Frequently Asked Questions

What is an H.S.A?

An HSA it stands for "Health Savings Account" is an account to which you and your employer contribute.

You use it to meet your everyday health care needs, such as a doctor's visit or prescription medication. You spend it on the items that matter to you. It covers expenses not covered by another plan.

But your HSA does not work alone. You also have traditional health care coverage an insurance plan with a high deductible. Once you use up the funds in your HSA, you may have to pay out of pocket for any additional expenses, until you meet the deductible of your plan. Then, once you meet the deductible, your plan begins to pay its share of the costs. Your insurance plan gives you protection when you need it, for major items like surgery or childbirth.

What is an H.R.A?

An HRA is a Health Reimbursement Arrangement

It's an account entirely funded by your employer on your behalf that you can use to pay for health care expenses that are not covered by another plan.

But your HRA generally does not work alone. You also have traditional health coverage an insurance plan with a high deductible. Once you use up the funds in your HRA, you may have to pay out of pocket for any additional expenses, until you meet the deductible of your plan. Then, once you meet the deductible, your plan begins to pay its share of the costs. Your insurance plan gives you protection when you need it, for major items like surgery or childbirth.

Can I go Out of State for Care?

It depends on the carrier and plan you have

Am I Eligible for Group Insurance?

Yes, If you are self-employed or work for a company that offers group health insurance and are eligible under their guidelines

How Old Can My dependent stay on plan?

Until age 26

Do I have to Contribute to my Employees Plan?

It is not a requirement

Do I need a referral?

Depends on the plan you are on

Do I have to pay for well care services?

No

Is there a lifetime maximum?

No Health Care reform eliminated life-time maximums on most plans.

Can my HSA funds roll-over?

Yes

Can I use my HSA to pay for Dental?

Yes