Health Savings Accounts (HSAs)
Health savings accounts (HSAs) are employee-owned personal savings accounts, which can be funded by either an by an employer, employee, or both. They can only be offered in conjunction with a federally qualified high deductible health plan (HDHP).
Employees contribute to HSAs through payroll deduction, check, or online transfer. Contributions are tax-deductible and distributions are tax-free when used to pay for qualified medical expenses. Interest and earnings are also tax-free.
Under an HSA arrangement, an employee owns the account, so if he or she changes jobs, the account goes with that employee. Employees can even use their HSA as an investment to help cover health care costs in their retirement years. The interest-bearing account includes a wide variety of investment options once the balance reaches $500 to help maximize savings year after year.
The BlueSaverSM HSA Solution through Bank of AmericaTM
Our BlueSaver HSA Solution is closely integrated with our medical products and services to ensure a seamless experience for your employees to help them take full advantage of their health plan benefits.
The BlueSaver HSA Solution offers employees all of the advantages of an HSA through Bank of America, and independent company, along with claim and payment integration to make account management easy. This integration provides for a one-of-a-kind experience for our members while also assisting them in becoming more informed health care consumers.
Reduce prescription costs with the BlueSaver HSA Solution pharmacy benefit
BlueSaver HSA Solution customers can add a benefit that helps them save money and makes it easier for members with chronic conditions to afford preventive medications.
When a member with an HSA-qualified HDHP fills a prescription for any of the eligible preventive medications, the deductible is waived. The member simply pays the plan’s copay or coinsurance. View the complete HSA HDHP Drug List.
How an HSA Plan Works
For more information about the BlueSaver HSA Solution, contact your Independence account executive, independent broker, or consultant, or call 215-241-2263.