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MVP Health Savings Account

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					HSA
health savings account
offered with MVP partner banks
            The perfect companion to MVP
            high-deductible plans. Part of
            MVP’s New Value plans.
MVP HSA:
 quick look
     Employee savings account funded by the employer,
     the employee or both
     Funds are used to pay for qualified out-of-pocket
     health-related expenses
     Administered by MVP’s banking partners,
     selected for their reputation for excellent service
     and account management
     Must be in conjunction with enrollment in a qualified
     high-deductible health plan
     Unused funds are retained by the employee
     Account is owned by the employee and
     therefore portable
     Tax advantages for contributing employers
     and employees


    To learn more, call your Broker
    or 1-800-TALK-MVP (825-5687)
get the HSA advantage…
                from MVP Health Care and our banking partners
A Health Savings Account (HSA) is a personal, interest-bearing account established for each of
your employees — funded by you, them or a combination of both. The funds, which are contributed
on a pre-tax basis, can be used by your employees to pay for qualified out-of-pocket health-related
expenses. The HSA, available through one of our preferred banking partners, must be offered in
conjunction with a qualified high-deductible health plan — helping your employees cover the cost
of annual deductibles, while giving them a new level of control over their health care dollar.

It’s all part of MVP’s New Value plans — a suite of lower-cost high-deductible health plans
with integrated financial tools. Complete consumer-driven solutions for you and your
employees…from MVP.

                                                    Employees can use HSA
                                                    funds to pay…
                                                        Out-of-pocket costs associated with their MVP
                                                        high-deductible plan, including fees for hospital
                                                        and physician office visits, prescription and medical
                                                        deductibles, and coinsurance charges

                                                        Costs for health-related items such as eyeglasses/
                                                        contact lenses, dental and orthodontic care, and much
                                                        more — see IRS Pub 502 for full list, available online
                                                        at www.irs.gov/pub/irs-pdf/p502.pdf
a great choice for your business
                                                    funds — saving and accumulating dollars for
Advantages — for employers                          future medical expenses. These accounts are
                                                                                                          Simple to get started
If you are considering an MVP qualified              owned by your employees so they can continue          Talk to your Broker or MVP Sales Representative.
high-deductible health plan (HDHP) to lower         to maintain the account on their own if they          We’ll work with you to provide a high-deductible
your health insurance costs, an HSA is the          leave the company. An HSA also represents             health plan to meet your needs, and we’ll work
perfect companion. While the HDHP will increase     a tax advantage for employees, as their               with our partner bank representatives, who
your employees’ out-of-pocket expenses, the         contributions, earnings and withdrawals for           will quickly get your accounts up and running.
HSA eases this burden — providing them with a       qualified medical expenses are not taxable.            These are essentially bank accounts for your
convenient solution for managing their personal                                                           employees — offering complete security and
health care costs. An added convenience is a                                                              excellent service.
single enrollment process for you — all managed     Easy to access
by MVP. In addition, HSA contributions you
                                                    With convenient online access, it’s simple
make are tax-advantaged.
                                                    for you to manage any contributions and for
                                                    your employees to manage their accounts.
                                                    All participating employees will receive a
Advantages — for your                               checkbook and an MVP CareFund debit card.
employees                                           All transactions associated with this account
An HSA gives your employees more control —          can be addressed via MVP’s member portal
enabling them to decide the best way to utilize     along with your employees’ claims and
their health care funds. Employees may spend        benefit information.
the full amount each year, or save unused




  how do I get started?
   HSA setup considerations                                                    Important considerations:
   Here is a quick overview of the steps you need to take — and the            All HSA funds, once deposited into the account, belong to your
   decisions you will need to make. Throughout the setup process, your         employees — even if they leave your organization.
   Broker or MVP Sales Representative is there to help.                        The maximum allowable annual contribution is the lesser of either
                                                                               your health plan’s annual deductible or the contribution cap set by
      1. Sign a contract for a qualified high-deductible                        the IRS — visit www.irs.gov/pub/irs-pdf/p502.pdf for more
      plan with MVP                                                            information. HSA contributions are made on a calendar-year
                                                                               basis, independent of health plan enrollment date.
      Your Broker or MVP Sales Representative will assist you in
                                                                               The amount of allowed contributions is also based on how many
      evaluating your plan deductible and funding options.                     months the employee is enrolled during the calendar year.
                                                                               If you are making contributions to your employees’ HSAs,
      2. Choose your MVP integrated banking partner
                                                                               consider how you would like to deposit the money.
      Your MVP Sales Representative will assist you through the
                                                                               With our partner banks, there are several deposit methods: lump sum
      selection process. MVP pays the one-time account setup charge            transfer and allocation instructions detailed in Excel spreadsheet
      to our partner banks to activate the accounts for your employees         format, direct deposit, transfers using a secure network — even payroll
      who choose to enroll in our HDHP plans.                                  deductions on the Web. Be sure to review the deposit options offered
                                                                               by our partner banks and select the one that is right for you.
      3. Determine how the HSA will be funded                                  Our partner banks will send a kit directly to your employees that
      You? The employee? Or a combination of both? You will indicate           includes an overview of their account, beneficiary form, signature card
                                                                               and other important HSA information. Once your employees have
      this on the activation documents for the partner bank you selected
                                                                               completed these required documents, the account will be activated
      to manage your HSA account. Our partner banks offer several              and ready for use.
      deposit options for you to choose from.
                                                                               Please note: No deposits can be made until HSAs are activated by
                                                                               participating employees, so consider setting a deadline for activation
                                                                               by your employees.
To learn more, call your Broker
or 1-800-TALK-MVP (825-5687)
Get the whole story!
See the videos at DiscoverMVP.com
Then, call your Broker to learn how much you could save — without sacrificing
peace of mind. Or call an MVP Representative at 1-800-TALK-MVP (825-5687).




Ask about MVP’s New Value plans!
Combining a range of lower-cost health plan options for businesses — including qualified
high-deductible plans — with powerful financial tools including HSA...it’s the complete
solution you need. From MVP Health Care.




HDHP HSA 11/10

				
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