Health Savings Accounts (HSA's) are available to members who do not have Medicare or another health plan. The amount of the "premium pass through" is based on whether you have a Self Only or Self and Family enrollment.
You have the option to make tax-free contributions to your account, provided the total contributions do not exceed the limits established by law. If you are over 55, you can make an additional "catch up" contribution. You can use funds in your account to help pay your health plan deductible. However, if you enroll in a HDHP with a HSA, you are not eligible to participate in a Health Care Flexible Spending account.
Features of an HSA include:
On December 20, 2006, President Bush signed into law H.R. 6111. This legislation includes key expansion of HSA provisions, including:
Contact your ENV account representative to further discuss how these provisions may affect your group.
Health Reimbursement Arrangement (HRA)
For members who are not eligible for an HSA, have Medicare or another non-High Deductible Health Plan, the HDHP will provide and administer a Health Reimbursement Arrangement.
The plan will credit the HRA different amounts depending on whether you have a Self Only or a Self and Family enrollment. You can use funds in your account to help pay your health plan deductible.
Features of an HRA include:
We have all the information that you need to fully understand this plan option. Our educational materials will help you determine whether an HRA or HSA is the right choice for your organization.
We can help. We have a wealth of resources that you can use to remain compliant with federal regulations related to high deductible health plans (HDHPs) and HSAs.
To help you roll out a new HRA or HSA to employees, we have a game plan for you to follow, including preparation suggestions, sample announcements, educational materials and communication for you to use during open enrollment.