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What Is a
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Health Savings Account (HSA)?
An HSA spending account is basically Health Saving Account (HSA) is a bank account that you set up that can be used to pay qualified health expenses now, as well as to pay for future health expenses on a tax-advantaged basis. The IRS allows these sorts of bank accounts for individuals whose medical coverage is provided through a High Deductible Health Plan. Reliant's versions of these medical plans are the HS1500, HS3000 and HS5000. Individuals who utilize these health plans have the ability to open HSA's.
Contributions, earnings, and distributions (when used to pay for qualified health expenses) are 100% exempt from federal income tax and social security tax.
You set up your personal HSA spending account through HighMark BCBS (they currently use Bank of America as the custodian.) and their preferred vendor, which is Bank of America. This bank account has to be set up by you, the missionary, and it stays with you even beyond your employment with Reliant. (Remember, Guidestone is our insurance provider, who uses Blue Cross Blue Shield to administer its plans, who uses BOA as its banking vendor.)
After you have opened your HSA, BOA will provide An HSA spending account also comes with a HighMark BCBS personal debit card(s) to use immediately to pay for any qualified health expenses. Or If needed, you can may also pay for qualified health expenses personally and get reimbursed reimburse them later from your HSA spending account.
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