Top 10 Reasons Your HSA Does Not Match Your Deductible #5

5. You paid for vision or dental claims with your funds.

One of the growing trends in benefits is the offering of dental and vision benefits in addition to medical coverage. While medical coverage may pay for some very basic vision screenings, vision benefits can offer reimbursement for eyeglasses or dental can offset the cost of orthodontia. If you are on a high deductible health plan with an HSA, you can especially benefit from your tax free money by paying for dental and vision expenses out of your account. These bills are approved expenses by the IRS for your funds. However, while these claims will run through your dental or vision benefits and can be paid for with your HSA funds, they do not apply to your medical deductible and can create a discrepancy.

For instance, let’s say that you have a $2000 deductible and start out the year with $2000 in your HSA. In January, you go in to your primary care physician for your annual preventative physical. You have your workup, blood drawn, and basic vision screening. These claims are submitted to your medical insurance, which pays them in full because they are a part of your preventative care. You have no charges, and your deductible and HSA funds both stay at $2000. Your doctor suggests that it is time to get glasses, though, so you go to an optician after the appointment. They prescribe you glasses, and the claim for the appointment and glasses are submitted to your vision insurance. Of the $200 in charges, $150 are covered by the vision benefits. When you receive your $50 bill, you pay from your HSA. You now have $1950 in your HSA but still owe $2000 to your medical deductible.

 In February when you trip and fall because you weren’t wearing your glasses, you are rushed to the emergency room where you have x-rays and are fitted for a cast. The claims total $3500. $2000 are applied to your deductible, and your medical insurance pays $1500. You are responsible for the $2000 that went to your deductible, but since you only have $1950 left in your deductible, you must pay $50 out of pocket to make up for your vision claim.

Want to know to rest of the top 10 reasons your HSA does not match your deductible? Check out the McGohan Brabender checklist and look for upcoming and previous articles explaining the other reasons!