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Would you like to lower your insurance costs and save tax-free funds for future medical and retirement costs? If so, a High Deductible Health Plan (HDHP) from BlueChoice HealthPlan might be for you.
Our product combines an HDHP with a separate savings account, called a Health Savings Account (HSA). The HDHP gives you comprehensive coverage for unexpected or large expenses. The HSA lets you set aside tax-deductible, interest-earning funds to help offset your deductible and other qualified medical expenses. Once you meet the health plan deductible, the plan starts paying for your covered medical expenses according to your coinsurance percentages.
You can roll over any funds in the HSA that you do not use during the benefits period and save them for future medical expenses. The HSA is completely portable. It stays with you even if you change jobs or insurance coverage.
You can make withdrawals from your account tax-free if you use them for qualified medical expenses. As the account holder, you are responsible for deciding how to use your HSA funds and meeting all IRS requirements.
*Exceptions apply for certain types of limited insurance and supplemental coverage.
How do you take advantage of a BlueChoice HealthPlan HDHP? First, enroll in the HDHP plan your employer is offering. Then, set up your HSA with a qualified bank or financial institution. You can either use a bank of your choice or allow BlueChoice HealthPlan's trustee to administer your HSA. As long as you maintain the eligibility requirements listed above, you can deposit funds into your HSA. The IRS sets a maximum annual limit you can contribute. Your family, friends or employer can also make contributions to the HSA on your behalf.
Learn more about Health Savings Accounts (HSAs). Find out about your choices with our HDHP options.
Find out if an HDHP from BlueChoice HealthPlan is an option for you. Please talk to the benefits coordinator in your company's Human Resources department. Or call us at 800-327-3183, ext. 25568, today!