Anthem's HSA-qualified High-deductible Health Plans (HDHPs)
Recently approved by the U.S. Congress, a health savings account (HSA) is the newest way to help you manage health care costs and save for future qualified medical expenses. An HSA is an interest-bearing tax-exempt savings account that’s coupled with an economical, HSA-qualified high-deductible health plan (HDHP). HSAs provide you with more control over your health care dollars.
| You may use the HSA to pay for qualified medical expenses now and after retirement for you, your spouse and qualified tax dependents.|
| HSAs are tax-deductible, interest-bearing accounts that permit unused funds to carry over from year to year, even if you change employment.|
| Contributions, withdrawals to pay for qualified medical expenses and interest earned on contributions are tax-free up to the amount set by federal law. |
| The account is permanent—all money and interest earned belong to you.|
| You and other individuals may make tax-advantaged contributions, up to certain limits, to your HSA.|
| If you’re under age 65, you are eligible to contribute to an HSA if:|
You are covered by a qualifying HDHP;
You are not entitled to Medicare;
You are not eligible to be claimed as a dependent on someone else’s tax return; and
You do not have other health insurance (except coverage such as dental, vision and disability).
| If you’re over age 65 and not eligible for Medicare or not enrolled in Medicare Part A or Part B, you’re still eligible to establish or contribute to an HSA.|
| For 2007, annual contributions may be made up to 100 percent of the HSA-qualified health plan deductible, limited to $2,850 for a self-only policy and $5,650 for a family policy.|
| Individuals between the ages of 55 and 65 and over age 65 who are not entitled to Medicare may make additional “catch-up” contributions of up to $600 in 2005, increasing to $1,000 annually in 2009 and thereafter.|
| HSA distributions are tax-free if they are used to pay for qualified medical expenses. Distributions made for any other purpose are subject to income tax and a 10 percent penalty.|
| Once a person is 65 years old, the money may be used to pay for medical expenses and certain insurance premiums, such as Medicare Parts A, B and D, Medicare HMO, and an employee’s share of retiree medical insurance. Distributions may also be made for non-qualified medical expenses without the 10 percent penalty.|
Custodian and Financial Services Provided by JPMorgan Chase Bank
Anthem Blue Cross and Blue Shield has aligned with JPMorgan Chase Bank to supply HSAs to members. Chase offers a Visa® debit card for easier access to the funds in your HSA, check-writing availability, online account management services and other investment options.
HSA accountholders may invest in various mutual funds offered by Chase. Accountholders must have at least $2,000 in their HSA for transfer into an investment account.
How It Works
| You enroll in an Anthem Blue Cross and Blue Shield HSA-qualified HDHP. You’ll pay lower premiums and have an account designed to help you pay for qualified medical expenses.|
| You establish an interest-bearing HSA.|
| You and other individuals may make tax-advantaged contributions to your HSA, up to certain limits (as described in Contributions above).|
| You may use your Chase HSA debit card or personal check* to pay for qualified medical expenses. Chase will provide a monthly statement for your HSA account.|
You will receive details about setting up an HSA with Chase upon approval of your enrollment in an Anthem HSA-qualified HDHP. Or, for more information, call Chase at 800-778-0898 toll free Monday-Friday, 6 a.m.-6 p.m. Mountain Time.
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