hsa-compatible high-deductible health plans

HSA-compatible High-Deductible Health Plans (HDHPs) are PPO health plans with higher out-of-pocket costs, so they offer comprehensive benefits at a lower monthly premium cost. HSA-compatible HDHPs from BlueCross BlueShield of Tennessee give you the opportunity to offer outstanding, cost-effective employee benefits – whether for two employees or two thousand. Due to the added member cost responsibility, however, they work best when paired with a financial arrangement.

HSA-compatible HDHPs are unique because they follow federal guidelines, such as:

• Covered expenses (except preventive services) are subject to deductible and coinsurance, including prescription drugs.
• Preventive services, including wellness exams and immunizations, are paid at 100 percent
• Prescription medications used for preventive purposes can be excluded from the deductible – Preventive Drug List 
• You have a choice of deductible arrangements:

1. For HDHPs with a shared deductible, if more than one person is covered (i.e., family coverage) the full family deductible must be satisfied before benefits will be paid for any of the covered family members.

2. For HDHPs with embedded deductibles, once an individual with family coverage meets the deductible, plan benefits are available to that individual.

• New deductibles are applied at the beginning of each calendar year or benefit period (carryovers from previous years do not apply).
• And, in accordance with federal law, these plans comply with minimum annual deductibles and maximum out-of-pocket expenses.
• A health savings account (HSA) can be set up through a financial institution. Employees may do this on their own, or you can set up an HSA for the workplace. BlueCross BlueShield of Tennessee can help.

HDHPs are available with individual deductibles ranging from $1,200 to $5,000.  These plans feature a shared family deductible.  The embedded deductible option is available to plans with a $2,500 individual deductible or higher.