A Health Savings Account (HSA) is an employee or employer-funded bank account offered in conjunction with a qualified high-deductible plan. This plan gives your clients complete physician choice, featuring in-network and out-of-network options with different levels of coverage.
| Your clients can choose their own financial institution for their HSA. Employees must meet a few eligibility rules in order to open an HSA account: |
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They can't be covered under any other plan. |
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They can't be enrolled in Medicare. |
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They can't be eligible as a dependent on another's tax return. |
After members incur health care expenses, providers will bill them for the amounts they owe. If they are qualified medical expenses, members can pay the bills by following their banks' reimbursement process for their HSA accounts.
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