Health Savings Account (HSA) Tips
A Health Savings Account (HSA) is an account that is automatically opened for you when you choose a high deductible health care plan. In this case, the HSA applies to the PPO 3500 HSA medical plan.
Here are a few things to keep with your HSA if you have the PPO 3500 medical plan:
- When you select this plan, you opt to pay lower per-pay premiums in exchange for paying a high deductible in the event you need medical care. To help offset the high deductible costs, the HSA is an account where you and your employer can contribute tax-exempt funds that you can use to pay health expenses.
- HSA funds do not expire and are yours to keep even if you change employers or medical plans in the future.
- The funds can be used via an HSA card (similar to a debit card), or submit receipts to your HSA provider for reimbursement.
- For a list of qualified HSA expenses, check out the online HSA Store at www.hsastore.com.
- Once you receive your HSA cards in the mail, it is important to activate them before attempting to use them.
- Login to your HSA account online to review your balances and submit reimbursement requests. Your account can be accessed by logging into your Blue Cross Blue Shield account at bcbsm.com, selecting “My Coverage” and then selecting “Spending Accounts” from the drop down menu.
- Check your HSA account for avoidable fees. For example, you are automatically enrolled to receive monthly paper statements via mail which will deduct $2.50 per month from your HSA. To avoid this fee, simply login to your account and select to receive electronic statements instead. A list of fees is found on the document that your HSA cards were mailed with.
Please see your Benefit Guide in your employee portal for specific contribution limits and eligibility requirements for your Health Savings Account. If you have any questions about your HSA and using the funds, you can reach out to the Benefit Resource Center (contact information below) or call your Human Resources Coordinator for assistance.
BRCMidwest@usi.com | Toll Free: 855-874-0829 Monday through Friday 8:00am to 5:00pm Eastern & Central Standard Time
