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Do you want to take control over your medical plan costs and have a higher tolerance for risk?

Then you should consider Palmetto Health’s HSA Medical plan when you select your benefits during Open Enrollment.

With the HSA plan, you pay less in premiums and more for your health care through higher deductibles and out-of-pocket maximums.

Fortunately, the IRS allows you to save in a tax-advantaged HSA. You make pre-tax contributions into the account. Palmetto Health even contributes into this account for you. The concept behind the plan is that instead of paying upfront through higher premiums (whether or not you actually need care during the year), you will save money yourself throughout the year to offset your higher deductibles.

Here’s even better news. You own the HSA account and you can roll over any unused funds in the account year after year. There is no “use it or lose it” provision as with a health care FSA.

Take a look at the chart at right for some other HSA advantages and give the plan a thorough review during Open Enrollment to see if it makes senses for you and your family.

Reduce your taxable income by the amount you deposit into your HSA. You can contribute to your HSA up to the maximum IRS contribution limits less the Palmetto Health contribution.
Interest on your account grows on a tax-deferred basis and is not considered taxable income as long as it is spent on qualified health care expenses.
By using tax-free dollars to pay for eligible IRS-qualified medical, dental, prescription and vision expenses, you’re actually paying less than you would pay out of pocket.
  Unlike other accounts, your HSA dollars roll over from year to year. There’s no “use it or lose it” policy—even if you change jobs or health care plans.
  You can use your HSA as supplemental retirement income once you reach age 65.
 

A health savings account will automatically be opened for you when you enroll in the Palmetto Health Savings Account medical plan. The account will be administered by BCBS’ partner HSA Bank and can assist you with qualified out-of-pocket health care expenses.

Palmetto Health will make quarterly contributions to HSA Bank health savings account on January 19, April 13, July 20 and October 12. These contributions are very important as they can help pay for healthcare expenses before you meet your Deductible. Please see the HSA section of this guide for more information.

Want to check your balance? Contact HSA Bank at 800-357-6246 or visit www.HSABank.com/HSABank/Accountholders.

Related Links

Enrollment Information

New Benefits for 2018

Have a Question?
Contact the Total Rewards Benefits Center at 800-963-3456 or 803-296-8893, or email TotalRewards
@PalmettoHealth.org

IMPORTANT: If you do not elect your benefits within 30 days of your date of hire, you will not have Palmetto Health plan coverage until the next year unless you have a qualified life event.

Effective Dates: Medical, dental, vision, flexible spending and/or health savings benefits will be effective on the first day of the second pay period of employment. All other benefits will be effective on the 91st  day of continuous employment. New team members will have 90 days to complete the myHealth Rewards program in its entirety to receive wellness incentives. Existing team members who become eligible for benefits have 30 days from their eligibility date to enroll in benefits, otherwise benefits will be forfeited until the next plan year. Existing team members who become eligible for benefits have 90 days to complete myHealth Rewards program.

Note for HSA Plan participants: If you are changing your address, you must notify HSA Bank directly.