Health Savings Account (HSA)

Are your clients looking for a way to lower their health insurance premiums? Enjoy tax savings? Plus, create the potential for long-term investment options? If so, a smart solution may be a Health Savings Account (HSA) paired with one of our high-deductible BlueOptions^SM health benefit plans designed to meet federal HSA requirements. These high-deductible health benefit plans can lower their insurance premiums, while contributing to an HSA can give them additional tax savings and provide money for health-related expenses now and in the future.

• Click to access information about Group or Individual BlueOptions^SM health benefit plans.

Through our preferred HSA administrator, Mellon Financial Corporation, our members will have access to a convenient, one-stop HSA solution – from establishing and maintaining the HSA to tracking transactions and providing annual IRS tax documents. An HSA provides an easy way to pay for current and future health care needs and can be funded by an individual, an employer or both. Once an HSA is opened through Mellon, the member will receive a debit card and checks, at no additional charge, to access the account. Mellon will also provide access to managing the account online or by phone.

HSA Facts

An HSA is a tax-deductible savings account that is used to help pay for current or future qualified medical expenses which are not reimbursed through health insurance or any other health reimbursement source (i.e., deductibles, coinsurance as well as vision and dental services). An HSA allows tax-free contributions and withdrawals, similar to an Individual Retirement Account (IRA), except it's for medical expenses. And, any remaining balance rolls over year-to-year and is theirs to keep, regardless of job changes or retirement. In order to be eligible for an HSA, they must be enrolled in a "qualified high-deductible health benefit plan" as defined by the IRS.

For more information:

• Click here for HSA basics, tools to compare your health expenses, and to learn more about Mellon
• View Publication 969 at www.IRS.gov for more information about Health Savings Accounts
• View our Health Savings Accounts Brochure (PDF)
• View Consumer-Directed Health Plans (PDF)
• Contact your Blue Cross and Blue Shield of Florida sales representative, or your local Sales Office

Blue Cross and Blue Shield of Florida offers only the high-deductible BlueOptions^SM health benefit plan to be used in conjunction with the Health Savings Account (HSA). An HSA is an individual's account to manage in conjunction with Mellon, or any qualified financial institution or trustee of their choice. For more information on opening an HSA, the tax advantages of doing so, and the important tax implications of HSAs as used with a high-deductible health benefit plan, please contact a tax advisor or a financial institution.