National HSA Awareness Day – October 15

This day was created to unite the public and healthcare benefits industry to discuss the power of health savings accounts (HSAs) and their impact in fighting healthcare issues facing Americans today.  

Together we can help drive awareness of the benefits of health savings accounts (HSAs) to help Americans achieve financial wellness.

Join the LIVE Broadcast on Tuesday, October 15 at 3pm ET with Jean Chatzky of HerMoney & WEXHealth to demystify HSAs and talk with REAL people about how they are using their accounts – because saving should be sustainable and healthcare should be simple.   Register now at www.HSAday.com.

WEX HSA Day_Jean Chatzky_053019 from WEX Health on Vimeo.

 

 

Five Reasons to Open an HSA

  1. Reduce your taxable income. Contributions qualify as a tax deduction and reduce your taxable income.
  2. Use tax-free money. The contributions are tax-free; when you spend your HSA money on IRS-qualified medical expenses, no taxes are due.
  3. Earn tax-free money for retirement. The interest earned on contributions is tax-free. Use the money for future medical expenses or retirement.
  4. Take it with you. Your contributions (and your employer’s) stay with you, even if you change jobs. There is no “use it or lose it” rule.
  5. Use it for anyone in your family. Even if you’re enrolled for single coverage, you can use your HSA to pay for medical expenses for your family.

Misconceptions About HSAs:

  • 30% believe HSAs are “use-it-or-lose-it” accounts (they’re not)
  • 40% think funds in FSAs can be invested (they can’t)
  • Many think of HSAs as spending accounts only
  • Many say HSAs are “not for someone like me”
  • Many think HSA funds can only be used for doctor visits

 

 

We’ve provided some helpful resources below for use during Open Enrollment season. Use these items to provide education about the benefits of a Health Savings Account and how HSAs can best be used for current and future healthcare expenses.

Participant Resources:

HSA Consumer FAQ Guide

HSA Consumer Fact Sheet

More HSA FAQs

HSA Handbook for Every Generation

HSA Video

HSA Goal Calculator

How an HSA Works

Employer Resources:

Play “All Things HSA" Jeopardy Game

The Anatomy of an HSA

5 Reasons Why HSAs are an Employer’s Dream Offering

More Education on HSAs is Not Enough

Paying for Healthcare in America

WEXHealth Trends & Insights Blog

Advisor/Broker Resources:

How Benefits Brokers Should Be Talking About HSAs During Open Enrollment This Year

 
 

Play “All Things HSA" Jeopardy Game

Directions to play Jeopardy Game:

  1. Select  the number of teams 
  2. Do you want to play in buzzer mode? – Choose No
  3. Choose team captain – Autoselect
  4. Click on Start Game button