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Health Savings Account Qualified Plan. HSA. What is it and how does it work?. What is a HSA?. A Health Savings Account Qualified Plan allows you to set aside your pre-tax income to pay for health related expenses . HSA Features and Plan Design.
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Health Savings Account Qualified Plan HSA What is it and how does it work?
What is a HSA? A Health Savings Account Qualified Plan allows you to set aside your pre-tax income to pay for health related expenses .
HSA Features and Plan Design You have the ability to set aside 100% of the Plan Deductible into your HSA. • Plan Design • Deductible In-Network Out-of-Network • Individual $1,500 $1,500 • Family $3,000 $3,000
HSA Features and Plan Design You have the ability to set aside 100% of the Plan Deductible into your HSA. You have the ability to set aside100% of the Plan Deductibleinto your HSA. • Plan Design • Deductible In-Network Out-of-Network • Individual $1,500 $1,500 • Family $3,000 $3,000 Individuals can set aside $1,500 and $3,000 for a family in their HSA! Coinsurance 20% after deductible 30% after deductible Out of Pocket Max* Individual $2,500 $5,000 Family $5,000 $10,000 * After deductible and copays
What are the benefits? • Tax Advantages – Contributions are pre-tax. • Make Money – Your account balance earns interest! • HSAs are not “use or lose” – your account balance can roll from year to year. • Portability – If you leave your current job for any reason, your HSA can be used through you new employers health plan.
Example Are are in individual who has set aside the maximum $1,500 in your HSA. You have a $5,000 hospital charge that includes a surgical operation and a three day stay in an in-network hospital. You are responsible for: $5,000 Surgery and Hospital stay $5,000 Charge - $1,500 Pre-tax HSA $3,500 Balance x 20 % Coinsurance $ 700 Out of Pocket Total Out of Pocket: $2,200
How do I make informed consumer decisions? • Your employer wants you to have the tools available to make smart, consumer-oriented health care decisions. One such tool is HSB HealthWatch, available as a link through the HSB website. As part of your plan, HSB HealthWatch gives you: • an assessment and tracking of your health status • personalized stage-based information • medical self-care information • daily health news
FAQ Q: How can I make my HSA last? A: When buying a brand-name prescription, ask if a generic medication is available – there is a good chance that a less expensive generic alternative is available. Generics contain the same active ingredients as brand name counterparts and are subject to the same strict FDA quality standards. Also, ask yourself if a trip to the doctor’s office is necessary. Use the tools available like HSB HealthWatch, E-Doc or WebMD to self-diagnose health problems you may be experiencing. There are many OTC prescription strength medications available that are less expensive and more easily accessible than a doctor’s prescription.
FAQ (Continued) Q: If I don’t use my HSA this year, can it roll over to the following plan year? A: Yes, it’s your money! Unlike FSA dollars, any unused balance in your HSA will roll to the next plan year. Q: If I am no longer with my employer, is any unused balance in my HSA my money to keep? A: Yes. If you choose to leave, are terminated, or retire, you can take your HSA with you. Complete portability is a great benefit to a Health Savings Account.
