HARRISBURG, Pa., Nov. 30 /PRNewswire/ -- HealthAssurance introduced a new option to its HealthAssurance FlexChoice suite of products today. This new offering combines a health savings account (HSA) with first-dollar coverage for preventive care, and protection from large medical bills through a qualified high deductible health plan. With this arrangement, members get more choice and control over their health care and their health care dollars.
The key to giving members more control is the HSA, a tax-favored account to which both employees and employers can make contributions. Members may withdraw money from their HSA, tax-free, to pay for any qualifying health care expenses. They also have the option to invest their HSA balances in one of six investment plans with no minimum balance requirements. As an added bonus, members save money when they use HealthAmerica and HealthAssurance network physicians and pharmacies.
Members only purchase health care services when they need them and they save their money when they don't. At the end of the year, all unspent contributions roll over for the member's use next year. And, if members leave their jobs, their HSA follows them to their next employer.
"Empowering consumers to make their own medical financing choices is an effective way to help mitigate the rising cost of health care," said Francis S. Soistman, Jr., president and CEO of HealthAssurance. "With their HSA funds, members can set their priorities, budget their money and spend as little or as much as they want. Along with the coverage for preventive care and the qualified high deductible health plan in case of a serious illness, members enjoy unprecedented control over their health care dollars combined with the peace of mind of a traditional health plan."
To help members make informed choices for their care, HealthAssurance offers a variety of consumer decision aids to help them compare health care costs and quality, plus access to information on numerous health conditions and chronic diseases. These web-based applications include an employee budgeting and facility comparison tool, a nurse advisor line, and access to a wide range of health care information.
"We wouldn't offer this plan without providing members the information they need to make informed decisions," said Soistman. "With these user friendly tools, members can take responsibility for their own care and how they want to spend their health care dollars."
According to Soistman, HealthAssurance FlexChoice gives members more responsibility for their health care and their health care expenses. In return, members and employers will likely get lower premiums, and through astute management of expenses, a member's account can potentially grow over time.
HealthAssurance's FlexChoice high deductible health plans are combined with HSAs that are offered and managed by Wells Fargo Bank, N.A., a diversified financial services company headquartered in San Francisco, Calif., and serving more than 23 million customers. Members establishing an HSA with Wells Fargo can pick from the several investment options offered by the fiduciary.
The HealthAssurance FlexChoice suite of products also includes high deductible health plans and decision-making tools that can be combined with HRA (health reimbursement arrangement) and FSA (flexible spending account) options.
About HealthAmerica and HealthAssurance
HealthAmerica Pennsylvania, Inc., has a 29-year record in managed care. HealthAmerica, HealthAssurance Pennsylvania, Inc., and affiliate companies cover over 735,000 members in Pennsylvania and Ohio through HMO, POS, PPO, Medicaid, and Medicare Advantage plans. In addition, HealthAmerica earned an "Excellent" Accreditation for its HMO plan and HealthAssurance earned an "Excellent" Accreditation for the HealthAssurance POS by the National Committee for Quality Assurance, an independent, non-profit organization dedicated to measuring the quality of America's health care. With corporate offices in Pittsburgh and Harrisburg, Pennsylvania, HealthAmerica and HealthAssurance provide managed health care products and services to over 11,000 employers in Pennsylvania and Ohio. HealthAmerica and its affiliates employ over 1,500 people in Pennsylvania. For more information, visit HealthAmerica's website at http://www.healthamerica.cvty.com/ .
HealthAmerica and HealthAssuranceCONTACT: Kendall Marcocci, Director of Communications of HealthAmericaand HealthAssurance, +1-717-540-6746, or kmarcocci@cvty.com
Web site: http://www.healthamerica.cvty.com/