With Heritage Options HSA, members have a consumer-driven plan that combines a qualified high deductible health plan HDHP and a Health Savings Account HSA to help meet that deductible. That means that members have a tax-free pool of money that can be used to pay for qualified medical expenses, including those that may not be covered under their benefit plan. Under a Heritage Options HSA, the health plan will work like a traditional deductible plan, with coinsurance and out-of-pocket maximum requirements.

Both the employer and the employee can contribute to the account. Specific parameters will apply to HSAs and qualified HDHPs, as established by Internal Revenue Service regulations. Search our online directory to Find a Physician or Facility.

For a paper provider directory or assistance finding a provider, please call the Customer Care number on the back of your health plan ID card. View a current issue of Healthy Mind Healthy Body. River Valley Choice Plus. Heritage Options HSA Not available for insured employers in Illinois or Virginia. What is a Health Savings Account HSA?

What are the advantages of the Heritage Options HSA for employers? Reduce health care premiums — By choosing a HDHP with an HSA, employers may lower their premiums.

These savings may be used to help fund the HSA. Choose who pays into the account — Choose whether or not to contribute to the HSA.

To understand more about the tax implications, consult with your tax advisor or attorney. Encourage wise health care choices — Help encourage employees implications efficient market hypothesis investors buy sell stocks spend their health care dollars more wisely.

By having more financial responsibility and awareness of medical costs, plan members may be more prudent in united healthcare hsa investment options spending choices, and this may help control premiums.

Encourage employees to save for health care in retirement — Since unused funds in an HSA can earn interest and roll over from year to year, this feature makes it easier for employees to save money for health care costs in retirement. The ability to save for retirement can reduce the burden on employers to provide this benefit.

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They can take the money that they contribute and use it to reduce taxable income on their federal tax return. Unused funds can carry over — Any HSA funds not used in a given year will be rolled over to the next year.

Funds are portable — With an HSA, members own the account. If an employee leaves his job, the account is his to take wherever he goes.

Funds can be used for health care in retirement — Like an IRA or kplan members have the opportunity to invest in a variety of investment funds provided by the trust administrator and grow their HSA over time.

Accumulated funds in the HSA grow tax-free, so plan members can set aside funds to pay for health care expenses in retirement.

Health Savings Account plans combine tax-deferred savings with health insurance | UnitedHealthOne

More control over health care spending — Plan members decide how much money up to certain limits they want to contribute each year and may be more careful in how they spend money for health care. Members can decide whether to pay for health care expenses from the account or save it for future use by paying out of pocket. The HSA is more flexible than other tax-advantaged accounts, such as FSAs and HRAs. Ability to pay for non- covered expenses — With an HSA, plan members can use the funds to pay for any qualified medical expense, including those that may not be covered under your health benefit plan.

Qualified medical expenses are defined under Section d of the Internal Revenue Code. HSA funds can also be used to pay for COBRA insurance, qualified long-term care insurance, and Medicare premiums but not Medicare supplemental plans.

Easy debit card payment — Plan members will have virtually no hassle with claims under an HSA. They can simply use a Health Savings Account debit card to meet their financial responsibility for many health care services, as long as they have the necessary funds in their account.

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They can use the card to pay for copayments or other out-of-pocket expenses. They will not need to submit a claim form for reimbursement.

The HSA can also be used for out-of-network providers.

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