What is a HSA compatible plan or HSA account?
1. HSA stands for Health Savings Account. HSA accounts are similar to checking accounts.
2. HSA compatible plans are health insurance plans with a large deductible. These large deductibles must be paid before the health insurance plan pays for prescriptions or medical costs.
3. You use 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.
Connecticare has 2 types of HSA compatible health plans: 1. HMO or 2. POS
1. HMO HSA compatible plans - These plans allow you to visit any doctor or provider inside the Connecticare network. These plans includes coverage for prescriptions. There are 3 HSA plans available, a $1500, a $3000, or a $5000 deductible plan.
2. POS HSA compatible plans - This plan allows you to visit any doctor or provider inside the Connecticare network(HMO), and POS allows you to go to doctors out of the network. These plans includes coverage for prescriptions. There are 3 plans available, a $1500, a $3000, and a $5000 deductible plan.