This page contains information about Health Saver plans in general. For specific options and rates, see Medical Insurance Coverage and Rates. |
An HSA spending account is basically 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.
Contributions, earnings, and distributions (when used to pay for qualified health expenses) are 100% exempt from federal income tax.
You set up your personal HSA spending account through HighMark BCBS (they currently use Bank of America as the custodian.)
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 you can also pay for qualified health expenses personally and get reimbursed later from your HSA spending account.
Because they 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; then the plan pays at the coinsurance level.
Also, keep in mind, if an employee has individual-only coverage, he or she must meet the individual deductible before any claims will be paid by GuideStone, and then the individual maximum out-of-pocket applies before claims will be paid at 100%. If an employee has coverage with one or more dependents, the employee AND his or her dependents must meet the plan's FULL family deductible before any claims will be paid for anyone in the family, and then the family maximum out-of-pocket applies.
The GuideStone HS Plan (HSA) offerings are growing more popular because they allow you to fund your medical expenses from your own personal tax-free Health Savings Account. Since introducing the HS 3000 plan in 2013, we have seen a steady migration of missionaries into this plan. HSA-compatible plans typically cost 20 percent less than a low-deductible PPO plan. Many of the ministries we connect with, like Pioneers and Wycliffe, are coming to the same conclusions and making similar HSA transitions.
HSA plans will also have an employer HSA contribution in addition to the premium.
Triple Tax Savings:
Reliant will contribute to your HSA with each paycheck
You can take your personal HSA spending account with you if you leave employment with Reliant (you own it!)
You can invtest your money in mutual funds for more tax-free earnings (with $500 minimum account balance)
Use your HSA debit card to pay for health expenses directly out of your HSA spending account
Q: Are the in-network doctors and facilities the same for all the plans (HSA and HC plans)?
A: Yes.
Q: Is preventative care defined the same way in all the different plan options?
A: Yes.
Q: Can you roll over the savings in your HSA year after year?
A: Yes.
Q: What if your doctor bill is higher than the amount in your HSA?
A: You can either pay out-of-pocket and reimburse yourself later with the HSA, or you can ask to be put on a payment plan with your doctor using your HSA for the payment.
Q: Can you deposit money into your HSA outside of payroll deductions?
A: Yes.
| For more HSA answers, see www.highmarkbcbs-hsa.com or Guidestone HSA FAQs. |
“Honestly the Health Saver 3000 HSA did take a little getting used to, but my wife and I have been very happy with it so far. We chose to invest enough that we expect to probably carry an excess balance over from one year to the next. At this point it looks like that will happen. One thing this means is that our family budget for health care next year will actually be reduced since we will already be carrying over some funds in the HSA from this year.” – Steve
“The HSA payment card is super easy to use. Just like a debit card! Also, since we don’t have significant health care needs at this point, we like the ability to save up for the future with lower premiums. We also like the freedom to spend our money saved on out-of-network expenses.” – David
“As a family that has ALWAYS met our out-of-pocket max each year, this year we’ve paid out from our own pockets LESS than every year before and done it with pre-tax dollars!” – Heather
“I like that it did make us think through what medical decisions we were making. I also like that it would allow us to save up for orthodontic work tax-free. I just wish that I had the HSA option back in my 20s, and had put aside the savings from a traditional PPO into my HSA account. It would have really been worth having that HSA account balance in my 30s!” – Luke
* This video only mentions the HS 3000 plan. Reliant now also offers the HS 1500 plan.