Understanding Health Savings Accounts (HSAs): An Innovative Alternative to help you manage your health care costs.

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1 Understanding Health Savings Accounts (HSAs): An Innovative Alternative to help you manage your health care costs. HSAs are an affordable, innovative way to pay for and manage your health care costs. Anthem has prepared this guide to help you take advantage of the savings and flexibility of a Health Savings Account. If you have any questions, your Anthem Licensed Agent is ready to help. PVA2382 (12/07)

2 What s an HSA? First things first. The purpose of an HSA (Health Savings Account) is to give you more control over how you spend your health care dollars. An HSA is a tax-favored savings account that, when paired with a qualified High Deductible Health Plan (HDHP), allows you to pay for qualified medical expenses, or leave the funds invested in the account for future medical expenses tax-free. Money in the HSA can help pay for covered services prior to meeting the health plan deductible. Once you ve met your deductible, the health plan starts paying for covered services. Money left in the account is portable, and is yours to keep. How Do I Set Up an HSA with a High Deductible Health Plan (HDHP)? In order to start a Health Savings Account, you ll need to enroll in a high deductible health plan. You can pair your HDHP plan with a Health Savings Account offered through any qualifying financial institution. Once we receive your HDHP application, we will review it for medical and other eligibility information. If the application is approved, we will send you Chase HSA enrollment materials as a courtesy. If you choose to enroll with Chase, you can make monthly tax-deductible contributions into the account through Chase s convenient bank draft option. At that point, you can use your HSA funds, tax-deferred, for qualified medical expenses and to save for the future.

3 How a Health Savings Account Works HIGH DEDUCTIBLE HEALTH PLAN Helps protect you from big medical bills HEALTH SAVINGS ACCOUNT PLAN SAVINGS ACCOUNT Lower Tax Burden Helps you pay medical bills prior to your deductible Tax-free deposits for medical care Balance carry-over year-to-year Tax-deferred investment earnings Long-term and retirement savings account 3

4 How Can I Benefit From an HSA? Adding an HSA to a qualified High Deductible Health Plan can save you money, and give you more control over your health care expenses. Here s how: Tax Savings: If eligible, you can deduct HSA contributions from your gross income on your federal tax return, even if you do not itemize deductions. Many states also allow the deduction from state income taxes. Please consult your tax advisor to determine the best strategy for you. Earned Interest: Funds left to accumulate in your HSA can grow and earn tax-deferred interest. Long -Term Savings: You can choose to let the funds in your account grow tax-deferred. Reduced Insurance Premiums: Your insurance premiums are usually lowered when you change from a low-deductible to a highdeductible plan. You can use these savings to fund your HSA. Choice: The money in your health savings account is your money. You decide which medical expenses to pay from the account, and which expenses to pay out of your own pocket. Flexibility: Since an HSA is portable, you have control of the account, whether you are self-employed, decide to retire early, or move to another state. With an HSA, there s no use it or lose it rule, regardless of age or future medical coverage. Money left in the HSA account earns interest, is portable, and is yours to keep.

5 What is a Qualified HDHP? HSA-qualified HDHPs High Deductible Health Plans need to meet federal guidelines in order to be compatible with a Health Savings Account (HSA). Many elements of HDHPs, such as minimum out-of-pocket amounts and maximum contributions, are determined by the federal government annually. These amounts follow the Department of Labor s Consumer Price Index and may change annually. The deductible is the amount you pay toward covered health care services each calendar year before receiving benefits. Choosing a higher deductible and out-of-pocket maximum will lower your premium. To be considered HSA-qualified, the HDHP must satisfy federal guidelines. In 2008 an HDHP must: have a $1,100 minimum annual deductible with an annual $5,600 maximum out-of-pocket expense for individual coverage, or a $2,200 minimum annual deductible with a $11,200 annual maximum out-of-pocket expense for family (2 or more) coverage. 5

6 Do I have to set up an HSA with a High Deductible Health Plan (HDHP)? No, but it is worth considering. If you do not set up an HSA with a HDHP, you will not have access to all of the potential tax advantages of an HSA. With a Health Savings Account, you are truly investing in your health. You won t just save premium dollars, you ll have more control over your health care expenses. You can be more actively involved in managing your health care costs. And the savings are yours to keep. Once we receive your HDHP application, we will review it for medical and other eligibility information. If the application is approved, we will send you Chase HSA enrollment materials as a courtesy. If you choose to enroll with Chase, you can make monthly tax-deductible contributions into the account through Chase s convenient bank draft option. At that point, you can use your HSA funds, tax-deferred, for qualified medical expenses and to save for the future. Anthem Blue Cross and Blue Shield and JP Morgan Chase: Industry Leaders Align For your convenience, Anthem has partnered with JP Morgan Chase to offer you a secure, convenient health savings account option. JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.3 trillion and operations in more than 50 countries. 1 JP Morgan Chase has the experience and strength to provide all necessary HSA services, including automatic electronic payments, a VISA debit card, check writing availability, and online account management services. 1 JP Morgan Chase:

