Save on Healthcare Costs with a Health Savings Account (HSA)

As an Ambetter from NH Healthy Families member, you have access to a health savings account (HSA) from Fidelity.* An HSA is an easy way for Ambetter Health members to save money on health-related costs!

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What is an HSA?

An HSA is a savings account you can add to during the year, on your schedule. But unlike a regular savings account, an HSA offers tax advantages. Your HSA money is saved tax-free, grows tax-free, and can be spent tax-free.1 With an HSA, you can make the most of your money.

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What can I pay for with an HSA?

Your HSA can be used to pay for approved healthcare costs you already buy, like:2

stethoscope

Over-the-counter medicine

first aid

Hand sanitizer and sanitizing wipes

house

At-home diagnostic tests

Rx

Prescriptions

sun

Sunscreen

eye chart

Glasses

wallet

Copays

bandages

Bandages

And other out-of-pocket costs.

Because your HSA never expires, you can choose to use or save your funds however you want! You could even save your money tax-free to use for post-retirement health expenses.

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It’s YOUR money

HSAs don’t expire, so you never have to “use it or lose it.” Even if you change plans, you can still keep and use your HSA.

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Triple tax advantages1

  • The money you add to your HSA is tax-free.
  • Your money grows tax-free.
  • The money you spend on certain medical expenses is tax-free.

rewards

Paying qualified medical expenses2

Use your HSA funds to cover common costs for you and your dependents, like over-the-counter medicine, sunscreen, bandages, and more!

 

 

 

 

How do I set up an HSA?

Here’s how to start saving:

  1. Visit the Ambetter Health HSA Fidelity site.
  2. Click “Open an HSA” in the upper right-hand corner.
  3. Follow the prompts to enroll.
  4. Decide how much you want to contribute to your HSA (within yearly contribution limits).

     

 

 

HSA Frequently Asked Question (FAQs)

Ambetter Health is here to help!

If you’re on a qualifying Ambetter Health plan, an HSA offers several benefits. It’s tax-advantaged in three ways1: Your HSA money is saved tax-free, grows tax-free, and can be spent tax-free. You can also invest your HSA money for potential long-term growth, so HSAs are a great way to save for future healthcare costs.

HSAs are tax-advantaged in three ways:

  1. Personal HSA contributions using after-tax money may be federal income tax-deductible.1
  2. Spending your HSA money on approved medical expenses is free of federal income taxes.2
  3. If you invest some or all of your HSA money, any growth is also tax-free.1

No, Fidelity does not charge an account fee.

There are no income limits, and everyone is eligible.

Yes. You, your spouse, and your eligible dependents can all use your HSA money to pay for approved medical expenses as long as everyone meets eligibility requirements.2 As the account owner, you must also authorize each person whom you want to use your account by requesting additional HSA debit cards in their names.

Your HSA funds can only be used for qualified medical expenses.2 Qualified medical expenses are determined by the IRS and include medical care, prescription drugs, and payment for long-term care. Generally, you can’t use an HSA to pay for health insurance premiums.

There are three ways you can pay for qualified medical expenses with your HSA:

  1. Swipe your HSA debit card.
  2. Pay healthcare bills online.
  3. Get reimbursed (pay yourself back) for what you’ve spent out-of-pocket.

 

*Ambetter Health does not provide tax advice. Please consult your tax advisor for additional information. Ambetter Health and Fidelity Investments are independent entities and are not legally affiliated. Ambetter Health is not endorsing the Fidelity HSA over other HSAs available to you. Health Savings Accounts (HSAs) are individual brokerage accounts and the taxpayer is responsible for use of the account.

1With respect to federal taxation only. Contributions, investment earnings, and distributions may or may not be subject to state taxation.

2Spending HSA money is tax-free when used to pay for qualified medical expenses.

The Fidelity HSA is provided by Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917. 1199557.1.0