Our Consumer-Directed Spending Accounts allow you to give your employees a Spending Account option to help them pay for qualified health care expenses. One option is to establish a Health Care Account for each employee with employer funds. The other option is a Health Savings Account, which can be set up with employer funds, employee funds or both.
Health Care Account
With our HCA plan, your company sets aside a specific amount of money in a Health Care Account for each employee each benefit year.
Here's how the Health Care Account works:
- The account pays for the member's covered health care claims until the balance is depleted. These claims are applied to meeting the deductible.
- Preventive care services are covered at 100 percent in-network even before the deductible is met, so these claims are not deducted from the Health Care Account.
- We provide a seamless approach to claims processing—paying claims automatically from the plan or the PPO benefit plan.
- Your employees do not pay for services up front or submit claims for reimbursement.
- You only fund claims as they are paid, so unused account balances remain part of your company's cash flow.
- Funds roll over year to year as long as the employee remains in the plan.
- If the employee leaves the plan, the funds stay with the employer.
The HSA Deductible
We offer HSA plans with either an embedded or aggregate deductible. These deductibles are defined as follows:
If "Family" coverage is selected, the family deductible amount must be satisfied before any benefits are available under the HSA plan. The family deductible amount may be satisfied by one participant or a combination of two or more participants.
The individual Deductible amount must be satisfied by every Participant covered, each Calendar year. If Dependents are covered, all charges applied to the Individual Deductible amount will be applied toward the Family Deductible amount. When the Family Deductible is reached, no further individual Deductibles will have to be satisfied for the remainder of that Calendar Year. No Participant will contribute more than the Individual Deductible amount to the Family Deductible amount.