Health Savings Account Qualified Plan
While the Health Savings Account (HSA) Qualified Health Plan has the highest deductibles, it also has the lowest premiums, both of which can be offset by the contributions (HSA seed) that the University makes to your HSA account. An HSA is a tax-advantaged account where you can set aside funds to pay for healthcare expenses now and in the future.
The HSA Qualified Health Plan provides comprehensive medical coverage with access to Anthem’s broad provider network and 100 percent coverage for in-network preventive care. However, the plan works differently than other traditional health plans in the following ways:
- Nonpreventive medical and prescription expenses accumulate toward both the deductible and out-of-pocket maximum.
- Unless you have employee-only (individual) coverage, you are considered a family.
- The out-of-pocket maximum for family coverage has both an individual maximum and family maximum. No one individual will accumulate more than the individual out-of-pocket maximum. However, a family must meet the family out-of-pocket maximum before the plan pays at 100 percent.
The HSA contributions that you and the University make can be used to pay for eligible medical, prescription, dental, and vision expenses for you and your IRS tax dependents. The funds you don’t use will roll over for use in future years.
Visit Anthem's website to find information about your claims, search for doctors and hospitals, compare costs, and more.