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:

  • Group insurance premiums and any contributions made to 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.)

BlueSaver is our high-deductible consumer-directed health plan. Most members enrolled in BlueSaver are eligible for a tax-free HSA. When a group chooses BlueSaver for their group health coverage, 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.