Health Savings Accounts

Today, many employers looking for ways to save money on their employee health coverage are turning to 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 $3,350 for an individual policy and $6,750 for a family policy.
  • Employees can withdraw funds tax-free for qualified medical expenses.
  • The HSA belongs to the employee and goes with them, even if they change employers.
  • Funds in the HSA account that are not used can accumulate tax-free from year to year until retirement.
  • Employees can also withdraw funds for non-qualified medical expenses; however, these funds are included in gross income for tax purposes and are subject to a tax penalty of 20 percent. (The tax does not apply if the distribution is made after death or disability or after the individual attains the age of Medicare eligibility.)

MySmart$averSM

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:

  • Convenience of a Visa-branded debit card
  • Interest-bearing accounts with competitive interest rates
  • Online and mobile account management tools
  • Convenient ways to make deposits
  • FDIC-insured stability
  • Investment options

Learn more about MySmart$aver HSAs and educational tools through Health Equity.

The MySmart$aver HSA is offered through Health Equity, an independent company that manages health savings accounts for members of Blue Cross and Blue Shield of Louisiana and HMO Louisiana, Inc.