HealthEquity empowers Americans to build health savings by providing powerful tools for health savings accounts (HSAs) and other health financial services. We manage over $2.4 billion in deposits, which makes us a leading dedicated health account custodian.
A health savings account or HSA is a tax-advantaged savings account owned by an individual that can be used to pay for qualified medical expenses for the owner and their dependents. HSA balances earn tax-free interest, roll over from year to year and can be invested to accelerate growth.
HealthEquity and WageWorks have combined to create a new health savings and consumer-directed benefits partner for employers, benefits consultants, and health and retirement plan providers seeking to help working families connect health and wealth.
Five Ways to Make Health Equity a Core Strategy Make health equity a leader-driven priority. Develop structures and processes that support equity . Take specific actions that address the social determinants of health . Confront institutional racism within the organization. Partner with community organizations.
They include certain medical , dental, vision and prescription expenses you can pay for with your HSA (or other healthcare savings accounts) funds. Some qualifying expenses include deductibles, co-payments, flu shots, hearing aids, immunizations, physical exams and many more.
Can I withdraw the funds from my HSA at any time? Yes, you can withdraw funds from your HSA at any time. But please keep in mind that if you use your HSA funds for any reason other than to pay for a qualified medical expense, those funds will be taxed as ordinary income, and the IRS will impose a 20% penalty.
Can I withdrawal cash at an ATM? No. HealthEquity offers free online reimbursements into your personal checking/savings account.
Health equity and health equality do not mean the same thing. Equality means giving everyone the same thing, whereas equity means giving people what they need to reach their best health . The different heights of the people represents the unequal distribution of the social determinants of health in society.
Walmart .com currently does not accept FSA or HSA cards as a payment method. Please use a credit, debit, or gift card to pay for your order with FSA and HSA eligible items, then submit your order receipt to your plan administrator for reimbursement.
There are also some serious drawbacks . Here’s one: If you use your HSA savings for non-qualified expenses before age 65, “you’ll owe an additional 20% penalty in addition to any taxes due,” Ulreich said. Another drawback is that the investment options in your HSA may be limited and more expensive than your 401(k).
You can also use your HealthEquity debit card to make payments to your providers. This is especially convenient at the pharmacy. Most providers will also accept the card over the phone, online or written-in on the statement for payment.
You may use your WageWorks Commuter Transit Account to pay for commuting to and from work using public transportation. You may not use your account to pay for: Fuel , mileage, or other costs you incur in operating a vehicle.
WageWorks enables you to pay public transportation, vanpool or parking expenses with pre-tax money . You can use the funds to have prepaid transit passes delivered to your home, or use a WageWorks Commuter Card at most commuting-related point of purchase locations.