Don’t miss out on HSA benefits

Friday, December 8, 2017

If you have a Health Savings Account (HSA), you probably know about some of its advantages, like getting money from Adobe and saving on federal taxes. But with so many great features of an HSA, you may still have more opportunities to kick your HSA into high gear.

Flexibility in the near term

You can change your per-paycheck HSA contributions or make a one-time contribution to your HSA from your paycheck at any time—even after you incur health care expenses. So if your snowboarding vacation includes an unexpected trip the emergency room, you can add money (up to the annual limit) to your HSA to help cover the cost. Just log in to the Adobe Benefits Enrollment Site, then select Life Event > Change in HSA Contribution and follow the steps.

Opportunity to grow your savings for the future

Are you contributing the maximum amount each year to your 401(k) or other retirement vehicles? How about making your HSA part of the mix? An HSA can be an additional tax shelter as you plan for ways to maximize your retirement savings. Make sure you’re contributing the maximum amount, then consider paying your deductible out of pocket each year instead of using your HSA.

To grow your savings, you can invest your HSA funds once you reach a balance of $2,000. Think of the HSA as a traditional 401(k) with no tax on the way out. Your contributions, interest and investment earnings are federal tax-free. Check out the HealthEquity Investment Guide for an overview of how to invest your HSA funds. As a bonus, Adobe pays the fee for three advisory services offered by HealthEquity: Advisor, GPS and Autopilot.

The choice is yours

Use your HSA money to pay for care now or grow your account tax-free for later. It’s up to you. You can pay for medical expenses for yourself and your spouse and dependents throughout the year. But your HSA does not have a “use it or lose it” restriction, so the money rolls over every year and is yours to keep, even if you retire or leave Adobe.

Learn all about your HSA to make sure you’re getting the most value.