Blue Shield of California HSA Health Plans

Medical care in the 21st century continues to evolve and that evolution naturally results in higher medical costs. And with the rise in medical costs, more people are finding that, even with a good health insurance plan, all of their medical costs are simply not being covered.

Rather than face steep out-of-pocket expenses, many Californians are opting to open a Health Savings Account or HSA. Essentially, a Health Savings Account is a personal savings account, designed specifically for healthcare, that allows you, your employer, or both you and your employer to place funds into it. You can then use those funds to pay for medical expenses that qualify under the HSA plan.

The catch with Health Savings Account Plans is they must be used in conjunction with a HSA-eligible, high deductible health insurance plan. Furthermore, Health Savings Account Plans are not offered through health insurance companies like Blue Shield of California. Rather, banks, credit unions, and other financial institutions often offer their members HSA plans.

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Health Savings Account Plans are popular with consumers for a number of reasons: In addition to tax advantages, Californians with a HSA never have to worry about losing any money in their accounts when a new year rolls around. In fact, the funds in a HSA account can roll over from year to year indefinitely. There is no "use it or lose it" clause, so members don't have to worry about losing any money they haven't used in a particular year.

In addition, HSA Plans generally allow employees and employers to contribute funds into the health savings account in the same year, and those members who are 55 years or older are often allowed to make so-called catch-up contributions to their HSA Plans.

Perhaps best of all, members of a HSA Plan never have to worry about losing their accounts should they switch jobs. Members own their own accounts and can control them as they want.

One of the main criteria of being eligible to establish a HSA is you must have a health insurance plan that has a high deductible and that is HSA eligible. But, there are also other criteria for determining whether you're eligible to establish a Health Savings Account. When you set up a HSA, you must establish that HSA with either a HSA custodian or trustee. Your best bet is to consult your tax advisor to determine whether you're eligible for a HSA plan.

While Blue Shield of California is a health insurance company and cannot offer HSA Plans, it does offer health insurance plans with high deductibles that make them HSA-eligible.

Blue Shield of California currently offers several health insurance plans that are HSA-eligible. The Shield Spectrum PPO Savings Plans feature the high deductibles that are required for the plan to be labeled HSA-eligible.

Because Blue Shield of California's HSA-eligible health insurance plans are PPO, members can opt to use preferred or non-preferred providers. Members who use a preferred provider will pay less in co-pays than those who go out of network.

In addition, members of the Shield Spectrum PPO Savings Plans have the ability to purchase their prescription drugs from a pharmacy that then mails the prescriptions directly to the member's front door. Those members who opt to use preferred providers will also enjoy preventative care benefits that can be used before the deductible is even met.