Trusted Health is committed to your wellbeing – both physical, mental, and financial! Beginning in January 2024, we are excited to offer a Health Savings Account (HSA) to those who enroll in the HDHP medical plan.
What is an HSA?
An HSA is a type of savings account that let’s you set aside pre-tax dollars to later be used towards qualified medical expenses. You can elect to contribute to an HSA if you are enrolled in a qualified HDHP and can only contribute up to the IRS limits each year.
What is the benefit of pre-tax spending?
When you elect to contribute to an HSA, those contributions are deducted from your paycheck before taxes are taken out. This brings down your taxable income, and you are therefore taxed on less earnings. However, you still retain this money, just in a separate savings account, to be used towards qualified medical expenses.
How much can I contribute to an HSA?
You can contribute up to $4,150 annually in 2024 if you elect employee-only coverage. If you elect coverage for yourself and dependents, you can contribute up to $8,300 annually.
Please allow 1-2 pay periods for HSA contributions to reflect on your weekly paycheck.
What are the advantages of an HSA?
Any unused funds you contribute to an HSA is yours to keep! These funds rollover year after year. You can take these funds with you if you leave Trusted Health or change health plans. Your HSA can also double as a retirement account as unused funds can be invested.
Is the HDHP right for you?
High Deductible Health Plans have higher deductibles but lower premiums than your traditional PPOs. You also must satisfy your deductible prior to the plan covering the cost of any services, and that includes the cost of prescriptions. Therefore, if you anticipate high utilization, there may be more upfront costs to you.
Preventative care is always covered at 100%. If you are someone who usually only goes to the doctor a few times a year, enrolling in the HDHP and contributing to an HSA could be a major cost-saver for you.
How do I set up an HSA account?
By default, an HSA account will be activated because of your enrollment in the Anthem HDHP medical plan. To initiate contributions, you must submit elections via ADP. To enroll, log into ADP and navigate to Myself > Benefits > Enrollments > HSA Enrollments.
Note: The HSA enrollment profile in ADP is open year-round for clinicians to make changes to their contributions throughout the year. No need to wait for Open Enrollment or a special enrollment period! However, only clinicians enrolled in the HDHP will be able to submit enrollments.
How to use your HSA:
Enroll HSA via ADP by navigating to Myself > Benefits > Enrollments > HSA Enrollments
Be on the lookout for your HSA debit card! Your HSA debit card works like a regular debit card once you activate it. If you have Apple Pay, Google Pay, or Samsung Pay on your smartphone, you can also pay touch-free when you add your HSA debit card to your mobile wallet. Simply follow your phone’s instructions to add a new debit card. Then, use your phone to pay for qualified expenses where mobile payments are allowed.
Use your mobile wallet or HSA debit card to pay for doctor visits, prescriptions, and other qualified medical expenses. You can also use the HSA online bill-pay tool to pay medical bills or reimburse yourself with the funds in your account. When a new claim comes in, you can log in to your account and pay the bill or reimburse yourself from your HSA.
Log in to anthem.com/ca or download the SydneySM Health mobile app to:
See your HSA balance and claims.
Find a doctor in your plan’s network.
Check costs before you receive care.
Set your preferences to receive important
information electronically.
Questions?
Contact the Sequoia Advocate team at TrustedHealth@help.sequoia.com