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Health Savings Account (HSA) Plans

Starting July 1, 2004, ODS began offering three new HSA plans to the SEHI and HIPAA markets. Five new plans were introduced to the large group market effective July 1, 2004.

An HSA is a high-deductible health plan that allows an employee to save and invest money to cover medical expenses on a tax-free basis. Funds from an HSA account can be used when meeting a health plan’s deductible, or to pay for expenses such as dental care, vision services and medication.

In order to be eligible for an HSA account, an employee must:

Have insurance coverage through a qualifying high-deductible health plan
Open an HSA bank account with a qualified trustee (ODS has partnered with Wells Fargo)
Be under the age of 65 and not eligible for Medicare
Not be covered on any other health plan
Not be claimed as a dependent on someone else’s tax return

Once the HSA bank account is established, employers and employees may contribute money into the account, but once the money is contributed it belongs to the account holder. Money in this account can build from year to year.

For more information on these new plans, please contact your ODS Marketing Representative.