EMPLOYER OVERVIEW. SimplySelect SM HSA, HRA, and FSA

Size: px
Start display at page:

Download "EMPLOYER OVERVIEW. SimplySelect SM HSA, HRA, and FSA"

Transcription

1 EMPLOYER OVERVIEW SimplySelect SM HSA, HRA, and FSA

2

3 SIMPLYSELECT The concept of Consumer-Directed Health Plans (CDHP) focuses on encouraging employees to become more involved in and taking more responsibility for their health care decisions, purchases and use of health care services. SimplySelect SM is a suite of CDHPs that include: Health benefits, a Health Savings Account (HSA), Health Reimbursement Arrangement (HRA) or Flexible Spending Account (FSA), online consumer tools, and clinical programs combined into one offering. Preventive services covered at 100%. Tax-advantaged accounts to assist employers and employees in managing their health care finances. With a CDHP, an employer can purchase a High Deductible Health Plan (HDHP) that is compatible with an HSA or an HRA. There are a variety of deductible and coinsurance combinations to choose from, which allows you to select the plan that meets your company s budget and health benefit needs. An employer may also purchase an FSA. Enable informed decisionmaking by providing Members with meaningful and easy-to-use information. Engage consumers with health and wellness programs that emphasize routine preventive care which can lead to healthier behaviors now and in the future. Encourage Members to make informed health care decisions by creating financial incentives, such as portable health care accounts with balance rollover.

4 HSA OVERVIEW What is SimplySelect HSA? SimplySelect HSA combines an IRS-qualified HDHP with a tax-free HSA. Consider the HSA as your employee s piggy bank that either you or your employees can fund by making pretax contributions. The tax-free HSA funds can be used to pay for qualified health care expenses as defined by Section 213(d) of the Internal Revenue Code. A key feature of an HSA is that employees own the account and it remains with them, even if they change employers. How does SimplySelect HSA work? Tax-free contributions can be made to the HSA up to the IRS maximum contribution limit by the employer and/or the employee. The money can be used to pay for qualified medical expenses or can accumulate to build a savings reserve for future health care expenses. There is no use it or lose it rule! ACS BNY Mellon (ACS) is Capital BlueCross preferred partner for the HSA. Once your employees are established as ACS account holders with an FDIC checking account, they receive a checkbook and a debit card, which can be used to access the HSA funds. ACS provides your employees with online access to an interactive HSA Guide, a comprehensive list of FAQs, as well as detailed investment information. The site also provides calculators to help employees with tax savings modeling, health expense estimation, and maximum contribution calculations. In addition to our preferred HSA trustee, we offer the flexibility for employers to choose any trustee for HSA administration. When employees have a qualified medical expense (e.g., copay or coinsurance) they may pay using either the checkbook or debit card provided. Employees may also elect to pay for the services out of their own pocket and reimburse themselves at a later date, or save, or even invest the funds for future expenses. Advantages of SimplySelect HSA Triple tax advantages: Tax-free contributions to HSA Tax-exempt interest and investment gains Tax-free withdrawals for qualified medical expenses HSAs can be used to pay for qualified medical expenses not typically covered by some health benefit plans, such as eyeglasses, dental care, Lasik surgery, and/or long-term care premiums. HSA funds can be invested to maximize future account growth (balance requirements apply). Employees can use their HSA to pay for anything without penalty after age 65 (only taxes apply). Deductible Capital BlueCross PPO Medical Plan Prescription Drug Plan HDHP Health Savings Account HSA Medical and prescription drug expenses accumulate to the same combined deductible. The PPO medical plan covers medical expenses after the deductible has been met. The prescription drug plan covers drug costs after the deductible has been met. Funds in the HSA can be used to pay for any eligible expenses as defined by Section 213(d).

5 HRA OVERVIEW What is SimplySelect HRA? SimplySelect HRA combines an HDHP with a Health Reimbursement Arrangement. The HRA is a financial reimbursement program funded entirely by the employer that assists employees and their families with paying for eligible medical expenses. How does SimplySelect HRA work? The employer selects the amount of the deductible that they want to fund for the employee. Employers also have the option to have the employee pay their portion of the deductible first or choose to have the employer funded HRA pay first. Once a Member receives a medical service, the claim is processed. Because Capital BlueCross is the HRA administrator, the HRA is fully integrated. HRA reimbursements for eligible claims are automatically processed and reimbursement is included with the Provider payment. The Member receives one EOB for both the medical and HRA reimbursement. All monies used for HRA reimbursements are tax deductible for the employer. Advantages of SimplySelect HRA The employer has complete control over the amount of money that is available to each employee. The funds are owned by the employer. The HRA is a virtual account that the employer contributes to as claims are incurred, and does not need to be funded in full at the beginning of the year. HRA payments are treated as a business expense rather than salary, and are not subject to FICA and unemployment taxes. HRA Fund The employer sets a specific amount of money aside each year to pay for eligible medical expenses. The HRA can be set up to pay before or after the Member s portion of the deductible is met. Sample HRA Plan Design (HRA $2,000 Deductible Plan) Employee Deductible Member cost-sharing responsibility. Member may be required to pay a portion of the deductible before or after access to HRA funds. $1,000 HRA Fund $1,000 Employee Deductible Capital BlueCross Medical Plan HDHP Underlying medical coverage. Once any applicable deductible is met and HRA funds have been exhausted, the PPO medical plan covers expenses (less applicable copayments).

