• Personal Funding Accounts

    Looking for a consumer-driven approach to improving your business' bottom line? Premera's health savings accounts (HSA), health reimbursement accounts (HRA), and flexible spending accounts (FSA) combine quality healthcare coverage with a choice of tax-advantaged healthcare spending accounts.

    Personal funding accounts:

    • Give employees more choice and control over their healthcare spending
    • Encourage a more health-conscious, productive and satisfied workforce
    • Help employees offset out-of-pocket expenses with potential tax advantages
    • Minimize costs and add an affordable healthcare program to the total compensation package
    • Take advantage of potential tax savings for your business (please consult a tax advisor regarding IRS guidelines)

    With Premera, you can provide personal funding account options with the following key features to make the transition smooth and maximize the effectiveness:

    • Claims feed integration – reduces lag time and questions about claims
    • Easy account accessibility – throughout our website with options via telephone
    • Healthcare payment card option – for Metallic HSA and FSA plans
    • Throughout Premera – seamless integration of set-up and administration with your health plan

    The Basics of Personal Funding Accounts

    Premera offers the following personal funding account options. After choosing your group benefit plan, you may pair it with one or, in some instances more, of the following:

  • Health Savings Accounts (HSA)

    HSAs are employee-owned, tax-advantaged, fully portable accounts that work in combination with a qualified, high- deductible health plan. In an HSA plan:

    • Employee contributions are made pre-tax, meaning tax savings for both employee and employer
    • Employees pay for all medical and pharmacy expenses- either out-of-pocket or with their HSA funds- until they meet their annual deductible. The plan pays 100% of expenses for the rest of the year
    • The plan pays 100% for covered preventive care and certain preventive prescription drugs from day one

    With an HSA, employees can:

    • Enjoy lower monthly rates (due to higher annual plan deductibles)
    • Save tax free for current and future medical costs
    • Invest HSA contributions in a variety of mutual funds- with no transaction fees
    • Choose whether and when to withdraw funds, tax-free, to pay for qualified medical expenses
    • Use funds without penalty for non-medical expenses if they are 65 or older, or if they become permanently disabled (taxes apply to funds withdrawn in these instances)
    • Carry unused funds from year to year, allowing funds to grow tax-deferred

    Explore more:

    Learn more about HSAs 

    HSA Calculator 

    Health Reimbursement Arrangements (HRA)

    HRAs are employer-owned and -funded arrangements that members can use to pay their cost-share for covered expenses. It is important to note that HRAs are not portable. If the employee leaves the company, any unused portion of the HRA (after all prior claims have been paid) reverts back to the employer.

    Flexible Spending Accounts (FSA)

    FSAs are employer-sponsored, tax-advantaged healthcare spending accounts that members can use to pay for eligible expenses. With an FSA:

    • Employee contributions are made pre-tax
    • Employer contributions are tax-deductible
    • Funds do not roll over for future use, but are “use it or lose it”
    • The employer is not permitted to refund any part of the balance to the employee

    Learn more about FSAs 

  • Ready to Purchase a Personal Funding Account?

    Once you've worked with your producer or Premera account manager to determine which Personal Funding Account is right for your group, use these tools to make sure your plan is active on the effective date:

  • Personal Funding Account Enrollment/Renewal Timeline

    Forms are due by the 1st of the month

    Completed enrollment materials for NEW GROUPS must be received at Premera for HRA and HSA products for small groups beginning coverage on the first of the following month to ensure eligibility is active on the effective date.

    Incomplete materials may delay group enrollment

    Miss a deadline? Include a signed Late Enrollment Acknowledgementform if you're turning in forms past one of these dates:

    • The 5th of the month-for new and renewing HRA and HSA plans

    New Group Enrollment Checklist - For Groups Up to 50

    Use this checklist to make sure you have your paperwork in order and know how to enroll before the due date.

    1. Complete the necessary enrollment forms. All forms are available at premera.com

      All Groups Complete These Forms

      Group Master Application up to 50 

      Group Master Application Benefit Selections up to 50 

      Member Enrollment and Change Application 

      Waiver of Coverage Every eligible employee (members must include date of hire and prior coverage)

      Deductible Credit Form (include prior carrier's Explanation of Benefits)

      Late Enrollment Acknowledgement (if applicable)

      Additional Forms Required For HSA Plans

      Funding Account Setup- For Metallic Groups 

      Electronic Funding Authorization 

      Additional Forms Required For HRA Plans

      Funding Account Setup- For Metallic Groups 

      Electronic Funding Authorization 

      ERISA Business Associate Agreement - For Metallic Plans 

      Non-ERISA Business Associate Agreement- For Metallic Plans 

    2. Be sure to include a check for the first month's premium payable to Premera Blue Cross
    3. Return completed enrollment materials to your Premera account manager at:
      Be Returned To The General Agency Partner:
      Premera Blue Cross Blue Shield of Alaska
      2550 Denali St #1404
      Anchorage, AK 99503

      Group Renewal Form Checklist- For Groups Up to 50

      Use this checklist to make sure you have your paperwork in order and your renewal is completed before the due date.

      1. Complete the necessary enrollment forms. All forms are available at premera.com

        All Groups Complete These Forms

        Group Master Application up to 50 

        Group Master Application Benefit Selections up to 50 

        Member Enrollment and Change Application 

        Waiver of Coverage Every eligible employee (members must include date of hire and prior coverage)

        Electronic Funding Authorization 

        Additional Forms Required For HRA Plans

        Funding Account Setup - For Metallic Groups 

        Electronic Funding Authorization 

        ERISA Business Associate Agreement- For Metallic Plans 

        Non-ERISA Business Associate Agreement- For Metallic Plans 

      2. Return completed enrollment materials to your Premera account manager at:
        Be Returned To The General Agency Partner:
        Premera Blue Cross Blue Shield of Alaska
        2550 Denali St #1404
        Anchorage, AK 99503

        Important Banking Forms and Information - UMB Bank

        Premera has partnered with UMB Bank to provide a unique banking experience. Unlike any other HSA health plan or HSA qualified bank, Premera and UMB Bank work together to offer our members comprehensive online access of HSA activity. In addition, our relationship with UMB Bank means we make saving and paying for qualified medical expenses with an HSA simple. We've included some helpful UMB member forms and information below for you convenience.

        UMB Bank Member Forms

        UMB HSA Beneficiary Designation Form 

        UMB HSA Name Change Request Form 

        UMB HSA Account Closure/Withdrawal Request 

        UMB HSA Funds Transfer 

        HSA Expense Manual Claim Form 

        Bank Information

        UMB Bank Fact Sheet 

        UMB Financial Services Fact Sheet 

        UMB List of Mutual Funds 

        UMB Annual Report 

        UMB Welcome Letter 

        UMB Terms and Conditions 

        UMB Bank, member of the FDIC, is one of the largest independent banks in America since 1913. They have been an industry leader in financial healthcare accounts since 1997.

      • If you have additional questions regarding funding arrangements, please contact your Producer or Premera account manager.

        This material is not intended to be tax or legal advice. The reader should consult with his or her own tax advisor to determine the tax implications of purchasing the products discussed herein. Advice, if any, included in this material was not intended or written by Premera or to be used, and it cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer.