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6 Smart Ways to Maximize Your HSA: Using an HSA Without Saving Money In It

Even if you don’t actively set money aside for your HSA, you can still use it to help save you money. Here's how.

Every dollar you put into your HSA reduces your taxable income, which means your HSA can help reduce your tax bill, or help you get a bigger refund. There’s no time limit required for keeping the money in your account. That means even if you put money in your account one day and file a reimbursement claim the next, you still get the tax benefits of contributing that money. 

You can still take advantage of your account by contributing money to it just to pay for your eligible medical expenses as they arise. These expenses can be for things like prescriptions, doctor’s visits, over-the-counter medication, and much more. 

There are a couple of ways you can do this: 

  • When you have a qualified medical expense, put that amount into your HSA and use the funds to make a direct payment by using your Further debit card or the Pay a Bill feature on the online portal or mobile app. 

  • If you like paying for things with a gift card or a credit card for the rewards points or cash back, you can still do that. Make your medical payments through whichever account you prefer, and then make a contribution for that amount to your HSA. You can then file a reimbursement claim for that same amount.  

Whichever method you use, remember to save your HSA receipts in case you need them at tax time. You can save them online using the My Records and Receipts feature

Also, if you find yourself with some unexpected income, such as a gift, bonus, tax refund or something similar, consider putting some of it into your HSA to use for future medical expenses.