6 FSA OVERVIEW What is SimplySelect FSA? SimplySelect FSA is a tax-advantaged account that your employees can use to pay for IRS-qualified medical or dependent care expenses. FSAs are not insurance and are intended to be combined with a health care plan offered by Capital BlueCross. An FSA is a cost effective way to enhance your employee benefits package and lower your Federal Insurance Contributions Act (FICA) taxes. And, with an FSA, all unused employee funds are retained by the employer. How does SimplySelect FSA work? FSAs are funded by payroll contributions pledged by your employees and can be used to offset IRS-qualified medical expenses not covered by your employee health plan, or to offset eligible dependent care expenses. Funds are deducted from an employee s wages before taxes which means less taxable income for your employees. Capital BlueCross offers three types of FSAs for your employees. Health Care FSA funds can be used to pay for qualified medical, dental, and vision expenses (IRS Section 213[d]). Limited-Purpose FSA if you offer your employees a high-deductible health plan that qualifies for contributions to an HSA, we offer a Limited-Purpose FSA for dental and vision expenses ONLY that can be combined with the HSA for additional pretax savings. Dependent Care FSA funds can be used to pay for dependent care expenses of a qualified child(ren) under the age of 13 and/or adult dependent care expenses. Advantages of SimplySelect FSA Cost-effective way to enhance your employee benefit package Lower FICA taxes Easy, confidential administration Optional FSA debit card for IRS-qualified medical expenses Unused employee funds are returned to you Service from a name you can trust We do all the work: Claim substantiation Quarterly reporting Claims eligibility research Health Care Limited-Purpose Dependent Care For qualified medical, dental, and vision expenses (IRS section 213[d]) same as HSA. ONLY for qualified dental and vision expenses. IRS allows employers that offer a qualified HDHP with an HSA, to also offer a Limited-Purpose FSA. Works the same as the Health Care FSA; the difference is that employees can only submit claims for eligible dental and vision expenses. For qualified child(ren) under age 13 and/or adult dependent care expenses Day care Before and after school care Preschool Adult dependent care center

7 Quick Glance What is the difference? QUICK GLANCE Must be offered with... What are they? What size groups can participate? Who contributes the funds? Who is eligible? Can my employees take the account with them if they leave my company? How does the funding work? HSA HRA FSA Health Savings Accounts are special tax-advantaged savings accounts similar to a traditional IRA but designated specifically to pay for medical expenses. SimplySelect Medical Plan Health Reimbursement Arrangements allow the employer to set aside a fixed dollar amount for the employee to use for eligible expenses. Any Medical Plan Flexible Spending Accounts are tax-advantaged accounts that your employees can use to pay for IRSqualified medical or dependent care expenses. Employer groups of two or more. Employer groups of two or more. Employer groups of two or more. Employer and/or employee. Employer only. Employer and/or employee. Any individual covered under an IRSqualified HDHP who is not enrolled in Medicare and cannot be claimed as a dependent on another s tax return. Yes, the funds are owned by the employee. The HSA must be funded before distributions can be made. An employee who satisfies the eligibility criteria of the employer. Sole proprietors, partners, and 2% shareholders in S corporations cannot participate. No. Funds are not available until a claim is filed. Employers may elect an electronic fund transfer from their account or to pre-fund a buffer account which is replenished as claims are incurred. An employee who satisfies the eligibility criteria of the employer. Sole proprietors, partners, and 2% shareholders in S corporations cannot participate. No. Funds are not available until a claim is filed. With the Health Care or Limited- Purpose FSAs, employees have access to the total pledged amount from the beginning of the plan year. Dependent Care FSA funds are available as contributed by the employee. Do unused funds rollover into next year s account? Yes. Unused funds remain in the employee-owned account and can continue to accumulate year after year. Standard set up does not support rollover amounts. This is an option that is determined by the employer. No. What are the tax implications? Contributions are tax deductible for the employer and can be made pretax by the employee to the account. Withdrawals for qualified expenses are tax free. Reimbursements are tax deductible for the employer. Contributions are tax deductible for the employer and can be made pretax by the employee to the account. Withdrawals for qualified expenses are tax free. Investment earnings are tax free. What does it pay for? HSA funds can be used to pay for IRS-qualified health care expenses as defined by Section 213(d) of the Internal Revenue Code. HRA funds are used to pay for eligible expenses. FSA funds can be used to pay for IRS-qualified health care expenses as defined by Section 213(d) of the Internal Revenue Code and qualified dependent care expenses as defined in Publication 503 of the Internal Revenue Code. Getting started is easy. Contact your Capital BlueCross Account Executive or agent today. For more information, go to

8 ACS BNY Mellon HSA Solution ( The HSA Solution SM ) is an independent company whose products and services are not BlueCross products and services. The HSA Solution is solely responsible for these financial services. Health care benefit programs issued or administered by Capital BlueCross and/or its subsidiaries, Capital Advantage Insurance Company and Keystone Health Plan Central. Independent licensees of the Blue Cross and Blue Shield Association. Communications issued by Capital BlueCross in its capacity as administrator of programs and provider relations for all companies. NF-817 (3/2012) 2009 ACS HR Solutions, LLC. All rights reserved.

