Health Savings Account Guide

Everyone strives to save money while managing health and wellness effectively. There are several ways to do that, one of which is utilizing a Health Savings Account (HSA). This financial tool helps set aside pre-tax dollars for medical expenses and encourages a proactive approach to health management.

How Does HSA Work

Here's how a Health Savings Account (HSA) typically operates:

Eligibility and Setup

Only individuals enrolled in a high-deductible health plan (HDHP) can enroll in an HSA. Upon meeting this condition, the HSA can be set up through various institutions like banks or insurance companies that offer these accounts.

Contributions

You can contribute to HSA yourself, through your employer, or both. However, the Internal Revenue Service (IRS) limits the contribution amounts annually.

For 2023, for instance, the maximum contribution for an individual is $3,850, and for family coverage, it's $7,750. These contributions are tax-deductible, reducing taxable income.

Tax Advantages

The money in an HSA grows tax-free; withdrawals for qualified medical expenses are also tax-free. This triple tax advantage makes HSAs a highly efficient way to fund healthcare costs.

Using HSA Funds

You can use funds from an HSA to pay for a wide range of qualified medical expenses not covered by health insurance. This includes deductibles, copayments, and other health-related costs. For non-qualified expenses, withdrawals are subject to taxes and a penalty (if taken before age 65).

Portability and Long-Term Use

HSAs are portable, meaning they remain with an individual regardless of job changes. There is no time limit for spending the money, allowing funds to accumulate over the years. As a result, HSAs are helpful for future healthcare needs or even retirement.

HSA Qualified Healthcare Categories at Cura360

Cura360 offers a variety of items that fall under the HSA category. These products include the following:

Mobility Aids

Cura360 offers several HSA-qualified mobility aid categories aimed at improving accessibility and mobility. They enhance the quality of life for those facing mobility challenges and include:

Manual wheelchairs:You can access a wide selection of manual wheelchairs here. These devices are perfect for those who require assistance with mobility but can manage some movement or have a caregiver's support.
Power wheelchairs:Power wheelchairs or electric wheelchairs are suitable for those who need full mobility assistance.
Mobility scooters:Mobility scooters are perfect for people who can walk short distances but need support for longer outings or outdoor terrains.

Walking Aids

Cura360 provides a comprehensive range of walking aids. These products assist individuals who need additional support while walking and include the following products:

Walkers and Rollators

These devices support people with limited mobility while walking. The frames for walkers are strong, so the user can hold and support themselves effectively. The difference between walkers and rollators is that the latter have wheels on all legs, making movement easier. They also come with built-in seats and storage.

Canes and Crutches

This category includes single-point canes for minimal support and quad canes for increased stability. Canes are perfect for those with slight mobility or balance issues.

On the other hand, crutches help to redistribute weight from the legs to the upper body. You will often find them with individuals recovering from injuries or surgeries that affect one leg.

Bariatric Walkers

Bariatric walkers have higher weight capacities. They also have reinforced materials to provide safe and durable support.

Rehab and Braces

Cura360 has several HSA-eligible rehabs and braces. These products support recovery and manage chronic conditions. Below are the subcategories available at Cura360:

Hand and Wrist Braces and Support

This subcategory is for those with hand and wrist injuries, arthritis, or carpal tunnel syndrome. Products include wrist braces and splints that stabilize the wrist, thumb supports that limit motion to reduce pain, and finger splints that protect the fingers during recovery.

Hip and Spine Braces and Support

Products under this subcategory benefit those recovering from hip or spinal surgeries, or managing back pain. Examples include lumbar support belts and sacroiliac braces, which stabilize the lower back and reduce strain during daily activities.

Foot and Ankle Braces and Support

This subcategory includes products that stabilize and relieve pain in the foot and ankle area. Common items include ankle braces, perfect for post-injury and prevent movement that could lead to further injury. Arch supports also fall under this category. They alleviate discomfort from conditions like plantar fasciitis.

Shoulder and Neck Braces and Support

These braces provide relief and stability to the shoulder and cervical areas. Items like neck collars can be used for neck strains or sprains, and shoulder slings help keep the shoulder from moving too much post-injury.

Pain Therapy Devices

Pain therapy is the process of managing and reducing pain, whether it's chronic or acute. The approach to pain therapy can include physical methods, medication, and alternative treatments.

Here are some HSA-approved products available at Cura360:

Light Therapy Devices

Light therapy is the exposure to specific wavelengths of light to treat certain conditions. Here are the devices available at Cura360:

Massagers

Massagers relieve muscle tension, improve circulation, and reduce stress. They come in various forms, each targeting different areas of the body.

Below are the popular options available at Cura360:

How to Sign Up for HSA

Signing up for a Health Savings Account (HSA) involves a few key steps. However, you must ensure you are enrolled in a High Deductible Health Plan (HDHP).

Here's the step-by-step guide to help you sign up:

Step 1: Verify Your Health Plan Eligibility

First, confirm that your health plan is a high-deductible health plan. If you're signing up through your employer during annual open enrollment, your HR department can verify if your plan is eligible. If purchasing insurance independently, check with your insurance provider or details in your plan's description to ensure it qualifies as an HDHP.

Step 2: Enroll in an HSA

Through employer:If enrolling through your employer, complete the HSA enrollment process they provide. This might be during a group benefits meeting or online employee benefits portal.
Independent enrollment:If you enroll independently, you can sign up directly through the provider of your choice. This will involve filling out an application form, which includes providing personal details and setting up funding options.

Step 3: Set Up Contributions

Decide how much money you want to contribute to your HSA. You can set up automatic contribution deductions from your paycheck if employed. Alternatively, you can make direct contributions if you manage the HSA independently.

If you need a HSA-qualified product, Cura360 is your go-to partner. They have a 24/7 customer service that will guide you through the process. For further inquiries, reach out to the office at 1-833-207-3433.