Consumer-Driven
Solution – Health Savings Account (HSA)
New
HSA Program
The HSA-based program combines our Annual Deductible Health Plan with an optional
HSA, funded by employer, employee or both. It offers employees investment opportunities
and portability, should they leave their current employment or move to a new
plan option. Employers gain a tool for engaging their employees as healthcare
consumers as well as additional cost savings provided by the Annual Deductible
Health Plan.
Plan Components
Health Coverage
Health Coverage is provided
in the form of a qualifying High Deductible Health Plan, which we call
the Annual Deductible Health Plan.
Once the deductible has been met, this plan covers medical and pharmacy
services in a typical coinsurance arrangement, up to an out-of-pocket
maximum. Minimum
qualifying deductible amounts for the Annual Deductible Health Plan are
established by IRS regulations.
Health Savings Account
Funded on a pre-tax basis, this optional account can be used to reimburse
healthcare expenses that apply toward the Annual Deductible Health Plan
deductible. Members can invest these funds in a variety of ways. Should
they leave the organization, HSA funds remain with the member.
Definity Health offers multiple trustee and investment options for the
HSA.
Preventive Care
Typically, preventive care services are covered 100% in-network as a
component of Health Coverage. These expenses are not deducted from
a member’s
HSA.