Health Savings Accounts & High Deductible Health Plans

Health Savings Accounts & High Deductible Health Plans Health Savings Accounts & High Deductible Health Plans Definitions Consumer Driven Health Plan ( CDHP ) A health insurance plan designed to give you more control over your health care spending. CDHPs incorporate

More information

HEALTH SAVINGS ACCOUNT Q&A

HEALTH SAVINGS ACCOUNT Q&A HEALTH SAVINGS ACCOUNT Q&A HSA BASICS What is a health savings account or HSA? A health savings account (HSA) is a tax sheltered savings account, which is only offered to people who are covered under a

More information

Frequently Asked Questions on Consumer-Driven Health Plan and Health Savings Accounts

Frequently Asked Questions on Consumer-Driven Health Plan and Health Savings Accounts Frequently Asked Questions on Consumer-Driven Health Plan and Health Savings Accounts In 2007, Dow Corning implemented a Consumer-Driven Health Plan (CDHP) option that includes a Health Savings Account

More information

Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions

Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions What is the Blue Shield of California CDHP with HSA? The Blue Shield of California

More information

Health Savings Account FAQs

Health Savings Account FAQs Health Savings Account FAQs These questions and answers summarize the basic concepts of a Health Savings Account (HSA). It is not intended to provide all the information you need in order to make a decision

More information

CONSUMER-DIRECTED MODEL COMPARISON HSAs, VEBA Plan, and HRAs

CONSUMER-DIRECTED MODEL COMPARISON HSAs, VEBA Plan, and HRAs FEATURE Market segment(s) Health Savings Accounts (HSAs) For new sales & transfers from MSA s. Sold as part of Blue Cross Options Blue Plan CONSUMER-DIRECTED MODEL COMPARISON HSAs, VEBA Plan, and HRAs

More information

Health Savings Accounts (HSA) A healthy way to save

Health Savings Accounts (HSA) A healthy way to save Health Savings Accounts (HSA) A healthy way to save Invest in your health with an HSA A Health Savings Account (HSA) is an individually-owned, tax-free, interest-bearing savings account that is used to

More information

Electing Pre-tax Dollars To Pay For Your Health Care Expenses

Electing Pre-tax Dollars To Pay For Your Health Care Expenses Electing Pre-tax Dollars To Pay For Your Health Care Expenses FSA LPF HSA Your Benefit Options Based On Your Health Insurance Plan BENEFIT OPTIONS You Have Elected a Traditional Health Plan... Low or no

More information

Personal Funding Accounts. For Washington groups with 51+ employees

Personal Funding Accounts. For Washington groups with 51+ employees Personal Funding Accounts For Washington groups with 51+ employees LifeWise s streamlined approach LifeWise Health Plan of Washington offers an integrated system for implementing and administering personal

More information

HSA 101. A Quick Overview of Health Savings Account Basics

HSA 101. A Quick Overview of Health Savings Account Basics HSA 101 A Quick Overview of Health Savings Account Basics Agenda Health Savings Account Features HSA Eligibility Contributions Tax Information Distributions HSA-Qualified Expenses Paying for Medical Services

More information

HRA, HSA, and FSA Frequently Asked Questions

HRA, HSA, and FSA Frequently Asked Questions HRA, HSA, and FSA Frequently Asked Questions Health Reimbursement Account (HRA) Frequently Asked Questions What is an HRA and who is eligible to participate? The Health Reimbursement Account, or HRA, is

More information

YOUR GUIDE TO A HEALTH SAVINGS ACCOUNT (HSA)

YOUR GUIDE TO A HEALTH SAVINGS ACCOUNT (HSA) YOUR GUIDE TO A HEALTH SAVINGS ACCOUNT (HSA) DOES A HIGHMARK HEALTH SAVINGS ACCOUNT (HSA) MAKE SENSE FOR YOU? An HSA is a tax-advantaged savings account that s available to people whose health care coverage

More information

Understanding a Health Savings Account

Understanding a Health Savings Account From Roper Insurance & Financial Services Understanding a Health Savings Account Type of Coverage Minimum Annual Deductible Individual $1,300 for 2015 $1,300 for 2016 Family $2,600 for 2015 $2,600 for

More information

IU High Deductible Health Plan Health Savings Account. Get Healthy and Get Ahead with the HDHP PPO Plan

IU High Deductible Health Plan Health Savings Account. Get Healthy and Get Ahead with the HDHP PPO Plan IU High Deductible Health Plan Health Savings Account & Get Healthy and Get Ahead with the HDHP PPO Plan 2014 PLAN 1Plan Advantages Medical Coverage ADVANTAGE The HDHP PPO & HSA has several advantages

More information

PayPal Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions

PayPal Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions PayPal Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions What is the Blue Shield of California CDHP with HSA? The Blue Shield

More information

Health Savings Account Frequently Asked Questions

Health Savings Account Frequently Asked Questions Health Savings Account Frequently Asked Questions (for Core 60 Medical Plan Members) The Health Savings Account (HSA) is a great way to save for health care expenses incurred today or in the future for

More information

2015 Health Savings Account (HSA) Frequently Asked Questions. Table of Contents

2015 Health Savings Account (HSA) Frequently Asked Questions. Table of Contents 2015 Health Savings Account (HSA) Frequently Asked Questions Table of Contents Health Savings Account (HSA) Plans What is a Health Savings Account (HSA)?...pg. 1 How does an IU Health HSA work?...pg. 1

