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Most drugstores, big box stores, code the receipts for items that are HSA eligible so if it is not, and you use the card they will ask you for the money back. If you don't do so, they will freeze the account and keep you from getting any more money.
Here it is right on the Cigna page - I googled Cigna and HSA
We have had HSAs with two companies and all this info was on the HSA webpage.
When you say your "company" depostis. On mine, I elect how much to put in each pay period pre tax out of my salary - I don't know if that is the case for you or not since you said they do it quarterly - so not sure if there is any different kind of acct they are doing [but you said HSA]
Most drugstores, big box stores, code the receipts for items that are HSA eligible so if it is not, and you use the card they will ask you for the money back. If you don't do so, they will freeze the account and keep you from getting any more money.
Here it is right on the Cigna page - I googled Cigna and HSA
We have had HSAs with two companies and all this info was on the HSA webpage.
When you say your "company" depostis. On mine, I elect how much to put in each pay period pre tax out of my salary - I don't know if that is the case for you or not since you said they do it quarterly - so not sure if there is any different kind of acct they are doing [but you said HSA]
I did not elect to deposit anything from my paychecks, my company makes contributions to the account though, $1000 a year.
Wow! That's nice. You can also buy eyeglasses! Optometrists are busy every year making new glasses for people who need to spend their money at year's end.
So when it says I can be reimbursed for something, does that mean I pay for it with my card, or it wants me to pay out of pocket, then they will send me a check or something?
Says I can get OTC medecine, which is good, I need to stock up on allergy medecine, and ibuprofen.
It depends on the provider. My first HSA made you file the receipts and the 2nd one gave us a Master Card - which we could use for purcases [but it is more hassle with them to file a stinking "prove it to me" receipt than it was to normally just file with the other provider because of how much detail they want when you do send it in]
Bottom line - the mechanics of the programs can be very different but the rules are the same. I would contact your HR for exact details.
I have a high deductible plan that passes premium to a HSA. I'm cashing mine in, paying the taxes and spending it on something other than health care. First time ever that I am able to bleed the health insurance industry! (pun intended) It'll be about $1,000 net...nice bonus for not over using health care with every hang nail and sniffle.
Just maybe we need more insurance like this so that the hypocondriacs can go to the high coverage plans and pay accordingly.
I suppose it works this way. I sign up for the high deductible plan, they pass part of the premium back as an enticement and to offset the high per person deductible. Then if we don't use the insurance the insurance company gets to pocket part of the premium and keep a lid on their costs because we didn't use the coverage. And the government agrees since they get a piece of the action through taxes. Not a bad deal for the healthy...sure don't want to voice my observations about the impact that such a set up has for the unhealthy.
With my HSA, anything health related can be purchased via debit card or check. It was explained at an informational meeting that even Tylenol can be purchased...however, if you are getting a massage weekly, you best have doctor recommendation telling you to do so! Also, if you use it too much for "other" health related stuff, then money may not be available when you really need it. I don't use mine for over the counter medication, or first aid supplies...I use it for the bills I receive from health appointments. And, I did use it to buy a prescription. I've had my account since January, and it still is a bit confusing to me. Save receipts in case your account ever gets audited.
My HSA is a Visa Credit card that "knows" what is covered or not. So, if you went to Walgreen's and purchased OTC meds, vitamins, Rx and candy, the card automatically knows to accept the OTC meds and Rx and reject the vitamins and candy, for which you will be billed separately. Because it is a Visa card, it can be used to pay your coinsurance when your provider's bill comes after your insurance pays them. You put in your 16-digit card number like you would any other Visa card on the bill stub and send it in. Your HSA is set up as an account with an administrator, usually a bank which sends you a monthly statement with debits and credits, just like a normal bank statement. The credits are the deposits made by your company to your account which are your deductions out of your paycheck and any contributions of the company. The debits are your payments to providers and/or purchases. I save up my receipts and staple them to this statement so I know which expenses I ran through the HSA card and which ones I paid outside of it. I have a high deductible plan with 0% copays to providers so I barely use it at the doctor's office. We primarily use it at the dentist's because our dentist wants the estimated amount of the patient responsibility paid up front during the visit.
Each one is administered a bit differently. The RULES are the same across the board.
My card will let me buy anything I please but there are consequences if I do.
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