As healthcare costs spiral out of control, here’s a way for you to take control.
Open a health savings account (HSA) to manage the cost of healthcare based on how you use it.
Savings » Contribute pre-tax dollars. Earnings grow tax free. Build a long-term nest egg for health expenses later in life. Earn interest in a savings account or invest in funds you choose.
Portability » An HSA is like a flex account but better. You keep whatever you don’t spend. Money in your HSA carries over from year-to-year and even from employer-to-employer.
Employer contribution » If you choose an HSA-qualified plan, your employer may help fund your HSA.
First-dollar coverage » Use your HSA to pay deductibles, co-payments, and co-insurance your health plan doesn’t cover. You may pay significantly less in premium. Use that money to fund your HSA, and it’s as if your plan now pays first-dollar coverage.
To start an HSA, you must select an HSA-eligible plan, such as The PEHP STAR HSA Plan, during open enrollment. Log in to PEHP For Members to find out about the HSA-eligible plans available to you.