More information

Health Savings Accounts (HSA)

Health Savings Accounts (HSA) Health Savings Accounts (HSA) Health Savings Accounts A Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in an HSA-qualified

More information

The Fundamentals of Health Savings Accounts 2013

The Fundamentals of Health Savings Accounts 2013 The Fundamentals of Health Savings Accounts 2013 (revised) VSCPA Benefit Advisors P.O. Box 6505 Glen Allen, Virginia 23058-6505 Tel: 877-998-7272 Fax: 800-317-7337 www.digitalbenefitadvisors.com/vscpa

More information

Comparison of Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs)

Comparison of Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) Account Overview Tax-exempt trust or custodial account created to pay for the qualified medical expenses of the account holder and his/her spouse or dependents. A cafeteria plan authorized under Section

More information

Account Based Health Plan with Health Savings Account Guide

Account Based Health Plan with Health Savings Account Guide Account Based Health Plan with Health Savings Account Guide Lead the way Page 1 2016 ABHP with HSA Guide You re in control with an Account-Based Health Plan Philips believes an Account Based Health Plan

More information

Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA)

Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA) Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA) Interact with this ebrochure. Here s how. This ebrochure is designed for onscreen viewing, allowing you to navigate through the document

More information

Health Savings Account FAQs

Health Savings Account FAQs General What s a health savings account (HSA)? An HSA is an interest-bearing savings account you fund either with before-tax paycheck deductions through WageWorks McKesson s HSA administrator or with tax-deductible

More information

SUPERVALU: Your Health Savings Account (HSA)

SUPERVALU: Your Health Savings Account (HSA) SUPERVALU: Your Health Savings Account (HSA) Frequently Asked Questions 1. What is a Health Savings Account (HSA)? A Health Savings Account (HSA) is a savings account established under the Internal Revenue

More information

QUESTIONS AND ANSWERS

QUESTIONS AND ANSWERS QUESTIONS AND ANSWERS 1 An Account-Based Health Plan offers employees the choice of paying lower monthly premiums and is designed for you to be in control of your health costs. By enrolling in an Account-Based

More information

Manage Health care choices and expenses. The EmblemHealth Consumer Direct Program

Manage Health care choices and expenses. The EmblemHealth Consumer Direct Program Manage Health care choices and expenses The EmblemHealth Consumer Direct Program 1 Employees can manage their health care expenses today and save for their future. There s an alternative for people who

More information

Health Savings Account Frequently Asked Questions

Health Savings Account Frequently Asked Questions Health Savings Account Frequently Asked Questions WHAT IS AN HSA? A Health Savings Account that allows you and your employer to contribute pre-tax money to be used for qualified medical expenses. HSAs

More information

Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA)

Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA) Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA) Michigan State University 2014 Open Enrollment Blue Care Network is a nonprofit corporation and independent licensee of the Blue Cross

More information

CLIENT INFORMATION FORM

CLIENT INFORMATION FORM CLIENT INFORMATION FORM Company Profile Legal Name of Organization: Mailing Address: City: State: Zip: Executive Officer (signer): Title: Email Address: Telephone: Business Activity: Employer Fed Tax ID#:

More information

Benefits Open Enrollment Frequently Asked Questions

Benefits Open Enrollment Frequently Asked Questions Benefits Open Enrollment Frequently Asked Questions Plan year: July 1, 2014, through June 30, 2015 Open Enrollment begins May 15 and ends May 30. You must enroll in order to receive medical, prescription,

More information

health savings accounts Invest in your health and your future.

health savings accounts Invest in your health and your future. accounts Invest in your health and your future. We ll go the distance to ensure your peace of mind and make the whole process fast and easy. Choosing a healthcare plan that suits the needs of you and your

More information

FAQs: Health Savings Accounts (HSA)

FAQs: Health Savings Accounts (HSA) FAQs: Health Savings Accounts (HSA) Thank you for choosing NTA Life Business Servicess Group, Inc. to be your HSA provider. We want to make it easy for you to manage and maintain your Health Savings Account,

More information

CIGNA Choice FundSM Consumer-driven health plans from a company you can trust.

CIGNA Choice FundSM Consumer-driven health plans from a company you can trust. CIGNA Choice FundSM Consumer-driven health plans from a company you can trust. 508792c 12/05 contents Know the Costs. Realize the Savings... 1 A Choice of Two Quality, Cost-Saving Plans... 2 CIGNA Choice

More information

Health Savings Accounts (HSA)

Health Savings Accounts (HSA) What is a Health Savings Account? Health Savings Accounts (HSAs) were created so that individuals covered by qualified highdeductible health plans could receive tax-preferred treatment for money saved

More information

2013 Retiree FAQs Health Savings PPO Medical Plan Option for Pre-Medicare Retirees

2013 Retiree FAQs Health Savings PPO Medical Plan Option for Pre-Medicare Retirees 2013 Retiree FAQs Health Savings PPO Medical Plan Option for Pre-Medicare Retirees Which retirees are eligible for the Health Savings PPO medical plan option? Pre-Medicare retirees are eligible to enroll

More information

Iowa, Illinois, and Tennessee. Heritage Options Health Savings Account HSA

Iowa, Illinois, and Tennessee. Heritage Options Health Savings Account HSA Iowa, Illinois, and Tennessee Heritage Options Health Savings Account HSA The Heritage Options HSA (Health Savings Account) can give you a new, flexible approach to health care. By choosing a qualified

More information

Health Savings Accounts

Health Savings Accounts 1 Health Savings Accounts Health Savings Accounts Our agenda: Basics about HSAs. Eligibility for an HSA. Contribution, deductible & out-of-pocket limits. Account tips. 2 HSAs The Basics What is a Health

More information

What is a Health Savings Account (HSA)?

