Health Savings Account

Health Savings Accounts, or HSA’s for short, are a new product that are very simple in theory, though they get a little confusing in practice.  First off, lets explain the plan category that they fall into.  Health Savings Account Plans are called consumer driven health care (CDHC).  CDHC refers to health insurance plans that allow members to use personal Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs), or similar medical payment products to pay routine health care expenses directly, while a high-deductible health insurance policy protects them from catastrophic medical expenses. High-deductible policies cost less, but the user pays routine medical claims using a pre-funded spending account, often with a special debit card provided by a bank or insurance plan. If the balance on this account runs out, the user then pays claims just like under a regular deductible. Users keep any unused balance or “rollover” at the end of the year to increase future balances, or to invest for future expenses.

HSAs from a Few of Our Carriers

Aetna HSA

These days, you’re watching every health care dollar. And we can help you see that they don’t get lost. An HSA is a tax-advantaged savings account that lets you pay for current health care expenses. Or, you can save for future expenses. To be eligible for an HSA, you must be covered by a consumer directed health plan. And you must not be eligible for coverage under any other health plan. Here are some ways to make the most of your HSA:

• Tax Advantages – With payroll deduction, you can put money into your account before taxes. This may lower your taxable income.
• Carry-Over – HSA balances carry over from one year to the next. That’s true even if you change jobs or health plans. Once you set up an HSA, it’s all yours!
• You can use money from an HSA to pay for certain expenses (defined by the IRS). Get a list of these expenses from your health insurance broker East Coast Health Insurance

 Humana One HSA

The HumanaOne HSA-Qualified High Deductible Health Plan (HDHP) may be the right fit for individuals who want coverage in case of a serious illness or injury. With the HDHP, members have the comfort of knowing they’re covered.

Members can combine their HDHP with a Health Savings Account (HSA) to save money for health expenses. Contributions to an HSA are tax-free, grow tax-deferred, and earn interest.

Cigna HSA

A Cigna Health Savings Account (HSA) gives more: More control over health care decisions. More information and assistance to help make healthy choices. More options and more services.

In addition to health plan coverage, a Cigna HSA offers:

• A tax-deferred savings account to help pay for covered health care expenses.*
• Control over how health care dollars are spent.
• Freedom to choose doctors.
• Convenient, online information and tools to help decide which doctors and services are desired;  Programs and services to help you stay well.
• Financial stability through JP Morgan Chase, the administrator of the savings account.

* Several states have not enacted legislation to allow pre-tax treatment of HSA contributions and/or earnings. You should work with your tax advisor to ensure that you are aware of any changes that may occur in these states. For your convenience, we have identified the following states as having these tax issues: Alabama, California, New Hampshire, New Jersey and Wisconsin.

United Health One HSA

Health Savings Account plans from UnitedHealthOne combine lower-cost, high-deductible health insurance with a tax-advantage health savings account.Do you want more control over how your health care dollars are spent? Health Savings Account (HSAs) plans can help you take control of your health, your medical decisions, and your medical spending. An HSA can increase your health insurance buying power for several reasons.

These plans typically lower your health insurance premium, while still providing quality coverage. You can also gain more control of your health care dollars, and pay your out-of-pocket health care expenses with tax-advantaged savings. Your HSA savings are tax free to spend and help pay your health insurance deductible or for qualified medical expenses including prescriptions, vision, or dental care. HSA plans provide one simple, calendar-year deductible per family.

Blue Cross and Blue Shield HSA

Health savings accounts (HSA) allow members to save money into tax-advantaged accounts. Qualified contributions made to HSAs are tax-deductible, and funds withdrawn to pay for qualified medical expenses are tax-free. More information about qualifying expenses and the HSA regulation, Section 213(d) of the IRS Tax Code is available on the IRS website.

Like other QHDHPs, the various Blue Cross and Blue Shield companies offer plans with high deductibles that you can connect to a portable savings account. As each company is very different, their HSA plans will vary depending on the company and state where you purchase coverage. Anthem plans offer Lumenos HSA products in their respective states, and other independent BCBS plans provide their own rendition of the HSA option in every state of operation. To find out which BCBS HSA plans are offered near you, get a quote.