How Does It Work?
You and your employer can contribute tax-free dollars into your HSA throughout the year up to the annual individual or family limit set by the IRS. The funds in the HSA can be used to pay for your out-of-pocket medical expenses.
Once you enroll into the HSA, an account will be created for you at Avidia Bank and you will be given access to a secure, easy-to-use web portal. Through this portal you can track your account balance, view your investment accounts, and submit requests for reimbursement.
You’ll also receive Navia Benefits Card that you can use to pay for qualified medical expenses!
- It’s Yours – Funds in your HSA account stay with you, even if you change jobs. And, if you’re no longer covered by an HDHP, your account stays active and you can use remaining funds for medical expenses.
- Triple Tax Advantaged – The money going into the HSA is tax-free, investment gains are tax-free and funds spent on qualified medical expenses are taken out tax-free.
- It grows – If you maintain a balance of $1,000, your additional funds may be invested in mutual funds yielding tax-free earnings.
- Future planning – Until you turn 65, only withdrawals used for eligible expenses are tax free. After you turn 65, or if you become disabled, your HSA account becomes similar to a regular IRA. Withdrawals you use for non-eligible expenses will be taxed at your regular income tax rate but won’t incur additional penalties.
What Does It Cover?
HSAs cover a wide range of medically necessary expenses including, but not limited to:
- Dental Expenses
- Orthodontia Payments
- Vision Expenses
For a more extensive list of eligible items, check out our Eligible Expense List
How do I access my HSA funds?
There are two ways you can access your HSA:
1.The Navia Benefits Card
The Navia Benefits Card is loaded with your HSA dollars and can be used to pay for eligible expenses. When the card is used, the funds will be pulled directly from your HSA and paid to the provider. For more information on the Navia Benefits card, click here.
For any purchases that weren’t made using the Navia Benefits Card, you may request a reimbursement online. The reimbursement can be direct deposited to your personal bank account or a check can be made payable to you or the service provider.
What type of documentation do I need to submit?
You don’t have to submit receipts to receive your HSA reimbursements. However, you need to keep your receipts and documentation for each year’s federal tax return (Form 8889 attached to Form 1040).