What is a Health Savings Account (HSA)? H.S.A. FAQ s Frequently Asked Questions By Topic Health Savings Accounts What is a Health Savings Account (HSA)? Why should I consider getting an HSA? What are qualified medical expenses? What is an HSA-eligible

More information

Section 125 Plans Flexible Spending Accounts Health Reimbursement Arrangements Health Savings Accounts

Section 125 Plans Flexible Spending Accounts Health Reimbursement Arrangements Health Savings Accounts Section 125 Plans Flexible Spending Accounts Health Reimbursement Arrangements Health Savings Accounts We understand the important role that employee benefits, especially health insurance, play in our

More information

Health Savings Account HSA Summary

Health Savings Account HSA Summary Health Savings Account HSA Summary Effective January 1, 2016 TABLE OF CONTENTS INTRODUCTION... 3 WHO IS ELIGIBLE... 3 IRS REQUIREMENTS... 3 WHEN IS ELIGIBILITY DETERMINED?... 3 DO MY SPOUSE & I ESTABLISH

More information

Health Savings Accounts Frequently Asked Questions

Health Savings Accounts Frequently Asked Questions Health Savings Accounts Frequently Asked Questions Health savings accounts put your health care spending in your own hands. You decide when and how to use your health care dollars and you can save on taxes

More information

The Fundamentals of Health Savings Accounts

The Fundamentals of Health Savings Accounts The Fundamentals of Health Savings Accounts (revised) prepared by Robert H. Spicknall, CEBS Virginia State Bar Members Insurance Center 9954 Mayland Drive, Suite 2200 Richmond, Virginia 23233 Tel: 877-214-5239

More information

Kings Local Schools. Health Savings Accounts

Kings Local Schools. Health Savings Accounts Kings Local Schools Health Savings Accounts Ellen Lewis, GBA, FLMI Assist. Benefit Plan Administrator September, 2015 H.S.A. Plan Components High Deductible Health Plan (HDHP) Savings Account (HSA account)

More information

THE HEALTH SAVINGS ACCOUNT

THE HEALTH SAVINGS ACCOUNT THE HEALTH SAVINGS ACCOUNT C O N T E N T S Start Saving Now for Your Future Health Care Needs............. 1 How the BlueEdge Plans and the HSA Work Together............. 3 Tax Advantages of an HSA...................................

More information

Kitsap Bank Health Savings Account Guide. A tax-smart way for you to manage growing healthcare costs.

Kitsap Bank Health Savings Account Guide. A tax-smart way for you to manage growing healthcare costs. Kitsap Bank Health Savings Account Guide A tax-smart way for you to manage growing healthcare costs. At Kitsap Bank, we believe that helping you prepare for the rising cost of health care is key to helping

More information

Health Savings Accounts (HSAs) - A Portable Health Care Vehicle

Health Savings Accounts (HSAs) - A Portable Health Care Vehicle Background Health Savings Accounts (HSAs) - A Portable Health Care Vehicle Health Savings Accounts (HSAs) began initially as Medical Savings Accounts (MSAs), also referred to as Archer MSAs, named after

More information

Orange High Deductible Health Plan (HDHP) with Health Savings Account (HSA) HDHP Basics

Orange High Deductible Health Plan (HDHP) with Health Savings Account (HSA) HDHP Basics Orange High Deductible Health Plan (HDHP) with Health Savings Account (HSA) FAQ (Frequently Asked Questions): The following questions and answers will help you better understand Hope College s New High

More information

How To Pay For Health Care With A Health Savings Account

How To Pay For Health Care With A Health Savings Account HDHP FAQs HDHP = High Deductible Health Plan PPO = Preferred Provider Plan, the regular or traditional healthcare plan HSA = Health Savings Account HRA = Health Reimbursement Account FSA = Flexible Spending

More information

EXAMPLE 2: Member has a health care flexible spending account through FedFlex. This member does not qualify for an HSA.

EXAMPLE 2: Member has a health care flexible spending account through FedFlex. This member does not qualify for an HSA. HRA Frequently Asked Questions 10/15 HRA Descriptions What is an HRA? How does it work? A health reimbursement arrangement (HRA) is an employer-provided tax-sheltered arrangement that allows individuals

More information

Health savings account Q&As

Health savings account Q&As Health savings account Q&As What are HSAs and who can have them? 1. What is a Health Savings Account (HSA) and how does it work? An HSA is a tax-advantaged account established to pay for qualified medical

More information

Consumer-Directed Health Programs for self-funded health benefits programs

Consumer-Directed Health Programs for self-funded health benefits programs Consumer-Directed Health Programs for self-funded health benefits programs Flexibility and Control for Cost Savings and Improved Health Self-funding and consumer-directed health programs combine to help

More information

Frequently Asked Questions. High Deductible Health Plan (HDHP) with Health Savings Account (HSA)

Frequently Asked Questions. High Deductible Health Plan (HDHP) with Health Savings Account (HSA) Frequently Asked Questions High Deductible Health Plan (HDHP) with Health Savings Account (HSA) There are two components to the High Deductible Health Plan (HDHP) with HSA Medical Plan the HDHP Health

