Health Savings Account (HSA) Plans
A Health Savings Account (HSA) is a tax-favored bank account that is used in combination with a high deductible health insurance plan. Blue Cross and Blue Shield of Illinois offers two such plans that qualify with a Health Savings Account (HSA).
BlueEdgeSM Individual HSA - View the BlueEdge Individual HSA - Outline of Coverage
Compare all Under 65 plans at a glance using the Plan Comparison Chart
BlueEdgeSM HSA plan benefits include:
- Broad coverage at affordable premiums
- Control over managing your health care finances
- Tax-savings benefits when combined with a health savings bank account
- Pre-tax contributions, tax-free growth, tax-free withdrawals
- Retirement income, portability and investment flexibility
The money your client puts into their health savings account helps pay the annual deductible, as well as any other qualified medical expenses (including coinsurance) that may not be covered by your health plan after they meet their deductible.
†Please be reminded that Health Savings Accounts (HSA) have tax and legal ramifications. Blue Cross and Blue Shield of Illinois does not provide legal or tax advice, and nothing herein should be construed as legal or tax advice. These materials, and any tax-related statements in them, are not intended or written to be used, and cannot be used or relied on, for the purpose of avoiding tax penalties. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials. You should seek advice based on your particular circumstances from an independent tax advisor regarding the tax consequences of specific health insurance plans or products.