What is a HSA compatible plan or HSA account?

1. HSA stands for Health Savings Account. HSA accounts are similar to checking accounts and debit cards. All payments into the HSA account are tax deductible as health insurance.

2. HSA compatible plans are health insurance plans with a large deductible. These high deductible health plans(HDHP) must be approved by the Federal government. These large deductibles must be paid before the health insurance plan pays for prescriptions or medical costs.

3. You use the money in the HSA account to pay for medical costs under your deductible. Your HSA compatible plan pays for the prescriptions and medical costs over your deductible.

Preventative care is the only benefit paid before the insurance deductible. This only applies to Anthem Plans.

Anthem Blue Cross HSA compatible medical plans

Anthem Blue Cross HSA medical health insurance plans allow you and your family to visit any doctor or provider inside the Anthem network. The Anthem HSA plans in Connecticut also allows you to go to doctors outside of the network with higher medical costs to you. These HSA health plans includes coverage for prescriptions which is covered after the insurance deductible. There are only 2 yearly deductibles available, they are: $2,500 and $5,000. Once the deductible has been met, Anthem Blue Cross will pay 80% or 100% of the medical costs.

Just so you know, if you use a doctor or service within the Anthem network, those services are discounted. A $350 blood tests may only cost you $68. So dont let the high deductible scare you if you are healthy.