More information

Purdue Choice Fund Health S i av A ngs t ccoun (HSA)

Purdue Choice Fund Health S i av A ngs t ccoun (HSA) Purdue Choice Fund Health Savings Account (HSA) What Is a Health Savings Account (HSA) Plan? Qualified Medical Plan + Health Savings = Bank Account Tax Advantaged HSA Plan A tax advantaged health plan

More information

The Health Savings Account User Guide

The Health Savings Account User Guide The Health Savings Account User Guide C O N T E N T S Start Saving Now for Your Future Health Care Needs............. 1 How the BlueEdge Plans and the HSA Work Together............. 3 Tax Advantages of

More information

Health Savings Accounts

Health Savings Accounts Raymond James & Associates, Inc. Anne Bedinger, WMS Vice President, Investments 2255 Glades Road, Suite 120-A Boca Raton, FL 33431 561-981-3661 800-327-1055 Anne.Bedinger@RaymondJames.com www.annebedinger.com

More information

From Community Unit School District 303

From Community Unit School District 303 From Community Unit School District 303 Medical Plan Options for 2016 D303 and your Insurance Committee are pleased to offer exciting new benefit options for 2016. District 303 (D303) will offer only three

More information

Flexible Spending Accounts Frequently Asked Questions

Flexible Spending Accounts Frequently Asked Questions Flexible Spending Accounts Frequently Asked Questions Flexible spending accounts (FSAs) allow you to reduce your tax burden and increase your take home payable income, while you set aside money for eligible

More information

Frequently Asked Questions

Frequently Asked Questions Frequently Asked Questions What is a Health Savings Account (HSA)? A Health Savings Account (HSA) is an alternative to traditional health insurance; it is a savings product that offers a different way

More information

5. HEALTH SAVINGS ACCOUNTS AND THEIR ADVANTAGES

5. HEALTH SAVINGS ACCOUNTS AND THEIR ADVANTAGES 5. HEALTH SAVINGS ACCOUNTS AND THEIR ADVANTAGES Clients who are attracted to the premium savings of a ConnectiCare SOLO High-Deductible Health Plan (HDHP) may wish to combine it with a Health Savings Account

More information

HEALTH SAVINGS ACCOUNT FAQs January 2014

HEALTH SAVINGS ACCOUNT FAQs January 2014 Overview Q. What is a Health Savings Account (HSA)? A: An HSA is a pre-tax account you set up with a high-deductible health plan to help pay for or reimburse current and future IRS-approved qualified medical

More information

Health Savings Option with a Health Savings Account (HSA)

Health Savings Option with a Health Savings Account (HSA) Health Savings Option with a Health Savings Account (HSA) The Health Savings Option is a high deductible health insurance plan administered by United Medical Resources (UMR), a United Healthcare Company,

More information

Consumer Driven Health Plan (CDHP) Questions. Health Savings Account (HSA) Questions:

Consumer Driven Health Plan (CDHP) Questions. Health Savings Account (HSA) Questions: Consumer Driven Health Plan (CDHP) Questions Q1: What is a CDHP? A: A CDHP is a plan with a high deductible and a Health Savings Account component. The goal of such a plan is to create better consumers

More information

Old National Health Savings Account

Old National Health Savings Account Old National Health Savings Account Overview What is a Health Savings Account? A Health Savings Account (HSA) is an account that can be funded with your tax-exempt dollars, by an employer, or both, to

More information

WikiLeaks Document Release

WikiLeaks Document Release WikiLeaks Document Release February 2, 2009 Congressional Research Service Report RS21974 Federal Employees Health Benefits Program: Available Health Insurance Options Hinda Chaikind, Domestic Social Policy

More information

Your Guide to the Health Care Flexible Spending Account and the Health Savings Account

Your Guide to the Health Care Flexible Spending Account and the Health Savings Account Your Guide to the Health Care Flexible Spending Account and the Health Savings Account TABLE OF CONTENTS Introduction...1 Health Care Flexible Spending Account...2 What Is The Health Care FSA?...2 When

More information

2016 Health Savings Plan and Health Savings Account Questions

2016 Health Savings Plan and Health Savings Account Questions 2016 Health Savings Plan and Health Savings Account Questions Health Savings Plan (HSP) What is the Health Savings Plan? The HSP is a High Deductible Health Plan (HDHP) with coverage that starts after

More information

HSA. offered with MVP partner banks. The perfect companion to MVP high-deductible plans.

HSA. offered with MVP partner banks. The perfect companion to MVP high-deductible plans. HSA health SAVings account offered with MVP partner banks The perfect companion to MVP high-deductible plans. A Better Solution from MVP Health Care and our banking partners A Health Savings Account (HSA)

More information

HSA FAQs. Get the answers you re looking for

HSA FAQs. Get the answers you re looking for HSA FAQs Get the answers you re looking for 1. What is a Health Savings Account (HSA)? 2. How is using an HSA like giving myself a raise? 3. Am I eligible for an HSA? 4. What happens if I don t use all

More information

Premium-Only Plan Flexible Savings Account Health Reimbursement Arrangement Health Savings Account. Enrollment and Participation Guide

Premium-Only Plan Flexible Savings Account Health Reimbursement Arrangement Health Savings Account. Enrollment and Participation Guide Premium-Only Plan Flexible Savings Account Health Reimbursement Arrangement Health Savings Account Enrollment and Participation Guide Rev 03/2011 WHO WE ARE AND WHAT WE DO Thank you for considering the

More information

Understanding Health Savings Accounts (HSAs) HSA Bank is a division of Webster Bank, N.A., Member FDIC.

