What is an HSA? 

Health Savings Accounts (HSAs) are a new option for health insurance and they have two parts. The first part is a health insurance policy that covers large hospital bills. The second part of the Health Savings Account is an investment account or retirement account from which you can withdraw money tax-free for medical care. Otherwise, the money accumulates with tax-free interest until retirement, when you can withdraw for any purpose and pay normal income taxes.

An HSA requires that you enroll in a specific type of policy called a qualifying High Deductible Health Plan (HDHP).  HSA qualifying plans are different from many health insurance plans for two reasons.  First, they do not include prescription drug co-payments or office visit co-payments.  Instead, these expenses are purchased at the rates discounted to your insurance plan and they now are applied to the deductible of your HSA qualifying insurance plan.  The second difference is that there are only two levels of coverage, single and family (two or more).  The family deductible is met by the combined expenses of all covered family members. This is called an aggregated deductible rather than the deductible style of most health plans in which a certain number of family members must have a minimum amount of expenses in order for family to meet the deductible.

Contact our HSA department.
888-HSA-4001
888-472-4001
hsa@basiconline.com

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