Health Savings Account (HSA) Basics

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Presentation transcript:

Health Savings Account (HSA) Basics WELCOME Health Savings Account (HSA) Basics

THE BASICS

TRADITIONAL VS HSA PLAN

HSA WITH QUALIFIED HIGH-DEDUCTIBLE PLAN HSA COMPONENTS HDHP Low-Premium, High-Deductible Health Plan THE INSURANCE PIECE HSA Health Savings Account THE ACCOUNT USED TO FUND THE DEDUCTIBLE—TAX-FREE Insurance Company BCBS Arizona Financial Custodian HealthEquity 4

You and/or Employer Contribute WHAT’S AN HSA? Savings account that you own and: Can use to pay for qualified medical expenses Earn interest on Can invest when a certain threshold is met You and/or Employer Contribute Qualified Medical Expense Your HSA

AM I ELIGIBLE? To qualify for an HSA, an individual: Must be covered by a qualified high- deductible health plan (HDHP) Must be 18 years or older Can’t be enrolled in Medicare Can’t be claimed as a dependent on someone else's tax return Can’t have other health coverage, unless permitted by the IRS (i.e.TRICARE, DoD, FSA) Take advantage of the HSA, determine who is eligible.

CONTRIBUTE TO YOUR HSA For 2011, the maximum tax-free contributions the IRS allows you to make to your HSA are: Single-coverage $3,050 Family-coverage $6,150 Catch-up contribution, age 55 or older $1,000 You can fully fund your HSA on day one, subject to the annual maximum amount. You can make contributions anytime after your HSA is open. Deposits can be made pre-tax through payroll deduction, online, or sent to HealthEquity.

WHY AN HSA?

BENEFITS OF AN HSA Save (and keep) your money Lower premiums, tax-free, long-term savings You own the account and the money stays with you Grow your money Money rolls over year to year Access the best tax-savings opportunity available Contributions aren’t taxed and reduce your annual taxable income Withdrawals are never taxed or penalized when used for qualified medical expenses; including Rx, dental, vision Earnings aren’t taxed

BENEFITS OF AN HSA Continued Keep your doctor Even if your doctor isn’t a network provider, you can use your HSA to pay your bill Protect your account and your pocket book Change jobs or retire and keep your account and balance Most HSA-qualified plans have maximum out-of-pocket limits Reach your limit, and expenses are fully covered. Before you reach your limit, use your HSA balance to pay costs. Can cover spouse/dependent expenses, even if on another health plan Your spouse and dependents don’t need to be covered by the HDHP to use your HSA funds to pay their out-of-pocket medical expenses.

QUESTIONS TO ASK YOURSELF How much do I pay out of my paycheck for each plan? What is the deductible for each plan type? What is the out-of-pocket maximum for each plan? How much do I want to contribute to my HSA? How much will I spend on health care this coming year? What are my out-of-pocket costs for each plan type?

WHY A HEALTHEQUITY® HSA?

BENEFITS OF A HEALTHEQUITY® HSA 1. Easy-to-use online access to claims and payments Integrates with 40+ national health plans Enroll in HSA and health plan, access claims, pay bills/get reimbursements from a single online portal 2. Live service any day, anytime Live Member Services specialists available 24/7/365

BENEFITS OF A HEALTHEQUITY® HSA 3. Remarkable education and support Help negotiating payment schedules with a provider Safe, effective ways to save on health care costs Average costs for your ZIP code Tax tips about HSAs—for now and the future 4. Plus: FDIC-insured cash deposits No setup or inactivity fees Competitive interest rates Free investment options with no transaction fees—something most banks don’t offer

MEMBER EXPERIENCE

MEMBER EXPERIENCE 16 16 16 60–90 days prior 40 days prior Open Enrollment Meetings and Communications Account Screening and Set Up Ongoing Interactions 60–90 days prior 40 days prior 20 days prior 17 Days prior 15 days prior Plan Yr. Begins Ongoing Enrollment HealthEquity Receives Enrollment Welcome Kit and Debit Card First Login to Web Portal 01001010010110 16 16 16

MEMBER PORTAL WEB TUTORIALS www.healthequity.com/tutorials

MEMBER PORTAL: Log On at www.myhealthequity.com

Q & A

HSA HOW TO: Doctor Visits Go to the doctor Doctor sends insurance company the bill Provider sends bill to employee No co-pays Insurance carrier adjusts price based on discounts Employee pays the provider with HealthEquity® Visa® Health Account Card* *This card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. The Bancorp Bank; Member FDIC.

HSA HOW TO: Pharmacy Prescriptions Go to pharmacy Pharmacy applies discount Pharmacy sends claim to insurance company Show medical ID card Pay with HSA card Insurance company applies amount to your deductible– no paperwork needed

10 FREQUENTLY-ASKED QUESTIONS How do I contribute to my HSA? Payroll deduction for pre-tax contributions. For post-tax, call HealthEquity, go online and set up EFT, or send a check with form. How do I find out my account balance? Go online or call HealthEquity. How do I use my HSA to pay for my prescriptions? Simply swipe your HSA Visa card at the pharmacy. I forgot to pay for a prescription with my HSA card, how do I get reimbursed? Go online to set up EFT to reimburse yourself or call HealthEquity. Where can I use my HSA card? Run it like a credit card at your pharmacy or medical office.

10 FREQUENTLY-ASKED QUESTIONS Can I get a card for my spouse? Yes. Just let HealthEquity know when you activate your card. Will I receive a statement for my account? Yes, monthly. Is my HSA FDIC insured? Yes. (Funds you choose to invest are not). Does the money I have in my HSA roll over from year to year or do I lose the money at the end of the year? The money rolls over year to year. You don’t lose the money in your HSA. It’s your money. And you earn interest on it! Do I pay for the full doctor’s office visit when I go to the doctor? Some doctors require you pay upfront; most will bill you later. Remember, you’re only responsible to pay the discounted amount determined by your insurance benefit. Don’t let the doctor overcharge you at the point of service.

HealthEquity Member Services is open all day, everyday, 24/7/365 866.346.5800 Understand and manage the financial side of health care Save and spend health care dollars more wisely Build equity in your health plan

Any Questions? YOUR QUESTIONS? Thank You