Health Savings Account (HSA)

  • What’s a Health Savings Account? 

    A Health Savings Account is a plan you can use to save money tax-free and also pay for current and future IRS-approved healthcare expenses, including your deductible, copays, and coinsurance. Or, you can use it to save and invest your money, and let it grow tax-free over time for future use. There is no “use it or lose it” rule with an HSA. And, the balance rolls over year over year.

    An HSA can help you save three ways:

    Triple Tax Savings
    1. PRE-TAX funds deposited from your paycheck
    2. TAX-Free withdrawals for eligible healthcare expenses
    3. TAX-FREE growth from interest earned and any earnings from investments

    The HSA belongs to you 

    It’s your money and you decide when and how to spend it. It does not belong to your employer, even if your employer contributes money to your account. Plus, the HSA is yours even if you decide to change jobs or health plans, or if you retire.

    Are you eligible to open an HSA? 

    This is an IRS rule. You’re eligible only if you answer no to all of these questions:

    • Are you claimed as a tax dependent on another person’s taxes?
    • Are you enrolled in Medicare?
    • Have you received any Veterans Affairs health benefits in the last three months?
    • Are you covered by your own or your spouse’s flexible spending account (FSA), health reimbursement arrangement (HRA), or a non-HSA health plan? Exceptions: limited-purpose FSA or post-deductible HRA.

    Coverage

    How the HSA plan works

    1. With an HSA plan, preventive services are covered in full. That means that there is no cost to you for preventive exams, screenings, and certain generic prescriptions.
    2. You pay the full cost for non-preventive care and prescriptions until you reach your plan year deductible. After you meet your deductible, you pay a set coinsurance for covered services. You can use tax-free money from your HSA to pay for qualified medical expenses—both before and after you meet your deductible.
    3. Premera pays 100% of covered services when you meet your out-of-pocket maximum.

    For details about your plan’s specific preventive benefits, see your preventive benefits list, summary of benefits, and your benefit booklet on Premera.com.

    Convenience

    Paying healthcare bills with your HSA

    You can use the money in your HSA to pay for IRS-approved healthcare expenses—including your deductible, copays, and coinsurance.

    Managing your HSA plan

    You can access both your health plan and HSA and easily navigate between the two when you log in. You can also download the ConnectYourCare mobile app to access your HSA while you’re out and about.