Health Savings Account (HSA)
The take care® Health Savings Account allows employers who sponsor an IRS-Qualified High-Deductible Health Plan to contribute to a side account that helps employees pay expenses that are not covered by insurance. Employees may also contribute to the HSA through pre-tax payroll deductions.
Covered items include prescribed over-the-counter medicines and supplies, prescriptions, copays, doctor fees, vision services, and dental services. And the list doesn't stop there.
Since an HSA is owned by the employee, the funds can be saved, invested, and then used to pay healthcare expenses after termination and/or during retirement. HSA money can also be used to purchase long-term care insurance and pay long-term care expenses.
Payments for qualified expenses are tax-free. Participants pay qualified expenses directly from their HSA account with the take care Card. If a participant does not use the Card, they can pay for qualified expenses and submit a claim to get reimbursed from the flex account.