Healthy Blue HSASM
What is a health savings account?
A health savings account is used to pay for current and future qualified medical expenses. Unlike other spending accounts, you own the HSA and may take it with you from job to job. Best of all, it combines triple tax savings – contributions are 100-percent deductible, withdrawals are tax-free and interest earnings are tax-free. It is a "win-win-win" type of plan.
How does Healthy Blue HSA work?
The health savings account is combined with our Flexible BlueSM PPO and administered through our Federal Deposit Insurance Corp.-insured banking partner. Please check with your employer to find out if Healthy Blue HSA is available to you.
The following conditions determine your eligibility for an HSA. You cannot be:
- Covered by another HSA-qualified, high-deductible health plan
- Enrolled in Medicare or Medicaid
- Claimed as a dependent on someone else's tax return (or be a child)
- Have any other claims-funding source prior to meeting the PPO deductible
What does my HSA pay for?
Internal Revenue Service publication 502 specifies qualified health care expenditures you can pay from your HSA. Examples of qualified medical expenses include:
- Ambulance service
- Annual physicals
- Body scans
- Birth control pills
- Contact lenses
- Dental services
- Lab fees
- Stop smoking plans