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Use your Felx Card here at Shop Home Med
You can confidently wield the power of your Flex card right here at Shop Home Med, where a treasure trove of thousands of eligible products awaits your selection. At checkout, simply opt for the seamless SIKA Health option for automated receipts and a lightning-fast checkout experience. Our extensive inventory boasts a plethora of top-notch products, ensuring you'll find just what you need. And when it comes to shipping, rest assured that our reliable and swift delivery services are second to none, making us a marketplace you can wholeheartedly rely on for all your healthcare and wellness needs. So, embark on your shopping journey today and experience the convenience and quality that Shop Home Med and SIKA Health bring to your doorstep.
How does an HSA work?
What is an HSA?
A health savings account (HSA) is a tax-advantaged savings account that can be used to pay for medical, dental, vision and other qualified medical expenses now or later in life. Contributions are limited annually and the funds can even be invested, making it a great addition to your retirement portfolio.
Who is eligible?
In order to contribute, you must be enrolled in a high deductible health plan, not be covered under another health plan, not be another person's tax dependent, and if over the age of 65, not be enrolled in Medicare. There are no eligibility requirements to spend previously-contributed HSA funds.
What are the benefits of an HSA?
Your HSA comes with a triple tax advantage
1. Money goes in tax-free.
Most employers offer a payroll deduction, allowing you to make contributions to your HSA on a pre-tax basis. The contribution is deposited into your HSA prior to taxes being applied to your paycheck, making your savings immediate. You can also contribute to your HSA post-tax and claim a deduction when filing your annual taxes.
2. Money comes out tax-free.
Qualified medical expenses can be made tax-free when you use your HSA. Purchases can be made directly from your HSA account, either by using your debit card or online bill-pay. You can also pay out-of-pocket and then reimburse yourself from your HSA.
3. Earn interest, tax-free.
The interest on HSA funds grow on a tax-free basis. And, unlike most savings accounts, interest earned on an HSA is not considered taxable income when the funds are used for qualified medical expenses.
4. In addition, you can grow your HSA savings.
Once your balance exceeds the minimum amount specified by your bank, you're eligible to invest your funds for growth. Similar to a 401(k), you can choose from a variety of funds.
What expenses are considered eligible?
Individuals can save up to 30%* on the cost of paying for many of the health care items and services you're already paying for
Common eligible expenses
- Health plan co-pays
- Deductibles
- Co-insurance
- Vision
- Dental care
- Over-the-counter medicines
- Acupuncture
- Ambulance
- Artificial Teeth
- Chiropractor
- Contact Lenses
- Eyeglasses
- Hearing Aids
- Menstrual care products
- Psychiatric Care
- Pregnancy Test
- Prescription Medicines
- Surgery
- Weight Loss Programs
- Wheelchair
- Wigs
- X-rays
How can I contribute to my HSA?
Contributions can be made in many ways - we've included the most common ones below
Payroll Deduction Contribution
Payroll deduction may be offered by your employer. Your annual contribution will be deducted from your payroll before taxes throughout the year.
Direct Contribution
Direct contributions can also be made from your personal checking account and can be deducted on your personal income tax return.
Adjusting Contributions
You are able to make changes in your contributions by providing the applicable notice of change provided by your employer.
Contribution Limits
Annual contributions may not exceed $3,850 for individuals or $7,750 for families in 2023. If you are 55 years old, or older, you may make an additional $1,000 catch-up contribution.
Contribution Deadlines
Contributions for the tax year can be made at any time after the plan year has begun, and prior to the deadline for filing the federal income tax return for that year. For most taxpayers, the deadline is April 15 of the year following the year for which contributions are made.
Prior HSA Contributions
If you have an existing HSA, you may have the choice to transfer the funds to your new HSA.
How do I access my HSA funds?
Using your HSA Funds
You can pay for qualified medical expenses directly from your account using your HSA debit card, which can be used at any health care provider or pharmacy where debit cards are accepted. If you are also enrolled in other financial accounts, a limited-purpose FSA for example, you will use a single card to pay all your expenses...it's easy! Your HSA also includes an electronic bill pay feature that allows you to easily pay a bill directly from your account. If you pay for qualified out-of-pocket medical expenses, you can reimburse yourself from your HSA by transferring funds to your personal checking or savings account. You do not need to submit a claim, but be sure to maintain proper receipt documentation in the event of an audit.
How do I grow my HSA funds?
Investment
Once your HSA balance exceeds the required minimum account balance, you're eligible to invest your funds for growth. Similar to a 401(k), you can choose from a variety of funds.
Investment Funds Transfer
After establishing your investment account, you will have the ability to view your balances, transactions, and portfolio holdings, as well as place trades from within your portal - and easily transfer money between your regular HSA and your HSA investment account.
Getting Started:
The Leading Edge Employee Flex Portal can be accessed by visiting the following URL:Β Β Homepage | Leading Edge Administrators (wealthcareportal.com)
You can also use this link to learn more about you plane and see frequently asked questions.
Registration
Step 1: If this is your first time accessing Leading Edge Employee Flex Portal, click the Register button atop the right corner of the home screen.
Step 2: If this is your first time accessing Leading Edge Employee Flex Portal, click the Register button atop the right corner of the home screen.
- Choose a username & password.
- Enter your demographic information.
- If you already have a benefits card, the card number can be used in place of the employer ID in the registration ID field.
- Employer ID: OMNAHCI
- Employee ID: Your Social Security Number
- Before clicking register, be sure to view and accept the terms of use
Step 3: Click register. The process may take a few seconds. Do not click your browserβs back button or refresh the page.
Secure Authentication:
The next phase of registration involves setting up your secure authentication. This crucial step helps ensure your account is secure and private. After the registration form is successfully completed, you will be prompted to complete the secure authentication setup process.
Step 1: Select your security questions. From the list, please select four security questions and provide your answers. These questions will be randomly asked during subsequent logins to ensure security. When finished, click next.
Step 2: Verify your email address
Step 3:Β Submit setup information. On the next page, youβll be asked to verify the information you entered during the secure authentication process. After youβve reviewed and confirmed the accuracy of this information, click submit setup information. A confirmation page will display the successful completion of your registration.
Your first login
Once registered, you will be able to enter your username, answer security questions, and enter your password on all subsequent login attempts.
Updating Your User Profile
To access and edit your user profile, click the username hyperlink on the right side of the navigation bar. From this page, you can:
- Update your phone number and address.
- Change your password.
- Update your reimbursement method.
- Add a new dependent.
- Update or remove an existing dependent.
Checking Balance(s)
Navigate to the benefit account summary page to access a quick view of your account balance(s). Each of your accounts displays in its own box and provides at-a-glance details regarding your balance, funds spent, and important dates.
Submitting Claims
If you are unable to use your FlexCard to pay for an eligible expense, you may submit the claim for reimbursement through the Employee Flex Portal. It allows you to enter claims and view and edit pending claims. If you have receipts or documentation to substantiate your claim, you can attach these to expedite the reimbursement process. To enter a claim and request reimbursement, navigate to the claim page (by clicking add a claim for immediate reimbursement via the menu bar) and complete the form. Be sure to upload a receipt image. You can click browse to navigate to the file or drag and drop it from your computer. Click submit to send the request for processing. The claims can be submitted for direct deposit reimbursement only.
Viewing Claims
Once entered, claims can be viewed on the claims list page. From here, you can view the claim status, attach receipts, and request reimbursement for eligible expenses.
For any questions regarding your benefits call member services line at:Β 979-426-3633
