Because HSAs are a new phenomenon, itęs important to think of ways to avoid some possible pitfalls that may not be totally obvious to thoise lookin gfor florida health insurance. Because you may be used to more traditional health care insurance plans that operate on a third party payer system as opposed to the HSAs with a more consumer-driven philosophy, there are steps you need to take with HSAs that you might not be accustomed to.
The overarching thrust of your preparations should be keeping organized, whether it is to deal with issues with your health insurance company or a possible IRS audit. The best way to do this is to save everything, especially receipts. Start a folder or large envelope for each calendar year. Even within these folders, organization is key ę separate receipts by those that apply to your planęs deductible and those that are not covered by your plan but are still qualified medical expenses as defined by the IRS.
You should also keep close track of your deductible so you can know what your florida health insurance exposure is at all times. Deductibles become even more important with the HSA system because they require much more spending before they are met. You should also make sure your prescription drug purchases get applied to your deductible. They are not automatically submitted to your company and counted against your deductible amount with some plans.
Another way to be careful and avoid problems with your florida HSA is to be careful what type of checks you get. HSAs come with debit cards and checks just like a normal checking account for withdrawals from the account. Make sure your HSA check doesnęt look like your normal checks to reduce the chance that you could mistakenly refuse the two.
Overall, if you simply practice common sense and good organization methods, you should have no trouble avoiding any problems and getting the most out of your HSA.