![]() ![]() Get a Quote for Individual and Family PlansĪncillary and Specialty Benefits for Employees.Health Plans for Individuals and Families.“World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC. BLUE CROSS®, BLUE SHIELD® and the Cross and Shield Symbols are registered service marks of the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield Plans. are independent licensees of the Blue Cross and Blue Shield Association. CareFirst of Maryland, Inc., Group Hospitalization and Medical Services, Inc., CareFirst Advantage, Inc., CareFirst Advantage PPO, Inc., CareFirst Advantage DSNP, Inc., CareFirst Community Partners, Inc., CareFirst BlueCross BlueShield Community Health Plan District of Columbia, CareFirst BlueChoice, Inc., First Care, Inc., and The Dental Network, Inc. of Maryland (used in VA by: First Care, Inc.). In Virginia, CareFirst MedPlus is the business name of First Care, Inc. In the District of Columbia and Maryland, CareFirst MedPlus is the business name of First Care, Inc. CareFirst BlueCross BlueShield Community Health Plan Maryland is the business name of CareFirst Community Partners, Inc. CareFirst BlueCross BlueShield Medicare Advantage is the shared business name of CareFirst Advantage, Inc., CareFirst Advantage PPO, Inc. and Group Hospitalization and Medical Services, Inc. Serving Maryland, the District of Columbia, and portions of Virginia, CareFirst BlueCross BlueShield is the shared business name of CareFirst of Maryland, Inc. ** Note: The federal government does not contribute funds to your HSA. * To have an HSA, you must be enrolled in a high deductible health plan (HDHP) that meets the IRS requirements for a qualified HDHP, including having a combined deductible for medical and pharmacy benefits. Various scenarios to help understand tax outcomes.This website provides helpful tips including: If you are looking for specific information on how an HSA works, visit the IRS website. HSA plans are linked to higher deductible versions of plans you are already familiar with such as HMO and POS plans. Tax-free withdrawal for qualified medical expenses.The funds can also be invested once the balance reaches a certain threshold. Tax-free interest and earnings on HSA investments-funds are initially deposited to an interest-bearing account. ![]() Tax-free contributions to your account-you can decide how much to contribute, up to the IRS maximum.In fact, as long as you use your HSA funds for qualified medical expenses, you are never taxed on those funds. HSA tax savingsĪn HSA provides you triple tax savings. Even if you change health plan coverage and are no longer eligible to contribute to an HSA, you may continue to use your existing HSA funds. There is no "use it or lose it" provision. You own and control the money in your HSA.** Funds remain in your account from year to year. Once you meet your annual deductible, your CareFirst coverage begins. These include routine physicals, well-child care and certain cancer screenings, as well as the lab tests associated with these preventive visits. In-network preventive services are not subject to the deductible. With a CareFirst BlueCross BlueShield HSA plan such as BlueChoice HMO HSA/HRA Gold 1500 90 or BlueChoice Advantage HSA/HRA Gold 1500 90, you are responsible for the full cost of your medical coverage until you meet your annual deductible. A medical savings account called an HSA.A medical plan that meets certain IRS criteria*.Long-term care expenses and insurance premiumsĪ CareFirst BlueCross BlueShield Health Savings Account (HSA) plan has two main components:.Out-of-pocket expenses when covered by Medicare.Health insurance or medical expenses if unemployed.Dental and vision care, including prescription eyeglasses.Some over-the-counter medications like pain relievers, allergy relief, cough suppressants, etc.HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis. An HSA is a tax-exempt medical savings account that can be used to pay for your and your dependents' eligible medical expenses. ![]()
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