Understanding Health Savings Accounts (HSAs) HSA Bank is a division of Webster Bank, N.A., Member FDIC. Understanding Health Savings Accounts (HSAs) What is an HSA? A tax-advantaged savings account that you use to pay for qualified medical expenses not covered by the CDHP, including deductibles, co-pays,

More information

benefits Mayo Pre-Tax Health Savings Account Plan Document and Summary Plan Description January 2015

benefits Mayo Pre-Tax Health Savings Account Plan Document and Summary Plan Description January 2015 Plan Document and Summary Plan Description A Component of the Mayo Flexible Spending Account Plan January 2015 benefits TO BUILD ON TABLE OF CONTENTS Table of Contents INTRODUCTION... 3 Pre-Tax HSA Is

More information

YOUR CIGNA CHOICE FUND HEALTH SAVINGS ACCOUNT. A health plan plus a health savings account.

YOUR CIGNA CHOICE FUND HEALTH SAVINGS ACCOUNT. A health plan plus a health savings account. YOUR CIGNA CHOICE FUND HEALTH SAVINGS ACCOUNT A health plan plus a health savings account. Basic Principles What if we bought groceries the way we buy health care? Pay $10 at the door No price tags on

More information

Health Savings Accounts: Common Questions and Their Answers

Health Savings Accounts: Common Questions and Their Answers Health Savings Accounts: Common Questions and Their Answers I. General HSAs II. Qualified High-Deductible Health Plan HDHPs III. Contributions to an HSA Distributions BlueAccount I. General HSAs I.1 What

More information

Health Savings Accounts: Innovative Health Care Financing

Health Savings Accounts: Innovative Health Care Financing Health Savings Accounts: Innovative Health Care Financing Would you be interested in a health insurance program that puts you in control of your own health care dollars, while protecting you and your family

More information

I don t have health insurance, can I get an HSA? Unfortunately, you cannot establish and contribute to an HSA unless you have coverage under a HDHP.

I don t have health insurance, can I get an HSA? Unfortunately, you cannot establish and contribute to an HSA unless you have coverage under a HDHP. FREQUENTLY ASKED QUESTIONS (Information obtained from US Treasury HSA website) HSA Basics What is a Health Savings Account ( HSA )? A Health Savings Account is an alternative to traditional health insurance;

More information

Know What to Expect: Your Medical Savings Plan User s Guide

Know What to Expect: Your Medical Savings Plan User s Guide Freescale Employee Benefits Know What to Expect: Your Medical Savings Plan User s Guide STOP Read this before you visit the doctor or pharmacy and use it as a handy reference year round! Medical Savings

More information

CDH Refresher Cindy Otley Director Marketing and Product Development

CDH Refresher Cindy Otley Director Marketing and Product Development CDH Refresher Cindy Otley Director Marketing and Product Development Cindy.Otley@CareFirst.com 410-998-7788 Visual Presentation Only CareFirst BlueCross BlueShield is an independent licensee of the Blue

More information

Frequently Asked Questions

Frequently Asked Questions Frequently Asked Questions Gulfstream and many other General Dynamics companies offer a new type of health plan the Personal Health Account Plan. The Personal Health Account Plan is a high deductible plan

More information

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account Your Health Savings Account Reference Guide Your Guide to Understanding a Health Savings Account Table of Contents The Fidelity HSA...1 Opening and Contributing to Your Fidelity HSA...3 Using Your Fidelity

More information

Health Savings Account (HSA)

Health Savings Account (HSA) Health Savings Account (HSA) with Limited Purpose Flexible Spending Account (LPFSA) University of Rochester Feb 2 and 4, 2015 Aetna Consumer Financial Solutions products are administered by PayFlex Systems

More information

HEALTH SAVINGS ACCOUNTS FOR BEGINNERS

HEALTH SAVINGS ACCOUNTS FOR BEGINNERS HEALTH SAVINGS ACCOUNTS FOR BEGINNERS HEATHER MENZIES Employee Benefits Account Executive SET SEG DISCLAIMER The content in this presentation is informational. Each employee should review the benefit summary

More information

Straight Facts About the Advantage+ Health Plan

Straight Facts About the Advantage+ Health Plan Benefits and Compensation Annual Enrollment Straight Facts About the Advantage+ Health Plan The Advantage+ health plan has unique features that can appeal to a wide range of employees. The key features

More information

SUMMARY OF GUIDE CONTENTS... 1 HIGHLIGHTS OF TAX-ADVANTAGED PLANS... 2 EMPLOYEE SALARY REDUCTION PLANS... 5

SUMMARY OF GUIDE CONTENTS... 1 HIGHLIGHTS OF TAX-ADVANTAGED PLANS... 2 EMPLOYEE SALARY REDUCTION PLANS... 5 This Guide is for informational and educational purposes only. It does not constitute legal advice or a comprehensive guide to issues to be considered by employers in establishing tax-advantaged benefits

More information

Health Savings Account Questions and Answers

Health Savings Account Questions and Answers Health Savings Account Questions and Answers Health Savings Account Basics 1. What is a Health Savings Account (HSA)? An HSA is a trust or custodial account established exclusively to receive tax-favored

More information

Healthy Directions. Information for Employees

Healthy Directions. Information for Employees Healthy Directions Information for Employees U.S. Employees with Salaried Health Care Benefits Healthy Directions is our company s approach to health and health care. Healthy Directions provides two medical

More information

More savings. More choices. More focus on your health.

