Health Savings Accounts (HSAs)
BlueEdgeSM HSA Health Plan
What is a Health Savings Account?
A Health Savings Account (HSA) is a tax-favored bank account that is used in combination with a high deductible health insurance plan such as Blue Cross and Blue Shield of Illinois' BlueEdgeSM. The money you put into your 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 you meet your deductible.
With a Health Savings Account, you enjoy the advantages of:
- Choice: You select the HSA Bank.
- Pre-tax contributions1: lower your taxable income.
- Tax-free growth: earn interest and build tax-free savings. Unused funds roll over from one year to the next.
- Tax-free withdrawals: when used for qualified medical expenses.
- Retirement income: funds can be withdrawn for any purpose without penalty after reaching age 65 (taxes may apply).
- Portability: your HSA bank account stays with you, even if you change employers.
- Investment flexibility: most HSA banks offer a variety of investment options including stocks, bonds, mutual funds and money market funds.
Our BlueEdgeSM Individual HSA or BlueEdgeSM Individual HSA 5000 plans are priced among the lowest of our major medical health insurance plans, while still covering the same health care services most of our competitors cover.
View BlueEdgeSM HSA Outline of Coverage
View BlueEdgeSM HSA 5000 Outline of Coverage
Learn more about HSA Bank Options
Included at no additional cost with any Blue Cross and Blue Shield of Illinois health insurance plan:
- Save up to 30% on fitness clubs, complimentary alternative medicine, vitamins, magazine subscriptions and more.
- BlueAccess for Members gives you instant access to benefit information, or lets you take charge of your health with easy-to-use online tools.
- Discover the advantages of membership.
