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What
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An Health Savings 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.
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are
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You set up your personal HSA through HighMark BCBS 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 a HighMark BCBS personal debit card(s) to use to pay for any qualified health expenses. If needed, you may also pay for qualified health expenses personally and reimburse them later from your HSA spending account.
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Health-Saver (HS) plans?
Health Saver Plans are High Deductible Health Plans, which allow participants to utilizer Health Saver Accounts to save and pay for medical expenses. There are some aspects of HS plans that are different from traditional Preferred Provider Plans. Since HS plans are designed to be paired with a personal HSA, the Health Saver Plans do not have co-pays for doctor visits and prescriptions drugs. Participants pay 100 percent of medical and prescription drug claims until they've reached the plan's deductible (for some HS plans, the plan pays at the coinsurance level until and Out of Pocket Maximum is reached).
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