A Georgia HSA is an affordable, innovative way to pay for and manage health care costs.

 

An HSA is an affordable, innovative way to pay for your Georgia health care costs and improve personal health care cost management.

 

First things first. The purpose of an HSA (Health Savings Account) is to help you manage health care costs, giving you more control over how you spend your health care dollars. A Georgia HSA is a tax-favored savings account that, when paired with a qualified High Deductible Health Plan (HDHP), allows you to pay for qualified medical expenses, or leave the funds invested in the account for future medical expenses tax-free. Money in the HSA can help pay for covered services prior to meeting the health plan deductible. Once you've met your deductible, the health plan starts paying for covered services. Money left in the flexible spending account is portable, and is yours to keep.

 

The IRS and Treasury have established the eligibility requirements for a Health Savings Account. To be eligible for a Georgia HSA plan, an individual:

 

Starting a Georgia Health Savings Account is easy. You’ll need to enroll in a high deductible health plan. You can pair your HDHP plan with a Health Savings Account offered through any qualifying financial institution. As soon as Blue Cross and Blue Shield of Geogia receives your HDHP application, we will review it for medical and other Health Savings Account eligibility information. If the application is approved, we will send you the proper enrollment materials as a courtesy. If you choose to enroll with the bank listed on the HSA GA enrollment materials, you can make monthly tax-deductible contributions into the account through the bank's convenient bank draft option. At that point, you can use your Georgia HSA funds, tax-deferred, for qualified medical expenses and to save for the future.

 

Your Blue Cross and Blue Shield of Georgia Licensed Agent is ready to help with any Georgia Flexible Spending questions and to start a GA HSA.

 

For additional understanding of health savings accounts, visit the BCBSGA Health Savings Accounts brochure.