SimplyHSA Help

Health Savings Account benefits administration illustration

Using SimplyHSA

What do I need to know about SimplyHSA?

You don’t want a complicated benefit plan, so we keep it simple. SimplyHSA is a savings account for eligible health expenses that offers extra benefits, like triple tax savings and investment opportunities. The health savings account is an employer-offered benefit and it works a lot like a bank account for participants. We’re here to help you understand the plan and get the most value out of it.

How does SimplyHSA save me money?

The contributions you make to your HSA are exempt from Federal, State, and FICA payroll taxes. This means that using your HSA to pay for eligible expenses saves you approximately 30%* on your eligible expenses, making a $100 eligible expense cost you about $70.

Also, you can explore opportunities to invest the money you save in your HSA and your money grows tax-free. Plus, any investment earnings are tax-free when you withdraw them to pay for eligible expenses.

So there are triple savings!

*These tax examples are broad approximations of tax liability. Your specific savings depend on your tax bracket. You should consult a tax advisor for help with your own situation. Current IRS tax laws control all SimplyHSA matters and are subject to change.

How do I put money into my HSA?

You can contribute funds to your HSA and so can your employer, if that’s part of your employer’s benefit plan. Your contributions to your HSA are deducted from your payroll on a pre-tax basis, saving you money and building your balance over time.

Are there deadlines for spending my HSA dollars?

No, there is no deadline for using your HSA balance. HSA funds roll from one year to the next, and can grow over time. Your HSA is portable, meaning that they stay with you, even when you separate from your employer or other circumstances change.

What expenses are eligible for payment from my HSA?

HSA eligible expenses are Section 213(d) qualified medical expenses, which includes medical, dental, vision, and other qualified health care expenses. To verify if a specific expense is eligible, review our list of examples or contact us.

You can use your HSA funds for:

  • Eligible expenses for you, your spouse, or your dependent(s)
  • Current eligible expenses or eligible expenses that arise in the future
  • Eligible expenses that you incur when you are no longer eligible to make HSA contributions

If you use your HSA funds for non-eligible items, the expense amount must be included in your income and you may be subject to additional tax.

How do I prove my expenses are eligible?

You do not need to submit anything to Employee Benefits Corporation to prove that an expense is eligible for payment from your HSA, but you should keep these records along with your other tax records.

How do I pay with my HSA?

You can spend up to the current balance that's available in your HSA. And you can pay for eligible expenses in a few different ways.

Pay directly from your HSA
  • Use your Benefits Card at the register or online
  • Log in to your online account and select Pay with My HSA > Bill Pay > Pay Someone Else
  • Write a check to your provider
Pay with your preferred payment method and then reimburse yourself
  • Log in to your online account and select Pay with My HSA > Bill Pay > Pay Me
  • Write a check to yourself from your HSA and deposit it in your personal bank account

Remember, an HSA doesn't require verification or approval from the plan. You spend your HSA money and keep track of your own receipts and records for your tax purposes.