Docstoc

What is a HSA?

Document Sample
What is a HSA? Powered By Docstoc
					                                                                  Toll Free: 1 (877) 549-1212




                                     SM
                What is a HSA            ?




                      High                                           Health
                    Deductible
                    PPO Health
                      Plan
                                                      +             Savings
                                                                    Account
                                                                    (HSA)*


PPO – Preferred Provider Organization
*Funds are earmarked for eligible medical expenses.



                                                          http://www.kyfreehealthquotes.com/
                                                      http://www.onesourcebenefits.com/
                                                    Toll Free: 1 (877) 549-1212

What is a HSA ?            SM




  High    Deductible PPO Health Plan

    –   Similar to a traditional PPO, except:
          High deductible (required by the federal government)
          No co-payments
          You pay 100% of health care & prescription costs until you
           meet your deductible.
  Health    Savings Account (HSA)
    –   Tax-free savings account for medical expenses
          Contribute money tax-free
          Use money to pay for medical expenses tax-free
          Earn interest over time tax-free!


                                        http://www.kyfreehealthquotes.com/
                                       http://www.onesourcebenefits.com/
                                                    Toll Free: 1 (877) 549-1212

Why Offer a HSA ?                   SM




    HSA can help control rising health care
     costs:
       –   Consumer driven health care plans
       –   Lower premiums
       –   More informed health care decisions
    HSA provides more options managing
     your health care:
       –   You control how to use funds
       –   You can use funds now or save them for
           future expenses


                                          http://www.kyfreehealthquotes.com/
                                         http://www.onesourcebenefits.com/
                                                                 Toll Free: 1 (877) 549-1212
How is an HSA different from your current plan?

Similar to your current plan                          Different from current plan

• Choice of doctors                                   • High deductible – required by
• Large network of providers                            federal government
• Out-of-network benefits option                      • Health savings account to pay
• Access to specialists with no                         for health care services
  referrals*
• Provider discounts = big savings
                                                      • No co-payments for services:
                                                        you pay 100% until you meet
• Nationwide, worldwide coverage                        your deductible




            * Referrals   may be needed for mental health and substance abuse services.

                                                   http://www.kyfreehealthquotes.com/
                                                  http://www.onesourcebenefits.com/
              How does an HSA work?
                                                   Toll Free: 1 (877) 549-1212


Before you reach your deductible          After you reach your deductible

• You pay 100% of your health care         • Your plan pays a percentage of
  and prescription drug expenses             or all of your additional health
• In-network preventive care is              care expenses
  covered, without paying your
  deductible amount first:
   – Annual physical exams, well-
     baby care, mammograms, etc.

                      After you reach your deductible

             • Most plans pay 100% of all covered expenses for
              the rest of the plan year

                                          http://www.kyfreehealthquotes.com/
                                      http://www.onesourcebenefits.com/
                                             Toll Free: 1 (877) 549-1212

How does the HSA work?
         You, your employer,
           or anyone can       2010 Annual Contribution Limit:
          contribute to the     $3,050 individual
           HSA – tax-free!      $6,150 family


                                       When you use your HSA to
HSA checkbook and                       pay for qualified medical
debit card from your                  expenses, the money comes
     local bank                               out tax-free!
    Use for medical
                               If you don’t use your HSA
expenses at doctor’s
                                money, you don’t lose it!
office, pharmacy, etc.
                               The fund grows - tax-free!

                                   http://www.kyfreehealthquotes.com/
                                  http://www.onesourcebenefits.com/
                                                           Toll Free: 1 (877) 549-1212

  How should I contribute to my HSA?



 You   have many options:
  –   Contribute through payroll deduction, tax-free
  –   Contribute on your own and deduct them on your tax return
         Contribute quarterly or monthly
         Contribute the maximum at the beginning of the year
         Contribute throughout the year, as you can



 Your      2010 contribution limits:
  –   $3,050 per year for employee only
  –   $6,150 per year for family coverage
  –   $1,000 per year catch-up contribution (55 or older by 12/31/10)

                                               http://www.kyfreehealthquotes.com/
                                             http://www.onesourcebenefits.com/
                                                   Toll Free: 1 (877) 549-1212


Using HSA Funds
Eligible medical expenses:

 –   Deductible and coinsurance amounts
 –   Medical procedures
 –   Prescription drugs
 –   Visits to your doctor
 –   Eyeglasses, contact lenses
 –   Laser eye surgery
 –   Hearing aids
 –   Bandages
Visit www.irs.gov/pub/irs-pdf/p502.pdf for guidance.

                                          http://www.kyfreehealthquotes.com/
                                      http://www.onesourcebenefits.com/
                                                                   Toll Free: 1 (877) 549-1212

Covered Preventive Care Services*
Preventive services covered without having to meet
your deductible:

 • Well baby and well child care
 • Routine physicals
 • Routine Screening tests (adult and child)
 • Immunizations (adult and child)
 • Mammograms and Pap Smears
 • Colonoscopies

* Specific guidelines apply to these benefits. Check your Member
Guide for a complete list of covered preventive care services.
                                                      http://www.kyfreehealthquotes.com/
                                                    http://www.onesourcebenefits.com/
                                                     Toll Free: 1 (877) 549-1212

How are prescription drugs paid?

Prescription drugs covered just like medical benefits:



   • Before you meet your deductible, you:
     –   Pay 100% of the cost of your prescription drugs (discounted rates)
     –   Use your HSA checkbook or debit card at pharmacy
   • Once you reach your deductible:
         –The plan pays 100% of all covered prescription drug
         expenses




                                          http://www.kyfreehealthquotes.com/
                                        http://www.onesourcebenefits.com/
                                                       Toll Free: 1 (877) 549-1212

How does HSA work for families?

  Aggregate     deductible:


    –   All covered expenses count
        toward a single deductible for the
        entire family
    –    If you reach that deductible, you
        pay just a percentage of covered
        health care expenses
    –    Your plan pays the rest!



Note: Aggregate deductible applies to all coverage tiers except employee only.


                                             http://www.kyfreehealthquotes.com/
                                             http://www.onesourcebenefits.com/
How do I manage my HSA account?

              My     HSA Account tool

              It’s   easy and all online
                – Fund balance and transactions
                –     Claims information
                –     Summary information for tax purposes


              Log on to the Member Services area of your
               local HSA vendor




                                 http://www.kyfreehealthquotes.com/
                                http://www.onesourcebenefits.com/
 What happens to your HSA down the road?

      Balanceof $1,500? You can invest
       amounts as low as $1*
      Your HSA is portable - it’s yours!


      At retirement, continue to use HSA funds
       for qualified medical expenses, tax-free
         –   Or use the funds for non-medical expenses
             and incur the tax




* Please see your HSA handbook for details.


                                              http://www.kyfreehealthquotes.com/
                                              http://www.onesourcebenefits.com/
Thank You!         Toll Free: 1 (877) 549-1212




     http://www.onesourcebenefits.com/
      http://www.kyfreehealthquotes.com/

                            © 2010 One Source Benefits. All rights reserved.

				
DOCUMENT INFO
Description: Interested in taking Ohio or Kentucky health insurance ? Know about HSA before you buy a plan.