More savings. More choices. More focus on your health. More savings. More choices. More focus on your health. It s all possible when you combine the right health plan with a Health Savings Account (HSA). HSA-PreSale-Brochure_FInal_1_12.indd 2 1/13/12 9:04

More information

B The Bancorp Bank HSA Program Overview. for. Excellus

B The Bancorp Bank HSA Program Overview. for. Excellus B The Bancorp Bank HSA Program Overview for Overview of The Bancorp Bank HSA Solution for Excellus Agenda Introduction to The Bancorp Bank HSA Eligibility, Features and Benefits Contributions, Distributions

More information

ID Cards and Products

ID Cards and Products Chapter 2 ID Cards and Products The Capital BlueCross Identification Card (ID Card) is the key to obtaining needed health care services and represents tangible proof of having health care coverage. Each

More information

Legislative Brief: HEALTH SAVINGS ACCOUNT (HSA) ELIGIBILITY

Legislative Brief: HEALTH SAVINGS ACCOUNT (HSA) ELIGIBILITY EmPowerHR Legislative Brief: HEALTH SAVINGS ACCOUNT (HSA) ELIGIBILITY Many employers offer high deductible health plans (HDHPs) to control premium costs, and pair this coverage with health savings accounts

More information

THE NELSON TRUST WWW.NELSON.AIBPA.COM

THE NELSON TRUST WWW.NELSON.AIBPA.COM December 28, 2012 Please read this notice carefully. This Notice contains important information regarding your coverage under The Nelson Trust Medicare Retiree Plan, effective April 1, 2013. You need to

More information

Learn What s New. Aetna High Deductible Health Plan with Health Savings Account Quick Guide

Learn What s New. Aetna High Deductible Health Plan with Health Savings Account Quick Guide Take Care Learn What s New Aetna High Deductible Health Plan with Health Savings Account Quick Guide The Aetna High Deductible Health Plan (HDHP) with a Health Savings Account (HSA) is designed to give

More information

Health Savings Accounts (HSAs) Paul Leonard

Health Savings Accounts (HSAs) Paul Leonard Health Savings Accounts (HSAs) Paul Leonard Today s Agenda High-Deductible Health Plan (HDHP) option Benefits of a Health Savings Account (HSA) Getting started Additional resources 2 Health Care Choices

More information

HSA 101: A Basic Introduction to Health Savings Accounts

HSA 101: A Basic Introduction to Health Savings Accounts HSA 101: A Basic Introduction to Health Savings Accounts Consumer-Driven Healthcare Thinking about, or already enrolled in an HSA-qualified health plan? Learn everything you need to know starting with

More information

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account Your Health Savings Account Reference Guide Your Guide to Understanding a Health Savings Account The Fidelity HSA A tax-advantaged way to pay for health care expenses* A health savings account (HSA), combined

More information

Health Savings Accounts

Health Savings Accounts HSAs Health Savings Accounts 2014 and 2015 Limits Questions & Answers What is a Health Savings Account (HSA)? An HSA is a tax-exempt trust or custodial account established for the purpose of paying medical

More information

High Deductible Health Plan (HDHP) with Health Savings Account (HSA) FREQUENTLY ASKED QUESTIONS

High Deductible Health Plan (HDHP) with Health Savings Account (HSA) FREQUENTLY ASKED QUESTIONS High Deductible Health Plan (HDHP) with Health Savings Account (HSA) FREQUENTLY ASKED QUESTIONS Part I HIGH DEDUCTIBLE HEALTH PLAN (HDHP) Q. What is the HDHP? A. The High Deductible Health Plan (HDHP)

More information

Consumer Choice Plan, Health Savings Account and Health Care Flexible Spending Account Frequently Asked Questions

Consumer Choice Plan, Health Savings Account and Health Care Flexible Spending Account Frequently Asked Questions Consumer Choice Plan, Health Savings Account and Health Care Flexible Spending Account Frequently Asked Questions Information on how the plan and the accounts work The Consumer Choice Plan 1. How is the

More information

Health Savings Accounts. 2013 Benefits Open Enrollment

Health Savings Accounts. 2013 Benefits Open Enrollment Health Savings Accounts 2013 Benefits Open Enrollment What is a Health Savings Account? The health savings account, or HSA, is an account that you can contribute to on a per-pay-period basis. The money

More information

Flexible Spending Accounts: October 2015

Flexible Spending Accounts: October 2015 Flexible Spending Accounts: October 2015 Contents Ford s Flexible Spending Accounts What is a Flexible Spending Account (FSA)? How much can I contribute to an FSA? How can I keep track of my account balance?

More information

A suite of solutions to meet today s benefits needs

A suite of solutions to meet today s benefits needs A suite of solutions to meet today s benefits needs Aetna Consumer-Directed Products Cost-effective health plans, consumer-directed support 32.02.103.1 C (5/08) Navigating the health benefits while controlling

More information