Health Savings Accounts allows you to pay for approved medical care expenses with pre-tax dollars from your HSA personal account. These tax-free dollars can be contributed to the account by yourself, as well as any other eligible family members and even your employer.
These accounts are generally linked with a compatible, high deductible. However, one of the major benefits of an HSA is that should you change jobs or health insurance coverage, you HSA account goes with you, you own it. You also do not lose the money over time, thus, allowing you to save towards future medical expenses.
- You may use available HSA health insurance funds first to pay the cost of covered medical expenses and prescriptions.
- Unused funds rollover year-to-year.
- Unlimited choice of providers. If you see in-network providers, you may pay less for your care.
Plus, get 100% coverage for nationally recommended preventive care services with no deduction from your HSA and no out-of-pocket costs to you if you see an in-network provider.
Traditional Health Coverage
- A comprehensive health plan providing added protection for you and your family after you have met your plan’s annual deductible.
- Traditional Health Coverage begins after you have used your HSA balance (if you choose to use HSA funds to pay for covered services) and paid a limited amount out-of-pocket – called your Bridge – needed to satisfy your plan’s annual deductible.