Welcome to HSA in a Minute

A common myth about high-deductible health plans, or HDHPs, paired with health savings accounts, is that they cost too much. One in three employees say out-of-pocket costs are their biggest health care concern.

They might be surprised to find that when they look beyond the deductible, an HDHP paired with an HSA can actually be a less costly option.

That’s because compared to HDHPs, traditional health plans tend to have higher premiums; which means they take more money out of each paycheck. Plus, an HDHP with an HSA often comes with an employer match. That’s extra money employees get from their employer to spend on qualified health care expenses.

Another common myth is that employees with an HDHP have to pay for preventive care. In reality, these plans often cover 100% of preventive services, such as checkups and screenings. So, employees often don’t pay anything or only very small amounts.

A third myth is that HSAs are just another way to pay for your health care, not a financial investment. In fact, using the triple-tax advantage of an HSA can help employees accelerate long-term savings. The funds in an HSA can be invested and used for retirement, too.

HSAs do more than simply pay for health care needs. They deliver great financial benefits for all ages and income levels. It’s worth doing the math. When they add it all up, your employees may find that an HDHP with an HSA is the best deal for them.

Your Blue Cross Blue Shield of Michigan or Blue Care Network sales representative or agent is ready to discuss what an HSA can do for your business.