UniCare Health Savings Account
UniCare Health Insurance has Health Savings Account (HSA) compatible health insurance plans to meet the consumers needs. Health Savings Accounts are established to receive tax favored contributions on behalf of eligible individuals. Funds can accumulate over the years on a tax free basis and can pay or reimburse medical expenses.
What makes UniCares Health Savings Accounts compatible is because they meet certain U.S. Treasury Department requirements for annual deductibles and annual out-of-pockets expense maximums. To qualify a plan the annual deductible for a single party must be at least $1050 and annual out-of-pocket must not exceed $5250. Family deductible must be at least $2100 and annual out-of-pocket maximum should not exceed $10500. Out-of-pocket expenses include deductibles, copayments and coinsurance.
Health Savings Accounts are designed to pay eligible medical expenses. It also provides a way to bridge the potential gap between your needs and funds once you become available for Medicare. The Health Savings Account health plan is broken down in to two different areas. First Savings Benefits, funds may be used to pay for current , future and post retirement expenses not covered by the plan. Savings can cover pre-deductible health care cost. Money not spent rolls over year after year. Second, is the Tax Benefits. Contributions to the account are tax deductible up to the IRS maximum. Withdraws if used for qualified medical expenses are tax advantaged.
The Health Savings Account works in conjunction with UniCare’s High Deductible Health Plan. It is a separate arrangement with you and the bank. UniCare does not administer the Health Savings Account , but does provide the High Deductible Plan that is compatible.