One of the many advantages with a Health Savings Account (HSA), is that it does not fall under ERISA, which are the federal rules and regulations governing other health insurance related products. HSAs do not require claims review, ERISA Plan Documents or Summary Plan Descriptions. They are much easier and simpler to use, and for employers, HSAs lower your administrative time and cost substantially.
To the contrary, HSAs are set up as private, individual savings accounts that you personally own and manage. You are in control and it’s your decision whether you want to pay your HSA qualified expenses tax-free, save for the future, or even take advantage of HSA investment options that are seamlessly tied to your HSA.
However, you are responsible to keep records validating your HSA expenditures as qualified expenses, in the event of an IRS audit. This is where the "HSA Documentation Library" comes to your aid.
Your Documentation Library helps to make your HSA record-keeping responsibilities an easy-to-do task. This simple, yet powerful tool allows you to electronically upload your medical documentation, manage all your HSA activity, including the ability to store and archive your HSA medical history – all in one convenient, safe and secure location.
You access this tool from your HSA Member Portal under the "Claims & Payments" tab by clicking on the "Review Receipts & Documentation" page.
DOCUMENTATION LIBRARY WORKS TODAY, AND INTO THE FUTURE
Your HSA works advantageously for you today and into your future, as well. You pay today’s qualified medical expenses with tax-free dollars which helps lower your overall healthcare costs. Remember, your HSA follows you – not necessarily your job, insurance carrier, and even goes with you in the event that you move.
And, while we don’t look forward to it, in all likelihood, we will incur future medical expenses. Year after year, unspent HSA dollars roll over without penalty or loss. Plus, each year you start over with a new annually indexed maximum contribution, allowing your total balance to continue to grow on a tax free basis.
When you decide to retire, your HSA shifts into an additional financial retirement vehicle. Your HSA will continue to pay all qualified medical expenses tax-free. In addition, you now can use your HSA funds without tax penalty for anything you want to spend it on. These expenditures are simply taxed at your current tax rate.
Your HSA Documentation Library allows you to conveniently manage all this activity, working for you today and throughout the life of your HSA account with American Health Value. Below is a sampling of the tasks that can be done within your Documentation Library:
- Upload, manage and archive your HSA documentation from your desktop, tablet or smart phone
- With a point and click these records can be classified as:
- EOB (Explanation of Benefits)
- Add notes specific to each document
- Link documentation to payments or claims
- Documents not linked to a claim or payment appear in your "To Do List" scroll bar located on your HSA Homepage Dashboard.
The HSA Documentation Library is an intuitive tool that is easy to use and gives you the reassurance that your record keeping tasks are up-to-date and fully validated. Please don’t hesitate to request a demo or ask for any assistance you may require. We are just a phone call away from assisting you!
If you would like, you can also request a demo!