7 How Do I Get Started with a Health Savings Account? Who is eligible for an HSA? The IRS and Treasury have established the eligibility requirements for an HSA. To be eligible for an HSA, an individual: Must be covered by a High Deductible Health Plan (HDHP) Must not be covered by any other health insurance (except being covered by any other HDHP, specified disease or hospital indemnity insurance, accident, disability, dental care, vision care or long-term care plan) Must not be entitled to Medicare benefits (generally age 65, but certain exceptions apply) Must not be eligible to be claimed as a dependent on someone else s tax return 7

8 Funding and Managing Your HSA Annual HSA Contributions You are allowed to contribute up to the annual maximum amount as long as you are enrolled in a HDHP as of December 1st of the tax year and remain enrolled in the plan for 12 months. For 2008, the maximum annual contribution is $2,900 for self-only policies and $5,800 for policies covering two or more people. These dollar limits may be adjusted for inflation each year for an annual cost-of-living increase. HSA account balances automatically carry over from year to year for use for future medical expenses. When must HSA contributions stop? HSA contributions must stop once an individual has met their annual contributions, or once he/she is no longer eligible for the HSA. Taking advantage of HSA tax savings It s important to understand how to make the most of your HSA tax advantages. HSA distributions are tax-free if they are used to pay for qualified medical expenses for those under age 65; distributions made for any other purpose are generally subject to income tax and a 10 percent penalty.

9 Guidelines for using HSA funds tax-free Distributions from HSAs are tax-free when used for qualified medical expenses for the individual covered by the HDHP and his/her spouse and tax dependents. Qualified medical expenses generally do not include insurance premiums. Additionally, HSA funds can be used for the following without federal income tax: Qualified long-term care insurance COBRA continuation coverage Health plan coverage while an individual is receiving unemployment compensation At age 65 and over, Medicare premium and out-of-pocket expenses or any health insurance premiums (e.g. Medicare HMO and Group Retiree Plans), other than a Medicare supplemental (Medigap) policy Document your health care expenses The owner of the HSA is responsible for providing documentation to the IRS to prove that HSA distributions were used for qualified medical expenses to the extent the expense is not covered by insurance or otherwise. You should keep all receipts for qualified medical expenses 9 and all of your Anthem Explanation of Benefits (EOB) for your claims for covered services (see page 10 for chart).

10 An Example of HSA Plan Savings: TYPICAL PLAN HSA PLAN Aggregate Family Common Family Deductible: $600 Deductible: $6,000 Coinsurance: 20% Coinsurance: 0% Annual Premium paid $5, $2, Contribution to HSA for $0 + $5, qualified medical expenses Your share of covered medical + $ ($1,500 deducted from expenses for $1,500 in claims ($600 for deductible HSA for qualified medical and $180 for coinsurance) expenses applied toward the $6,000 deductible Your Total Annual Cost, subtotaled $6, $8, (premium + share of medical expenses) (premium + HSA contributions) Tax savings on HSA contribution $0 $1, (can be deducted from federal tax return) Your Annual Net Expenses $6, $6, (premium + share of (premium + contributions medical expenses) tax savings) Your Remaining Balance in HSA, $0 $4, to carry over to next year ($5, in contributions $1, in claims) Total Net Savings by purchasing Anthem Individual KeyCare HSA with an HSA account : $3, ($4, in remaining HSA balance + $6, in typical plan annual net expenses - $6, in HSA plan annual net expenses = $3,778.00)

11 Qualified Medical Expenses Qualified medical expenses for HSAs are identified by the Federal government and defined by the IRS Code Section 213(d). They are updated periodically, so it s important to check the listing before planning medical care not covered by your health plan. You can find a complete and current listing on the IRS web site ( publications/p502/index.html). An Important Note about Qualified Medical Expenses Qualified medical expenses are not restricted to services covered by your health plan. They also include certain services that may not be covered by your health plan, or may have cost limitations applied to them (a capped benefit). For example, you may need a dental care service that is not covered by your HDHP, or is covered up to a certain amount. If the IRS considers the service a qualified medical expense, you can still take advantage of withdrawing funds for that expense tax-free. This is another way HSAs give you added savings over traditional health insurance. 11

12 Please visit us at anthem.com for more information, or contact your sales representative. The information provided in this brochure is not tax or legal advice. The tax treatments vary for each situation. Please consult your tax and/or legal counsel for the tax implications of your unique situation. This brochure is not part of your policy and is intended as a brief summary of services. If there is any difference between this brochure and the policy, the provisions of the policy will prevail. This brochure is only one part of your fulfillment kit, and it refers to benefits outlined in Policy Form # CP.1 et al., Schedule of Benefits Form #PVA1721 and Applications Forms #s AVA1309, AVA1310, AVA1311, AVA1313 or AVA1537, AVA1359 or AVA1572, Optional Coverage Form #s or AVA1563 and AVA1393. Anthem Blue Cross and Blue Shield is the trade name of Anthem Health Plans of Virginia, Inc. An independent licensee of the Blue Cross and Blue Shield Association. Registered marks Blue Cross and Blue Shield Association.

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