Health Savings Account (HSA)

Base & Buy-Up HSA Plans

With the BCBSNC HSA Plans, you pay for all medical services until you reach the annual deductible. After your annual deductible is met, the plan pays for a percentage of covered services, known as coinsurance. When you reach the out-of-pocket maximum, the plan will pay 100% for all eligible in-network expenses for the remainder of the calendar year. When you enroll in these medical plans, you may be eligible to open a Health Savings Account (HSA) to help pay for eligible health care expenses (deductibles, coinsurance, and prescriptions) with pre-tax dollars.

Preferred Provider Organization (PPO) Plan

With the BCBSNC PPO medical plan, you pay a copay for in-network office visits or prescriptions. The PPO plan covers the same benefits and has an embedded deductible where an individual member of the family only needs to meet the individual deductible before the plan begins to pay.

Health Savings Account (HSA)

If you enroll in the Base or Buy-Up HSA Medical Plan, you may be eligible for a Health Savings Account (HSA) to help pay for eligible health care expenses not covered under your medical, dental, or vision plans.

To appreciate the amazing features of an HSA, learn more about how qualified medical plans and the HSA work together.

Top 4 Reasons to Enroll in an HSA Plan

  1. isolved puts FREE money into your account every year!
  2. Contributions, interest, and qualified purchases are all tax-free.
  3. It’s your account. Your HSA goes with you if you retire or leave the company.
  4. Funds never expire. There’s no “use it or lose it” provision.What
How does it work?
  • You’ll need to meet the HSA Plan annual deductible before the plan pays for services, BUT you can use funds saved in your HSA to help pay the deductible.
  • To help you get started, isolved puts free money into your HSA on a quarterly basis (four times a year). The amount contributed will be based on your medical plan selection and coverage tier.
  • You can contribute additional pre-tax funds from your paycheck up to annual IRS limits which can help reduce your taxable income.
  • The funds stay in your account until you use them. It’s your account, so if you retire or leave the company, your HSA goes with you.
What are the contribution maximums?
Coverage Type2023 Company Contribution HSA $4,000 Base Plan2023 Maximum HSA Contribution (IRS)2023 Maximum Employee HSA Contribution
Employee Only$900 $3,850 $2,950
Employee + Spouse$1,200 $7,750 $6,550
Employee + Child(ren)$1,200 $7,750 $6,550
Employee + Family$1,800 $7,750 $5,950
Catch-up Contributions (age 55+)An additional $1,000
Coverage Type2023 Company Contribution HSA $2,000 Buy-up Plan2023 Maximum HSA Contribution (IRS)2023 Maximum Employee HSA Contribution
Employee Only$500 $3,850 $3,350
Employee + Spouse$800 $7,750 $6,950
Employee + Child(ren)$800 $7,750 $6,950
Employee + Family$1,100 $7,750 $6,650
Catch-up Contributions (age 55+)An additional $1,000
How do I access the money in my account?

When you enroll in an HSA, you’ll receive a debit card to pay for eligible expenses. Please note, the debit card is mailed in a plain white envelope to your current home address on file. The debit card will need to be activated prior to being used. If you also elect to participate in a Limited Purpose FSA, you will only receive one debit card for both accounts. 

Are HSAs really tax free?

Yes! HSAs give you a triple tax advantage: Your contributions to the HSA are not taxed, payment of qualified expenses is tax-free, and earnings are tax-free.

If this sounds too good to be true, there are a few rules you need to follow. If you use your HSA funds for expenses the IRS considers eligible, the money remains tax-free. If you use funds for ineligible expenses, you will pay applicable taxes and an excise tax penalty (currently 20%).

How about the fine print?

To participate in an HSA, you must not:

  • Be claimed as a dependent on another’s tax return.
  • Receive benefits from any other plan other than a qualified HDHP, including a spouse’s non-qualified health plan.
  • Be enrolled in a Medical Flexible Spending Account.
  • Receive coverage through Medicare or Medicaid.
  • Receive coverage through a military or veteran’s health care program (i.e. TRICARE).

For further information on HSA features and restrictions, refer to IRS Publication 969.

See the Benefits Guide or benefits summary for detailed information.

HSA Resource Center
HSA Resource Guides
HSA Store
2024 Benefit Guide

Click on Document Name to view or download

How to Activate Your Prepaid Benefits Card

HSA QuickStart Guide

isolved HSA Store