Employees who choose a High Deductible plan may also participate in the Health Savings Account (HSA) managed by HealthEquity.
The High Deductible Health Plan (HDHP) encourages wellness and prevention, wise spending, and health-related savings. The HSA is available in conjunction with the HDHP.
An HSA is a triple-tax-advantaged account where your contributions, account earnings, and qualified withdrawals are tax-free. It is an individual account specifically for qualified medical expenses. USU partners with HealthEquity, an industry leader in HSA administration, for this benefit.
The money you contribute into your HSA is in an account controlled by you and it earns interest. It allows you to save as your budget allows so you’re prepared when those expenses come up.
HSA money belongs to you if you change medical plans, take another job, or retire. You can make tax-free contributions in 2020 to your HSA up to $3,550/single or $7,100/family. This money continues to roll over each year.
Note: There may be tax implications for having multiple HSA's or other health insurance. Please contact a tax advisor or meet with the BCBS rep for more information.