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.
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 Jan. 19, April 13, July 20 and Oct. 12, provided all myHealth Rewards Program requirements have been met. 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.