Do You Know !
LVAD gear clothing and bags are HSA approved
Your HSA contributions don’t expire. The money stays in the HSA until you use it.
Learn how to use your HSA card and get reimbursed for HSA-eligible items below.
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Discounted Price
LV121
LVAD HeartMate Men Shirt Black
Regular price $79.95 USDRegular priceUnit price per -
LV100
LVAD Men Tank Top for HeartMate White
Regular price $79.95 USDRegular priceUnit price per -
LV101
LVAD Men Tank Top for HeartMate Black
Regular price $79.95 USDRegular priceUnit price per -
Discounted Price
LV122
LVAD HeartMate Men Shirt White
Regular price $79.95 USDRegular priceUnit price per -
Discounted Price
LV120
Men's Leather LVAD Vest
Regular price $79.95 USDRegular priceUnit price per -
LV135
LVAD HeartMate Women Shirt Black
Regular price $79.95 USDRegular priceUnit price per -
LV136
LVAD HeartMate Women Shirt White
Regular price $79.95 USDRegular priceUnit price per
HSA Card
Use your HSA card at LVADGera.com and get reimbursed !
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What is a Health Savings Account (HSA)?
A Health Savings Account is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance and some other expenses, you may be able to lower your overall healthcare costs. Generally, HSA funds may not be used to pay for premiums.
While you can use the funds in an HSA at any time to pay for qualified medical expenses, you may contribute to an HSA only if you have a High Deductible Health Plan (HDHP). This generally is a health plan (including a Marketplace plan) that only covers preventive services before the deductible.
At the age of 65, you can begin taking distributions from your HSA account for any reason without paying a penalty. If you use the money to pay for a qualified medical expense, you don’t have to pay taxes on the withdrawal. This money is usually taxable when withdrawn and used for other types of expenses. At age 55, you may contribute an additional $1,000 each year into your HSA. For 2023, you can contribute up to $3,850 if you have self-only coverage or up to $7,750 for family coverage.
Some health insurance companies offer HSAs for their HDHPs. Check with your company. You can also open an HSA through some b anks and other financial institutions.
Helpful resources
FSA: https://www.healthcare.gov/have-job-based-coverage/flexible-spending-accounts/Opens in a new tab
HSA: https://www.healthcare.gov/glossary/health-savings-account-hsa/Opens in a new tab
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What if I have an HSA without an HSA card?
If you don’t have an HSA card, you can pay with your credit card or other card, and request a reimbursement from your HSA following your HSA provider’s available methods.
Is a HSA right for me?
A Health Savings Account is an excellent tool to not only save for upcoming health-related expenses, but also save for retirement. And regardless of employment status, you can open up a HSA today. However, there are several items to consider before beginning to invest in an HSA.
First, you must meet these requirements:
- Must be covered under a qualified high-deductible health plan (HDHP)
- May not be covered under any health plan that is not a qualified HDHP
- Must not be enrolled in Medicare (the healthcare component of the Social Security program)
- May not be claimed as a dependent on another individual’s tax return
If you meet these requirements, you are eligible to enroll in an HSA. But is the best fit for you?
Andrew Westlin, senior financial planner at Betterment, suggests that a certain type of consumer is more appropriate for an HSA. “If you are someone that goes to the doctor regularly and/or can’t afford to pay your deductible out of pocket, then a High Deductible Health Plan (and a HSA) is not right for you. But if you are healthy, don’t expect to have many medical expenses, and also have a safety net/could meet your deductible with cash on hand, then this type of plan may be a great fit,” he said.
For myself, I have a HSA through Lively as I have a HDHP and only visit the doctor once per year for preventative care. Each year, I try to meet the IRS maximum contribution for a single-coverage person. And every dollar I put away is invested within a brokerage account with TD Ameritrade.
Other HSA details
If you decide a HSA is right for you, here are a few things to consider:
- A health insurance plan is considered a HDHP if it meets the deductible standards determined by the IRS. You can find those here.
- Your HSA will provide you with a debit card to spend your HSA funds. Instead, you should use a rewards credit card for your medical expenses and collect rewards. I recently had corrective eye surgery, and all I needed to do was submit the receipt to my HSA provider, and they sent me the funds via direct deposit.
- If you have an employer-sponsored plan, your HSA dollars are yours to keep if you decide to leave your company. This is different than a flexible spending account (FSA), which is ‘use it or lose it’.
- If you decide to open your own HSA outside your employer, research what funds, stocks and bonds you’re able to invest in before picking a provider. Some providers have more to choose from than others.
- If you withdraw any funds and they are not used for a qualified medical expenses before 65, you will need to pay income tax and a 20% penalty.
- If you are choosing an HSA administrator for yourself, be sure to compare fee structures before you select an account. Many HSA accounts have fees attached to them, such as admin fees.
- If you have left your employer and want to switch HSA providers, you can move your funds from one account to another. There is typically a form to submit, and it may take a few weeks for the funds to transfer.