Health Savings Account

A Health Savings Account (HSA) allows you the advantage of saving for future health care expenses. Authorized by federal legislation, HSAs have been called the "Medical IRA" because they offer tax advantages on contributions, interest and qualified withdrawals.*

If you have a qualified, high deductible medical plan such as the One Deductible Plan, you can use an HSA to get:

Greater control over your health care dollars.You withdraw your funds when you need them. Withdrawals are tax free and penalty free when made for qualified expenses.

  • Funds for a broader range of health care services.
    • Pay for covered medical expenses that apply toward your deductible.
    • Pay for qualified medical expenses that your health plan doesn't cover, such as:
      • Contact lenses
      • Dental and orthodontic services
      • Certain types of alternative medicine
      • Long-term care insurance
      • Non-prescription drug
    • Tax Advantages. Contributions are tax deductible. Earnings and qualified withdrawals are tax free.*
    • Advantages in retirement. At age 65, accumulated funds can also be withdrawn for medical expenses not covered by Medicare - tax free. Funds for non-qualified expenses are subject to income tax.

    Here are 6 simple steps to start and maintain your HSA.

    1. Choose an HSA Administrator
    2. Set up your HSA
    3. Contact PDAIS to walk you through the process.
    4. Make tax-deductible contributions. Each year, you can contribute as much as 100 percent of your deductible amount or $2,700 individual/$5,450 family, whichever is less.
    5. Watch your account grow, tax free.
    6. Withdraw funds for qualified expenses, tax free and penalty free, whenever you choose.

    *Assurant Health and its legal entities are not engaged in rendering tax advice. Clients should contact a qualified tax professional for tax advice. Reference are to federal tax laws. State tax laws may differ. Federal and state tax laws are subject to change.

    High Deductible Health Plan (HDHP)

    The HSA/One Deductible Plan is a high deductible health insurance plan, specially designed according to guidelines established by HSA legislation.

    With an HSA/One Deductible Plan, you get:

    • One single, integrated deductible - all covered expenses for all covered persons apply to this one deductible.
    • Significant premium savings resulting from the high deductible.
    • The opportunity to receive premium discounts at renewal through the Healthy Discount feature.*
    • The dependable coverage of Health Plans for Individuals and Families.
      • Lifetime benefit options up to $8 million
      • Worldwide coverage, 24 hours-a-day
      • A first-year rate guarantee
      • Prescription drug coverage
      • $500 wellness benefit (subject to deductible and coinsurance)**

    And anyone can apply for this health insurance plan, even without the savings account. For more details, contact PDAIS about the One Deductible Plan.

    *Health Discount is not available in CO, DC, FL, KS, LA, MN, MS, ND, NH, NM, NV, OR, SD, VA and WV.
    **The $500 wellness maximum does not apply to routine Pap smears, mammograms and PSA tests.