TULSA, Okla., Oct. 18 /PRNewswire/ -- Oklahomans now have a new way to simultaneously reduce out-of-pocket health care costs and taxes, thanks to the U.S. Congress and new health savings account (HSA) plans offered by Blue Cross and Blue Shield of Oklahoma.
Legislation Congress passed last year allows consumers to open tax- deductible, tax-free HSAs at a financial institution. The HSAs work together with federally qualified, high-deductible health benefit plans -- including Blue Cross and Blue Shield of Oklahoma’s new plans -- HSA Blue for employer groups and Health Check HSA for individual consumers.
With an HSA plan, the member deposits either pre-tax, payroll deduction funds or tax-deductible funds into his or her HSA. That money, along with the earned interest, can be used to pay eligible health care expenses, like deductible and coinsurance amounts, tax-free.
Any funds in the HSA that aren’t used during the year roll over to the next year and may continue to earn interest.
The employer or individual can establish their HSA with any qualified financial institution, when they sign up for HSA Blue or Health Check HSA.
Both of the new Blue Cross and Blue Shield of Oklahoma plans feature the statewide BlueChoice(R) PPO health care provider network. Deductible options include $1,500 or $3,000 for single coverage, and $3,000 or $6,000 for family coverage.
“Employers and independent insurance agents are asking for HSA plans,” said Lisa Putt, group vice president, marketing, Blue Cross and Blue Shield of Oklahoma. “As health care costs continue to go up, employers are interested in exploring the money-saving possibilities HSA plans offer.
“In the individual market, Health Check HSA should appeal to tax-savvy consumers, especially self-employed individuals who don’t have the minimum two employees required for group health benefits,” Putt said.
For more information on the plans, go to http://www.bcbsok.com/ .
Blue Cross and Blue Shield of Oklahoma is a member of the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield plans.
Blue Cross and Blue Shield of Oklahoma
CONTACT: Linda Sponsler, +1-918-592-9401, or Susan Payne,+1-918-592-9410, both of Blue Cross and Blue Shield of Oklahoma
Web site: http://www.bcbsok.com/