Coordinating Insurance with an HSA
Health coverage is like peanut butter. You want to make sure it’s spread out as much as possible, otherwise, you might just take a bite of plain bread or, pay out of pocket for a health claim that could have been covered.
It’s crucial to make the most of every tool at your disposal to ensure you and your loved ones receive the best healthcare possible. That’s why I wrote this article, to shed some light on how employees can seamlessly coordinate their insurance with their Health Spending Account (HSA).
The Top-Up: We get asked this question a lot: “Can I submit a claim to myHSA that was already partially covered by insurance?” The answer is “You bet!” Imagine your insurance covers 80% of a much-needed expense, like new glasses. What about that remaining pesky 20%? Well, you can submit that to your HSA! That way you don’t pay out of pocket for any of the expense, as long as it’s eligible.
Insurance First! Whether it’s your own insurance plan or your partner’s benefit plan that you’re a dependent on, remember, insurance should always be your first line of coverage. If you have an HSA, it should be secondary to insurance.
Streamlined Process: At myHSA, we’ve simplified the process as much as we can for our clients. Our plan designs include an option for companies to indicate if their HSA is intended to be used as a top-up to insurance. This helps our adjudicators determine what is required to make sure claims are verified quickly and correctly. It’s also a great way to make sure Employees do not accidentally double-dip on their coverage.
Coordinating Claims: When it comes to coordinating a claim that’s already been paid out by insurance with your HSA, remember to categorize it under “Amount not covered by insurance.” and always include an Explanation of Benefits (EOB) from your provider. This document shows us the amount already covered by insurance before the HSA submission, which helps the adjudicators approve the claim as quickly as possible.
That’s all you need to know about coordinating myHSA with Insurance, but if you ever have any questions or need further assistance, don’t hesitate to reach out to our dedicated myHSA support team at firstname.lastname@example.org. We’re here to help!