Saving for your care is easy with a health savings account (HSA)
If you have a high deductible health plan, consider pairing it with a health savings account to help you prepare for future health care costs.
How does a high deductible health plan work?
With a high deductible health plan, you pay a lower monthly premium (the amount you pay to keep your health insurance active), but have a higher deductible. Your deductible is the amount you pay each year before Priority Health begins sharing the cost of medical services included in your plan. These medical services are called your health care benefits.
With a high deductible plan, you pay 100% of the cost of your health care out-of-pocket until you've met your deductible, with the exception of preventive care. We pay for most preventive care services in full when you receive care from an in-network provider. Examples include flu shots, physical exams some lab tests and some prescriptions. (View the Preventive Health Care Guidelines for a complete list.)
Why should you prepare and save for these costs?
It's important that you save for your health care costs. Why? Remember, you have a higher deductible. Even if you're in great health, you should see your doctor at least once a year to help you avoid potential health problems or find conditions early when they are most treatable.
That's why we recommend signing up for an HSA.
What are the perks of an HSA?
An HSA is an account with your money, but it's not for coffee, a new car or computer. It's your piggy bank set aside just for health care related costs like doctor visits or prescriptions.
With an HSA account, you get great perks such as:
- The money goes in tax-free and remains tax-free when used on any qualified medical expense, forever.
- It belongs to you even if you change employers.
- You have complete control over the money that is in your HSA account.
- Unused funds will roll over year-to-year. There's no "use it or lose it" penalty.
- The funds in your HSA can go towards your retirement.
Learn more about starting your health savings account by calling the number on the back of your membership ID card.
In this issue
New at Priority Health
- Traveling this summer? Don't leave home without the Assist America app
- School's out, but the doctor's always in
- No appointment needed: Grand Rapids Spectrum Health walk-in clinic
- How to get the most from your employer health plan
- Generic vs. brand-name drugs: Is price the only difference?
- Helping your parents navigate Medicare
Paying for care
- Save for your care with a health savings account (HSA)
- Knowing your costs - make it a routine procedure