Health savings accounts (HSAs)
HSAs are employee-owned savings accounts, which can be funded by an employer, an employee, or both. They can only be offered in conjunction with a federally qualified high-deductible health plan (HDHP).
Employees contribute to HSAs through pre-tax 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.1
The HSA is employee-owned — so if he or she changes jobs, the account goes with that employee. In addition to using the HSA to pay for out-of-pocket healthcare costs this year, employees may also open an investment account with a portion of their funds allowing the HSA to become an
investment vehicle to help cover health care costs in their retirement years.2
The BlueSaver® HSA Solution
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 the advantages of an HSA, along with claim and payment integration to make account management easy. This integration creates 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
With the 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.
Refer to IRS Publication 969 for more information about HSAs. Refer to IRS Publication 502: Medical and Dental Expenses for a complete list of qualified expenses.
HSA investment solution
Members who are enrolled in an Independence HDHP with an HSA now have a new option to
invest their HSA funds. The WealthCare Saver investment experience allows members to
personalize their investment journey based on their unique needs and investment
experience level. Best of all, the new solution is fully integrated, allowing
account holders to manage all aspects of their HSA through ibx.com or the IBX
For more information about the BlueSaver HSA Solution, contact your Independence account executive, independent broker, or consultant — or call 215-241-2263.