Your HSA will be available to you once you activate your account (after the first of the new year or the first of the month following your date of hire). As it is a debit account, you will only be able to use the funds currently available in your account. You will only be able to cover expenses incurred after your HSA was established.
Fidelity offers many convenient banking options to access your HSA funds:
- Use your Fidelity HSA Debit Card to pay for eligible health-related expenses at your doctor’s office, select drugstores and pharmacies (Fidelity will send you a debit card after you open your account).
- Submit claims online for reimbursement at www.netbenefits.com (You will need to scan and upload your receipt, bill and Explanation of Benefits (EOB) if applicable).
- Use Fidelity BillPay to pay electronic bills with your HSA funds. Choose a one-time payment or automatic recurring payments to save you time—both options are free.
Fidelity offers many tools to manage your account:
- Expense Tracker tool:
» Consolidate and manage your health care bills
» Enter expenses online, track and categorize
» Securely upload receipts or supporting documentation
- Tools to estimate medical and prescription expenses
Whose Expenses Can Your HSA Cover?
You may use your HSA funds to pay for eligible health-related expenses for yourself, your spouse, your dependent children and others you claim as dependents on your federal tax return — this is true even if they are not covered under the HDHP medical plan. (Remember, if the dependent isn’t covered under the medical plan, their expenses won’t be applied toward the plan’s deductible.)