Spend less of your HSA to save more

Saving more in your Health Savings Account (HSA) can help you be prepared for anytime you need to pay for health care expenses, whether that’s this year, next year, or even into retirement. So, how can you start building your HSA balance for the future? One strategy is simply to withdraw less from your account—letting the unspent balance roll over for use in the future.

Consider the following four tips to help you spend less of your HSA so you can save more:

Spending icon with photo of child learning to ride a bike

Establish a spending threshold

Establish an amount you are willing to spend out of pocket before withdrawing funds from your HSA. For example, instead of swiping your HSA debit card at the pharmacy for $50, consider taking $50 out of your monthly budget to pay for those items. Reducing withdrawals from your account by just $50 per month, you could save up to $600 in your HSA at the end of the year.

Cost icon with photo of young man and woman browsing on their tablet.

Explore lower-cost options

We typically shop around for the best price when we purchase a new TV, computer or even gasoline, but we don’t always think about comparison shopping when it comes to medical products and services. Obviously, this may not be possible in an emergency, but not all health care needs are urgent, allowing you time to explore some options.

For example: If your doctor recommends an X-ray or an MRI, call a few imaging centers to compare their prices. In addition, you can research different pharmacies to make sure you’re getting the best price for your medications. Be sure to also look into generic medications or consider using your insurance plan’s mail-order pharmacy. You can also enlist your medical team’s help in suggesting lower-cost options.

Mobile phone icon with woman scrolling through her phone by a window.

Use technology

Technology can be an especially helpful tool in exploring less costly health care options. There are many apps available that can help you compare prescription prices or the cost of medical procedures in your area. Telemedicine services have also become popular over the past few years as a convenient and lower-cost way to connect with a qualified physician for a diagnosis and treatment. Check to see if your employer or insurance carrier has a partnership with a particular telemedicine provider so that you get the best pricing.

Health icon with photo of an older and younger woman walking together.

Take care of yourself

Perhaps the best way to spend less on health care services is to try to stay healthy. Going for annual check-ups, eating well and exercising regularly can help you avoid serious and chronic illnesses—and the bills that come with treating those conditions.

Consider these tips and think about the steps you can take to reduce spending from your HSA—so you can preserve more of your balance for the future.