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Self-Pay Retirees/Medicare Self-Pay Retirees / Medicare

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Health Savings Account (HSA)

A Health Savings Account (HSA) is a tax-exempt savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses.  By using untaxed dollars in a HSA to pay for deductibles, copayments, coinsurance, and some other expenses, you can lower your overall health care costs.

An HSA can be used only if you have a High Deductible Health Plan (HDHP) which Moorestown offers two HDHP plans.  Generally any health plan with a deductible of at least $1,350 for an individual and $2,700 for a family would be considered a HDHP. 

For 2018, you can contribute up to $3,450 for self-only HDHP coverage and up to $6,900 for family HDHP coverage.  HSA funds roll over year to year if you don't spend them all within that year, you do not loose these funds. An HSA may also earn interest, which is not taxable and it is "portable" as it stays with you even if you change employers or leave the work force.

Qualifying for an HSA

To be an eligible individual and qualify for an HSA, you must meet the following requirements.

  • You are covered under a high deductible health plan (HDHP).

  • You have no other health coverage.

  • You are not enrolled in Medicare.

  • You cannot be claimed as a dependent on someone else's tax return.

 

Preventive Care Coverage

An HDHP may provide preventive care benefits without a deductible or with a deductible less than the minimum annual deductible. Preventive care includes, but isn’t limited to, the following.

  1. Periodic health evaluations, including tests and diagnostic procedures ordered in connection with routine examinations, such as annual physicals.

  2. Routine prenatal and well-child care.

  3. Child and adult immunizations.

  4. Tobacco cessation programs.

  5. Obesity weight-loss programs.

  6. Screening services. This includes screening services for the following:

    1. Cancer.

    2. Heart and vascular diseases.

    3. Infectious diseases.

    4. Mental health conditions.

    5. Substance abuse.

    6. Metabolic, nutritional, and endocrine conditions.

    7. Musculoskeletal disorders.

    8. Obstetric and gynecological conditions.

    9. Pediatric conditions.

    10. Vision and hearing disorders.

    For more information on screening services, see Notice 2004-23, 2004-15 I.R.B. 725 - Click Here

     

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