888-765-5400How a high-deductible health plan can help you save money
Another benefit of having a high-deductible health plan is that it makes you eligible for a health savings account (HSA) that enables you to pay for qualified medical expenses tax free.
The funds you contribute to your HSA, up to the annual contribution limit, are not taxed. That means you can save up to $300 on taxes for every $1,000 you contribute. When you use your HSA funds to pay for qualified medical expenses, such as office visits, prescriptions, lab tests, hospital stays, medical procedures and much more, the withdrawals are also not taxed. For a list of qualified medical expenses visit www.irs.gov and reference Publication 502.
With an HSA you can:
Make tax-free contributions up to the allowed annual limit
Keep the account even if you change insurance plans or jobs — it’s your account
Use the funds for eligible medical expenses, also tax free
Roll over any unused balance at the end of the year — the money is always yours
Though you pay for health care expenses out-of-pocket until you meet your deductible, a high-deductible health plan can give you the most value for your health care dollar over the plan year.When you compare the potential expenses of a typical individual on a traditional copayment plan and the same individual with a high-deductible health plan over the course of the plan year, you may see that the high-deductible plan can be a better value. High-deductible health plans can offer:
Lower monthly premiums over traditional copayment plans
Protection against high-dollar medical expenses, such as surgeries and hospitalizations+
In-network doctor visits and other services at rates lower than rates paid by those without health insurance
Choosing a high-deductible health plan can provide peace of mind. You’ll know that you have access to the health care you need when you need it most.
For more information on health insurance coverage in North Carolina, please visit our website at www.nchealthplans.com or call our toll free number 888-765-5400 and speak with one of our professional agents. Our agency provides coverage for health insurance in North Carolina through Blue Cross Blue Shield of North Carolina (BCBSNC). You may qualify for a 15% healthy lifestyle discount if you are in excellent health. Call us for details.