Health Savings Accounts

  • Do your clients want healthcare coverage plus a way to invest for their financial future?

    Our qualified high deductible health plans with an HSA offers your clients great basic coverage and a chance to save money and invest it for future healthcare expenses. Helping people choose an HSA health plan also allows your clients to reduce their taxable income. We make it easy to enroll in and to manage both the health plan and the savings account.

    HSAs offers a triple tax advantage:

    1. Contributions are 100% tax deductible
    2. Funds withdrawn to pay for qualified medical expenses are not taxed
    3. Interest earnings accumulate tax-deferred and are tax free when used to pay qualified medical expenses

    You also enjoy:

    • Monthly rates that are lower because of higher plan annual deductibles
    • Accrued interest over time on unused funds
    • The opportunity to invest funds in a variety of mutual funds-with no transaction fees
    • HSA funds are owned by your client, meaning they can keep them if they change to another health plan
    • HSA funds can be used without penalty for nonmedical expenses if you are 65 or older or if you become permanently disabled (You will still owe tax on the funds you withdraw)

    How an HSA with a qualified high-deductible health plan works

    • Pays 100% for covered preventive care and certain preventive prescription drugs from day one
    • Your clients pay-either out of pocket or with their HSA funds-all medical and pharmacy expenses until they meet their annual deductible. Then the plan pays 100% of expenses for the rest of the year
    • Funds not spent from the HSA continue to accrue interest

    Member resources available:

  • Integrated banking

    We offer integrated banking through ConnectYourCare, so that your clients who enroll in an individual HSA-qualified health plan can make the most of their HSA accounts. An account offers:

    • No monthly service fees
    • A healthcare payment (debit) card
    • Online access 24/7, making it more convenient to track and manage qualified healthcare expenses
    • Opportunity to invest in mutual funds that include more than 100 options with no loads and no transaction fees (for clients who meet the minimum balance)
    • UMB Bank serves as the custodian bank for these HSA accounts*

    HSA accounts set up through ConnectYourCare give your clients the ability to maintain records either through our mobile app or by scanning documents to the ConnectYourCare website. This makes it easier to store their records in one place for future reference, such as filing taxes or responding to an IRS audit. In addition, the ConnectYourCare site gives them access to tips for making the best use of their accounts for investments, contributions, and paying for expenses.

    *UMB Bank n.a., is a member of the FDIC. Founded in 1913, UMB Bank is one of the largest independent banks in America.

    Is your client eligible for an HSA?

    • Before an HSA an can be opened, your client must be covered by a qualified high deductible health plan
    • Your client must also be able to answer “No” to these questions:
      • Are you covered by another health plan?
      • Are you enrolled in Medicare?
      • Are you another person's dependent?

    ConnectYourCare™ is an independent company providing health-related personal funding account services to Premera Blue Cross and Premera Blue Cross Blue Shield of Alaska employer groups and members.