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Blue Options HSA
For employers choosing to contribute to employees’ health savings accounts, the Blue Cross and Blue Shield of North Carolina Blue Options HSA may be the best choice. Deposits are made through Mellon and contributions are tax–free. Employees may also make tax–deductible contributions to their HSA, and funds in the HSA are available to employees to use for current and future medical expenses. It’s easy to use.
Employees do not first have to meet their health plan deductible before they can start using their HSA funds. Until they reach their plan deductible, employees will pay out–of–pocket, however, if they use HSA funds for these expenses, payments will be tax–free. Additionally, when employees visit network providers, they are only charged the discounted rate that BCBSNC has negotiated with those providers. These discounts amount to significant savings.
After BCBSNC processes a claim, and an employee receives an invoice from the doctor, they can use HSA funds to pay the bill tax–free. And it’s easy and convenient to use the HSA funds. Employees can choose to write an HSA check or write in their HSA MasterCard debit card number on the bill—and the amount will be withdrawn from their HSA. An employee can also choose to just pay the claim out–of–pocket and save their HSA funds for later. They’ll still save money with the discounted network provider rates.
After an employee reaches their plan deductible, services covered by the health plan are paid at the coinsurance amount—from 50 to 100% for in–network services and 50 to 70% for out–of–network services, depending on the plan chosen. As the employees’ plan benefits begin to pay for covered services, they can continue to use HSA funds to pay for eligible expenses not covered by their health plan (like over–the–counter medications or eyeglasses), or to pay their portion of any applicable coinsurance.
The out–of–pocket maximum protects employees from high medical bills by limiting their annual financial responsibility. For individuals, the out–of–pocket maximum ranges from $1,100 to $5,000 and for families it ranges from $2,200 to $10,000. Costs include all expenses for covered services including the deductible and coinsurance amounts. When an employee meets the out–of–pocket maximum, covered services are paid at 100%.