Page 26 - Empowered Learning for Dyslexic Children Benefits Guide 2022-2023
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BlueFund HSA Facts
What is an HSA and how does it work? How do I pay for qualified expenses?
A health savings account (HSA) is an individual You’ll receive a CareFirst BlueFund Visa Debit
®
savings account that you own. With an HSA, you Card in the mail. This debit card is accepted by all
can save money for current and future eligible health care merchants who accept Visa. It can be
health care expenses and can use the funds for used whenever you’re paying for care or after you
yourself and your eligible dependents. receive care.
Both you and your employer can contribute to your How can I manage my account online?
HSA. Funds deposited into your account stay there
until you spend them. Funds can also be saved and Visit carefirst.com/myaccount to:
used in retirement. ■ Pay claims
Who is eligible for an HSA? ■ Deposit funds
■ You must be enrolled in an HDHP. ■ Store documentation and receipts
Reorder debit cards
■ You cannot be covered under a non-HDHP. ■ View account balances
■ You cannot be claimed as a dependent on ■
someone else’s taxes. What documentation should I keep?
How does an HSA benefit me? HSAs are tax-reportable and require documentation
for withdrawn funds (such as a receipt or
■ Rollover—Unused funds roll over year to year Explanation of Benefits) to prove that funds were
for future expenses. used for an eligible medical expense. The IRS may
■ Ownership—You own the HSA even if you require documentation for any HSA distributions.
change jobs, health plans or retire. Health care receipts should include:
■ Flexibility—You can spend HSA funds now or Name of provider or merchant
save them for retirement. ■
■ Description of service or product
■ Convenience—Online access lets you manage
your HSA 24/7. ■ Date of service
■ Amount paid
How is an HSA funded?
You can make HSA contributions through pre-tax
payroll deductions or post-tax contributions—both Prefer to access your documents online? Log
reduce your taxable income. Your employer can in at carefirst.com/myaccount. Go to your
also choose to contribute money to your HSA. BlueFund HSA, hover over My Profile and
click My Records and Receipts, where you can
What expenses can be paid from an HSA? upload and store your digital receipts.
Any out-of-pocket and unreimbursed medical
expenses allowed under section 213(d) of the Please note: A BlueFund HSA does not require you
Internal Revenue Code can be paid with HSA to submit documentation, but you should keep it in
funds. This includes prescription drugs, lab tests the event of an IRS audit.
and more.
The CareFirst BlueFund Visa Debit Card is issued by The Bancorp Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Cards may
be used only at merchants in the U.S. and District of Columbia wherever Visa debit cards are accepted for eligible expenses. See Cardholder
Agreement for details.
4 ■ Health Savings Account (HSA) Member Guide
