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What is a health savings account?

Who is this for?

Michigan Health Insurance – Customer Service – Health Spending Accounts

If you’re interested in health savings accounts, this information can help you understand more about them and how to use them.

A health savings account, or HSA, is a kind of health spending account. It can be paired with any qualifying plan. It's like a 401(k) and a checking account combined that you can use for your medical expenses.

Most people put money into their HSA by having it deposited from their paycheck before taxes. But you can put money into your HSA at any time. You can also deposit post-tax money into your HSA and deduct your contributions from your income tax. Then, when you have a medical expense, you can use the money in your HSA.

The HSA works hand in hand with your insurance so that you can cover your part of medical expenses. You can even use it to cover the expenses of your spouse and dependents, even if they aren’t on your plan. For more information about everything you can do with a health savings account, read "How can I use my HSA?"

For 2015, our HSA with HealthEquity® works with several of our bronze and silver plans. The HealthEquity® HSA is able to integrate with your Blue Cross Blue Shield of Michigan plan so you can stay on top of your health care spending. 

Who can have an HSA?

You're eligible if you:

  • Are enrolled in an HSA-compatible, high-deductible health plan
  • Can't be claimed as a dependent on someone else's tax return
  • Aren't covered by or already enrolled in another health care plan that isn't HSA-compatible
  • Aren't enrolled in Medicare

Which Blue Cross Blue Shield plans pair with an HSA?

You can choose from the following employer-sponsored or individual and family plans:

Employer-sponsored Simply Blue℠ HSA PPO
For individuals and families Blue Cross® Partnered Bronze
Blue Cross® Metro Detroit HMO Bronze
Blue Cross® Select Bronze
Blue Cross® Preferred Bronze
Blue Cross® Metro Detroit EPO Bronze
Blue Cross® Premier Bronze
Blue Cross® Metro Detroit EPO Silver
Blue Cross® Premier Silver
Blue Cross® Silver with Dental and Vision, a Multi-State Plan

Note: Silver plans that pair with an HSA must have an actuarial value of 70. Those who qualify for Native American or other cost-sharing benefits aren't eligible for a HSA.

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