HSA Oregon: Health Savings Accounts in Oregon

Dollars and sense.

NEW LAWS MAKE HSAs MORE ATTRACTIVE THAN EVER!

NEW 2008 Limits and Changes

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If you want to save money on your insurance premiums, combining our comprehensive, high-deductible policy with a Health Savings Account (HSA) makes sense. A policy costs less than a low-deductible policy--often 50% less. You can then use the money saved to fund your Health Savings Account. HSA funds earn tax-deferred interest, and they can be withdrawn, tax-free, to pay qualified health care expenses.²

In addition to saving you money, Qualifying gives you freedom of choice in health care that many other plans can't offer. With an HSA you can see the physician or health care professional of your choice. You can also establish your Health Savings Account through the administrator of your choice. Or we'll be glad to assist you in selecting a Health Savings Account administrator.

You control your health care spending

With a Health Savings Account you have complete control of your funds. You decide how much and when to make deposits to and withdrawals from your HSA. You can then use the federal tax- advantaged HSA funds, including tax-free interest earned, to pay qualified expenses for medical services. Qualified expenses include your deductible and coinsurance and other health-related expenses not covered by the policy, such as dental care, vision care and long term care insurance premiums.

You remain in control of your medical expenditures by keeping track of the qualified expenses you pay, so you'll know when to file claims with your policy. By using HSA funds to pay at the time of service, you'll be eligible for cash payment discounts offered by some health care professionals.

See HSA Qualified Expenses for what expenses are covered.

Ongoing tax advantages

At the end of each year, your Health Savings Account balance is yours to keep. And as long as the funds remain in the account, they are not subject to federal tax and continue to earn tax- deferred interest.

Once you reach age 65, the funds can continue to be withdrawn tax-free to pay qualified medical expenses including long term care insurance premiums. Distributions made for any other purpose are subject to income tax and a 10% penalty. The 10% penalty is waived in the case of death or disability. The 10% penalty is also waived for distributions made by individuals age 65 and older. These features make a medical savings account an attractive way to help save for your retirement.

Federal requirements³Federal law limits the deductible amounts that can be offered with HSA compatible major medical policies. Deductible for individual plans are required to be no lower than $1,100 and $2,200 for a family plans. A federal limit also exists on the out-of-pocket amount to be paid for the policy's deductible and coinsurance - $5,600 for an individual policy; $11,200 for a family policy.⁴ There is also a cap on annual tax-deductible health savings account contributions. Federal law sets the cap at $2,900, regardless of the selected deductible; and for family coverage the cap is $5,800, regardless of the selected deductible..

Oregon Qualified HSA Health Plans

Individual Health Plans:

There are eight companies in Oregon currently offering new Individual Health Savings Account(HSA) qualified health insurance plans. Time(also d.b.a. John Alden, Fortis and Assurant) offers two plans with three different deductibles and three different coinsurance options. LifeWise offers three different health plan options. PacificSource has five different plan options available. ODS Health Plans has one plan available. Regence BlueCross BlueShield of Oregon has three plan options and HealthNet of Oregon has one. Kaiser has a couple of plan options available and Providence also has an HSA eligible plan. If you currently have an American Republic MSA qualified plan, it also will qualify for the HSA account. However American Republic no longer offers these plans for sale in Oregon at this time.

Group Health Plans:

There are currently seven companies in Oregon currently offering Group Health Savings Account(HSA) qualified health insurance plans. ODS, HealthNet, Regence, PacifiCare, Providence, LifeWise and PacificSource have options available to groups. Please submit a group census quote request. If your group has less than 5 employees, we will need to speak with you via email or phone prior to quoting for you.

Group Census Form (pdf)

Group Census Form (word)

HSA Financial Institutions

HSA Financial Institutions lists some institutions offering HSA's.

1. Up to the maximum tax-deductible health savings account contribution.
2. As described by IRS Code Section 220(d)(2).
3. IRS Code Section 220
4. Policy meets current federal guidelines for use with a medical savings account. If the federal minimum and maximum limits change, deductible choices will automatically be adjusted to the next available deductible as needed to meet federal guidelines.