquity® Visa® Card.
It’s a fast, convenient way to pay for HSA-qualified expenses online, at the drugstore, or doctor’s office.
Note that card readers may prompt you for a PIN when using your HealthEquity® Visa® Debit Card. If this happens, simply run your card as credit instead.
Pro tip: You can add your card to your favorite online retailer to pay for HSA-qualified medical expenses with online retailers, your local pharmacy, and more.
6. Plan for upcoming HSA expenses.
Think about your healthcare needs this coming year. Make a plan to ensure you have enough money in your HSA to cover both expected and unexpected expenses. Think beyond doctor visits. You HSA covers dental and vision expenses also. You can also pay for over-the-counter medications as well.
And don’t forget, your high-deductible health plan likely covers preventive care 100%. So you shouldn’t need your HSA to help cover routine annual visits to your primary care doctor.
Need inspiration? 17 awesome ways to spend your Health Savings Account.
7. Review your contribution strategy.
Take a moment to review your short-term and long-term health savings needs. Money in your Health Savings Account never expires. So, any money you put into the account is yours to keep for the long term.
Check out this article: How much should I contribute to my Health Savings Account?.
8. Add a beneficiary.
It’s not the most enjoyable topic to think about, but adding a beneficiary can make a big difference when it matters most. It offers extra peace of mind, ensures your HSA assets transfer seamlessly, and helps avoid legal complications.
In many cases, your spouse can choose to treat the HSA as their own, avoiding taxes or penalties as long as the funds are used appropriately for qualified medical expenses.3
9. Consider investing your HSA funds.
Log in to your online account and visit the HSA investment desktop. HealthEquity offers access to three ways to invest your HSA.
First, you can try our Self-driven option. This means you manage all your HSA investments yourself.
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Choose from our lineup of mutual funds.
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Automatically invest contributions.
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And rebalance your portfolio based on chosen targets.
Or you can try options offered by HealthEquity Advisors, LLC.2
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GPS: Get personalized HSA investment recommendations based on your chosen risk profile and goals. Then select and manage your own investments.
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AutoPilot: Want to be totally hands off? No problem. AutoPilot handles everything for you, including investment selection, portfolio rebalancing, and more.
HealthEquity does not provide legal, tax or financial advice. Always consult a professional when making life-changing decisions.
HealthEquity Advisors, LLC is a subsidiary HSA investment advisory service. A subscription is required and associated fees may apply. You may cancel at any time by accessing Advisor through the HealthEquity dashboard.
1The HealthEquity Visa Card is issued by The Bancorp Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. Your card can be used everywhere Visa debit cards are accepted for qualified expenses. This card cannot be used at ATMs and you cannot get cash back, and cannot be used at gas stations, restaurants, or other establishments not health related. See Cardholder Agreement for complete usage restrictions.
2Investments are subject to risk, including the possible loss of the principal invested and are not FDIC or NCUA insured, or guaranteed by HealthEquity, Inc. HealthEquity, Inc. does not provide investment advice. HealthEquity Advisors, LLC, a wholly owned subsidiary of HealthEquity, Inc. and an SEC-registered investment adviser, provides web-based investment advice to HSA holders that subscribe for its services (minimum thresholds and additional fees apply). Registration does not imply endorsement by any state or agency and does not imply a level of skill, education, or training. Investing may not be suitable for everyone and before making any investments, review the fund’s prospectus.
3HSAs are never taxed at a federal income tax level when used appropriately for qualified medical expenses. Also, most states recognize HSA funds as tax-deductible with very few exceptions. Please consult a tax advisor regarding your state’s specific rules.
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