I have my Health Savings Account but I don’t know how to use it!
So you signed up for the News Corp Aetna CDHP during annual enrollment. You received your funding into your HSA and maybe are contributing yourself. Now you have just had your first doctor’s visit and picked up a prescription but you can’t recall just how this whole thing works. Below is a very brief guide to what you need to do and what you can expect.
At the doctor’s office:
– If you went to an in-network doctor you will be responsible for the full bill (which is still highly discounted by Aetna) until you satisfy your deductible. Often the provider will not ask you to pay immediately but will bill you afterward. If you are asked to pay at the office make sure they can see how much of your deductible is still outstanding through the Doctor’s Aetna website.
– If you went to an out-of-network doctor, they will almost certainly ask you to pay upfront. If you have enough funds you can use your HSA credit card from Fidelity. Alternatively you can use your own means to pay and be reimbursed after. Make sure to send your claim to Aetna so that they can apply the amount toward your out of network deductible. If you have already paid your deductible then they will reimburse you up the the reasonable and customary maximum.
At the pharmacy:
– Remember in the CDHP, pharmacy expenses also count toward your medical deductible. You will still want to furnish your Caremark ID at the pharmacy to obtain discounts. However you will owe the full discounted price of the drug until you have satisfied your deductible. After that you will simply pay your plan’s coinsurance percentage (but never more than $100 maximum copay) whether generic, formulary, or non-formulary.
Using your Health Savings Account Funds:
– There are two ways to treat your health savings account. The first is as a longer term savings vehicle. In that case you may choose not to draw down your funds when you pay current healthcare bills but rather let it compound tax free and grow tax free.
– If you wish to draw upon your Health Savings account funds you may either use your Fidelity issued HSA Visa card as a form of payment. Or if you wish to be reimbursed you may simply go to the Fidelity website and select “Health Expense Claims and Payments” from the quick links on your HSA tile. From there follow the steps to submit your request for withdrawal.