Each year employees and/or employers may make tax-deductible contributions to an HSA. Employees may use that money to pay for eligible IRS Section 213(d) medical expenses to meet the deductible.
Once employees meet the deductible, their BlueCross 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. Employees pay lower taxes based on their lower income. Please note that the 2011 maximum allowable contribution levels for an HSA are $3,050 for single coverage and $6,150 for family coverage. The minimum allowable deductible is $1,200 for single coverage and $2,400 for family coverage. If employees become eligible for Medicare, they can use HSA funds to pay Medicare premiums, the cost of coverage under a Medicare health maintenance organization and qualifying Medicare Advantage premiums. They cannot use HSA money to buy a Medicare supplement policy. Employees can, however, continue to pay for their out-of-pocket qualified medical costs. Employees can use HSA funds to pay for many things their High Deductible Health Plan doesn't cover, such as:
To learn more about HSAs, please visit HSA Bank. (This link leads to a third party Web site. HSA Bank is solely responsible for the contents and privacy policy on its site.) On behalf of BlueCross, HSA Bank administers some health savings accounts. HSA Bank is an independent company. Do you have questions about Business Blue plans? Would you like to get appointed with BlueCross BlueShield of South Carolina? Give us a call at 1-800-288-2227, extension 42328.
