Our consumer-directed health plan can help you control rising health care costs. It puts your employees in charge of their health by giving them the power to decide how their health care dollars are spent and by providing online member resources to help them manage their health plan and make informed decisions about their health.
The Select Health Savings Account (HSA) and Select Direct Health Care Account (HCA) offer a reduction in premium prices, since the smaller Blue Choice Select network is used. The two plans are designed to be paired with a spending account to help employees meet the health plan's annual deductible and pay for other medical expenses. One spending account 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 Savings Account (HSA)
- An HSA is a tax-advantaged account available to employees who are HSA-eligible individuals.
- Eligibility includes coverage under a high-deductible health plan.
- Generally, contributions, potential interest gains and distributions (when used for qualified medical expenses) are tax free.
- Deposits to the account can be made by the employee, the employer or any other person on behalf of the employee.
- Unused funds in the account roll over year to year.
- The account is portable, which means it belongs to the employee even if he or she changes jobs, leaves the plan or retires.
Health Care Account (HCA)
- An HCA is funded by the employer and helps members meet the deductible and pay for health care expenses.
- Members must pay their portion of the deductible each year before HCA funds can be used. PPO-eligible expenses count toward the deductible.