Each year you can make tax-deductible contributions to an HSA. You use that money to pay for eligible IRS Section 213(d) medical expenses to meet your deductible. Once you meet your deductible, your BlueChoice HealthPlan High Deductible Health Plan coverage takes over. We pay the in- or out-of-network percentages for covered expenses. At the end of the year, any leftover money in an HSA is rolled over to use for future medical expenses. You pay lower taxes based on your lower income.
Please note that maximum allowable contribution levels for an HSA are the amount of the chosen deductible, not to exceed $3,350 for single coverage and $6,650 for family coverage. The minimum allowable deductible is $1,300 for single coverage and $2,600 for family coverage. These figures are for 2015.
If you become eligible for Medicare, you can use HSA funds to pay Medicare premiums on the cost of coverage under a Medicare health maintenance organization (HMO). You cannot use HSA money to buy a Medicare supplement policy. You can, however, continue to pay for your out-of-pocket qualified medical costs.
You can use HSA funds to pay for many things your High Deductible Health Plan doesn't cover, such as:
- Vision and dental services
- Well-child care immunizations
- Eyeglasses and contacts
- Chiropractic services
- Nursing home costs
- Long-term care insurance premiums
Learn more about HSAs by reading our frequently asked questions.
Does HSA Bank® administer your HSA? HSA Bank is an independent company that administers some health savings accounts on behalf of BlueChoice HealthPlan.
To access your HSA, log in to your HSA Bank account.