Health Savings Accounts

Today, many employers looking for ways to save money on their employee health coverage are turning to what's called consumer-directed health plans, or CDHPs.
  • These plans have a higher deductible than most traditional plans.
  • They place more of the decision-making power in the hands of the employee.
  • These plans carry substantially lower premiums.
  • They can be paired with a personal tax-free health savings account (HSA).

HSAs have numerous benefits for both employers and employees:

  • Your group insurance premium and any contribution you make to your employees' HSAs are tax-deductible.
  • IRS rules allow members enrolled in a CDHP like BlueSaver to deposit annually into their HSAs on a tax-free basis up to $3,100 for an individual policy and $6,250 for a family policy.
  • Employees can withdraw funds tax-free for medical expenses.
  • The HSA belongs to the employee and goes with him or her, even if he or she changes employers.
  • Funds in the HSA account that are not used for medical expenses can accumulate tax-free from year to year until retirement.
  • Employees can also withdraw funds for non-medical use; however, these funds are included in gross income for tax purposes and are subject to an additional tax of 10 percent. (The 10 percent additional tax does not apply if the distribution is made after death or disability or after the individual attains the age of Medicare eligibility.)


BlueSaver is our high-deductible consumer-directed health plan. Most members enrolled in BlueSaver are eligible for a tax-free HSA. When you choose BlueSaver for your group health coverage, your employees can set up a MySmart$aver HSA that works directly with their BlueSaver benefits.

MySmart$aver HSAs offer:

  • A Visa-branded debit card
  • Check writing capabilities
  • Interest-bearing accounts with competitive rates
  • FDIC-insured stability
  • Investment options
  • Online account management tools

Learn more about MySmart$aver.

The MySmart$aver HSA is offered through The Bancorp Bank, an independent company that manages health savings accounts for members of Blue Cross and Blue Shield of Louisiana and HMO Louisiana, Inc. Bancorp is a nationwide leader in HSAs.