HEALTH PLAN OVERVIEW
HEALTH SAVINGS
ACCOUNTS
Control and grow your own
health care dollars
Looking for ways to save and pay for health care?
Love the idea of paying lower taxes?
See what an HSA can do for you.
Own your own health care dollars
A Health Savings Account (HSA) is a smart, simple way to save money,
prepare for medical expenses and cut down on taxes.
You need two things to get started:
• A qualified medical plan
• A health savings account (HSA)
Anyone can purchase a qualified medical plan, but to enjoy the savings and
tax advantages of an HSA, you need to meet federal eligibility requirements:
• You must be enrolled in a Qualified High Deductible Health Plan.
• You cannot be enrolled in Medicare.
• You cannot be claimed as a dependent on another individual’s
tax return.
• You cannot have other health coverage that is not a qualified plan.
Regence BlueCross BlueShield of Oregon
is an Independent Licensee of the Blue Cross Blue Shield Association
The qualified medical plan is provided by a health insurance company and:
• Meets specific IRS requirements, such as deductible levels
• Usually has a deductible higher than most other plans
• Usually has premiums that are lower than most other plans
We offer Bronze and Silver HSA plans. For more details on benefits and
rates, please visit regence.com.
An HSA is established with a qualified
financial institution and:
• Allows you to set aside tax-advantaged
dollars that you can use to pay for
qualified medical expenses, as defined
by the IRS (such as your deductible,
coinsurance and even your kid’s braces)
• Enables you to save and earn tax-free
interest on your balance
• Is not a use-it-or-lose-it account; funds
accumulate year after year and go
with you even if you move or change
health plans
You choose how much you want to
contribute to the HSA each year, up to
the annual maximum that the federal
government sets. Those maximums usually
increase a little each calendar year.
2015 HSA contribution limit
$6,650 family
$3,350 Individual
2015 HSA catch-up
contribution limit for age 55+
$1,000
Catch-up contributions can be made any time during the
year in which you turn 55.
Your taxable income is decreased by the
amount you choose to set aside in your
HSA. And money you spend on qualified
medical expenses is tax-free.
For your convenience, our preferred
partner, HealthEquity®, automatically
opens a savings account on your behalf
when you purchase one of our qualified
medical plans. HealthEquity will send you
a welcome kit that explains how to access
your account and make contributions.
You’re free to fund this account, or close it
and open one at the financial institution of
your choice.
08376-or/08-14
© 2014 Regence BlueCross BlueShield of Oregon
Creative solutions for real-life needs
You might be surprised by the variety of
qualified medical expenses that you can
use your HSA money for:
• Orthodontia
• Massage therapy
• Modifications to your home for
wheelchair access
• Prescription drugs
• LASIK procedures
• Many services not covered by your
health plan
To see the complete list, visit www.irs.gov.
It’s important to know that your premium
and your HSA contribution are separate,
and your premium is not a qualified
medical expense.
Also, you can save and invest the
unused balance in your HSA for years
to come. The balance can grow, and
when you reach retirement age, you
can pull funds out, penalty-free, for
any reason—not just qualified medical
expenses. You can withdraw funds prior
to retirement for non-qualified medical
expenses, but withdrawals will be
subject to taxes and fees.
To learn more about our HSA options, visit
regence.com or give us a call at 1.888.
REGENCE. We’d be happy to help you
decide how an HSA could work for you
and your family.
WELL TIP
An HSA is an investment in
your health and your future.