How does an HSA plan work?

Health Savings Accounts are used in coordination with high deductible Major Medical plans. By using the H.S.A. with this plan, all first dollar expenses (before the deductible is met) are paid with pre-tax dollars.

There are 2 parts of the high deductible plan.

Part 1: High deductible insurance plan.

        First dollar doctor co-pays & RX co-pays are eliminated and replaced         with a high deductible. This can reduce premiums approximately 50%.

Part 2: Medical Savings Account
         Money saved on premiums due to the high deductible can be used to fund a Health Savings Account. That money can then be used to pay medical expenses as they occur until the deductible is met. Money used from the H.S.A. to pay medical bills are pre-tax dollars. Unused money will accumulate with interest on a tax-free basis.

Unused money at the end of the year automatically rolls over in the H.S.A.

This is not a “use it or lose it” plan. The H.S.A. belongs to you.

Advantages / Highlights

• H.S.A. high deductible plans can save 50% in premiums.
• Unused money is retained by the individual and rolls over on an annual basis in the H.S.A.
• H.S.A. money may be used for dental, vision, and other qualifying expenses on a pre-tax basis.

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