Can your independnet community pharmacy help patients who have health savings accounts (HSAs)?
Insurance companies allow insured individuals to use HSAs, or tax-advantaged savings accounts, to pay for their prescriptions, medical services and certain health-care related fees. HSAs help patients with high-deductible health plans save money, which matters to patients today because of increasing drug costs and insurance premiums.
Here’s what your pharmacy needs to know about HSAs, plus tips to help patients better understand them.
About HSAs
Since 2003, high-deductible health plans have provided insured individuals with the option to acquire HSAs, according to a November 2016 USA Today article.
Acting as a savings account for patients with high-deductible health plans, HSAs allow patients to contribute their pretax earnings for specified medical purposes. Individuals are also able to withdraw the money tax-free.
The benefits of health savings accounts include:
- Tax-free savings for medical expenses
- Transferable savings when an account holder changes jobs
- A reduction in gross income and lower taxable income
- Yearly rollover of funds
- The ability to use HSA funds in retirement with Medicare
The number of patients enrolled in high-deductible, HSA-eligible health plans is increasing. An estimated 20-22 million policyholders (including their dependents) are enrolled in HSAs, according to November 2016 insights from the Employee Benefit Research Institute (EBRI).
What your pharmacy needs to know
Being well-versed in HSA plans can help increase the scope of your industry knowledge as a pharmacist. And, it’s also a great way to provide better service to patients.
Here’s how you can learn more about HSAs.
Read up on health savings accounts
Not all healthcare items are HSA-approved, which can be confusing for patients.
When you know what items qualify for payment with an HSA, you’ll be better able to answer patients’ questions.
- HealthEquity.com provides a comprehensive list of medical products and services that are HSA-compatible.
- IRS Pub. 502 is another source for determining which expenses are HSA-qualified.
For example, diabetic supplies, pregnancy test kits and certain over-the-counter (OTC) medications are included. But, some items, such as certain weight loss treatments, are not.
Look into patient data
By becoming more knowledgeable about which items at your pharmacy are HSA-approved, you can help patients optimize their health care savings.
Use your pharmacy’s point-of-sale (POS) system to analyze which HSA-eligible items or services they have purchased from your pharmacy. And, let patients know those items or services are eligible. This is especially important if they haven’t used their HSA for those items or services previously.
You could also send out a patient survey, questioning patients about the products and services they use. With this data, you can keep a better record of which HSA-eligible items to stock—and promote—at your pharmacy.
How to help patients with health savings accounts
Pharmacists can play a valuable role in helping patients better understand HSAs. When patients are more informed, they’ll use their HSA funds to greater advantage. And, they’ll appreciate your pharmacy’s helpful advice.
Here are some ways your independent community pharmacy can better inform patients about HSAs.
Offer personal counseling
Patients choose your business over other pharmacies because of your independent pharmacy’s personal touch.
Build on that reputation of exceptional customer service by offering individualized HSA consultations for confused patients. Or, for those who would like to learn tips on how to save better.
Host events
Holding an informational event on HSAs can help patients better understand how to effectively use their spending. Consider inviting an insurance agent to your pharmacy to share tips on how to start an HSA. The agent could also explain the benefits of an HSA and detail strategies for smarter HSA-spending.
Provide brochures
Showcase educational brochures and pamphlets describing HSAs throughout your pharmacy. You could also alert patients to HSA-eligible items sold in your front end by placing signs next to those items.
Health savings accounts (HSAs) aren’t the only topic patients need to know more about. Discover seven ways you can help patients navigate Medicare Part D.
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