• Health Savings Account

Talk to our Large Employer Sales department
801-442-4908

Our HealthSave Insurance Plan is designed to be used with a Heath Savings Account (HSA). With HSA plans, you mix complete healthcare coverage with the ability to earn equity through a tax-advantaged savings account.

High Deductible Health Plan

To set up an HSA, you must be on a qualified High Deductible Health Plan with the following characteristics:

  • A minimum deductible amount set by the U.S. Treasury Department for single or family coverage. This amount may vary from year to year. 
  • A maximum out-of-pocket limit set by the U.S. Treasury Department for single or family coverage. This amount may vary from year to year. 
  • One deductible applies to all services: medical, mental health, and prescription drug coverage. 
  • Deductible is waived for preventive care.

Deductibles for qualified HDHPs are higher than many other plans. If you have unexpectedly high medical costs during the year, your HDHP will be a safety net for medical coverage for you and your family.

Health Savings Account

An HSA can be used to pay medical costs funded by contributions from you or your employer. By selecting a HealthSave plan, you can set up an HSA if you meet the following qualifications: 

  • Not covered by any other health plan that is not an HDHP (with exceptions for plans providing certain limited types of coverage such as accident or specific disease policies); and 
  • Not entitled to benefits under Medicare; and 
  • May not be claimed as a dependent on another person’s tax return.

How HealthSave Works with Your HSA

Here are some of the key steps to take when using your HSA: 

  • Set up an HSA with your HSA vendor. 
  • Contribute to your HSA up to specified limits on a pretax basis. 
  • The money in the HSA can be used to pay your share of the deductible or coinsurance amounts until you reach your out-of-pocket maximum. 
  • If you do not use the money in the account, it rolls over to the next year and keeps on building. 
  • This is your money to use as you wish. But, if this money is not used for qualified medical costs, it will be subject to income tax plus a 10 percent penalty before the age of 65. After age 65, this money is treated as retirement income. If it is not used for qualified medical costs, it will only be subject to income tax without the penalty.

Administration of HSAs

While SelectHealth provides the insurance piece of the health benefit plan, we do not manage the HSAs. Instead, we have partnered with HealthEquity and Zions Bank.

Though we have partnered with HealthEquity and Zions Bank, you may choose to work with other HSA vendors. You may also decline setting up an HSA with either HealthEquity or Zions Bank.

Use the links below to find out more about our HSA partners and find the right fit for you.

HealthEquity

Visit www.healthequity.com for information on the services offered by HealthEquity.

Zions Bank

Visit www.connectyourcare.com/selecthealth for information on the services offered by Zions Bank.

 

Find plan information, claims data, and Intermountain medical records on My Health. Get connected now.