Ohio Health Savings Account (HSA)
So what is an HSA account? It is an account funded by your tax-free contributions to use on qualified medical expenses and prescriptions. Others may also contribute to your HSA insurance. In many cases your an employer or parent or spouse can fund your HSA account. The HSA account will allow you to pay for qualified medical expenses are defined by Internal Revenue Code Section 213(d). It is best to research the IRS code to fine these expenses as they do change from time to time.
- 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.