HealthShare PlusTM HSA-Compatible High Deductible Health Plan
There’s no doubt about it. Rising health care costs are a top concern for everyone from the self-employed to small business owners and corporate benefits managers. One of the ways that Physicians Plus is working to help contain cost increases is through innovative products like HealthShare Plus.
What is it?
HealthShare Plus is a health savings account (HSA)-compatible high deductible health plan that offers today’s health care consumers more choice and more control. Consumers pair this plan with an HSA, make tax-deductible deposits, earn tax-free interest, and use the funds tax-free for qualifying medical expenses. Several plan options are available.
Why should I consider it?
HealthShare Plus and HSAs offer financial incentives for better health care choices.
- HealthShare Plus premiums are lower than traditional co-pay plan premiums.
- HSA deposits, whether made by the employer or the individual, are tax-deductible.
- HSA funds, and the tax-free interest they earn, are owned by the individual account-holder regardless of any changes in employment.
- Unused HSA funds rollover year to year.
How does it work?
Once an eligible individual or employer acquires an HSA-compatible plan like HealthShare Plus, the individual may open an HSA with any participating financial institution. HealthShare Plus is not an HSA, rather it is designed to be compatible with HSAs. The HSA is a separate arrangement between an eligible individual and financial institution.
Eligible individuals generally are those who are not covered under another health plan, are not claimed as a dependent on another person’s tax return, and who are under age 65 and not eligible for Medicare.
Some exceptions may apply and there are additional rules regarding HSAs. Please consult your tax advisor or financial institution.
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