HSAs and Financial Wellness: A Holistic Approach. What will we cover today?. A short review of HSAs – some basic, some new Context and connection: your physical and financial health We view financial education as a stress reduction tool. Who Is Blackhawk Bank?.
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A Holistic Approach
To Add Value
What Exactly Is A Health Savings Account?
**Please consult www.ustreas.gov for further details
For Individuals, the opportunity is $3,250
For Families, the opportunity is $6,400
Catch up is $1,000 per eligible individual*
*Spouses must have a separate account, but once established funds cannot co-mingle; a spouse does not have to be on your plan to make this contribution but does need to have Qualified High Deductible coverage of their own (independently or through their employer)
Deductible Minimums for 2013: individual deductible must be $1250, and family must be $2500 (each can be higher, but this is the minimum)
Maximum total out of pocket limits for 2013: are $6,250 for an individual and $12,500 for a family
Discount plans for drugs are fine, (like Walgreens or CVS offers) and they work in tandem with any plan
No co-pay structure allowed for routine care and for drugs (full cost out of pocket, less the network discount)
Drug costs (regardless of how they are paid, or which drugs are purchased) go toward satisfying the deductible
Preventative Wellness + Financial Education = A goal of less stress-related illnesses
Lifestyle Changes beyond the Physical
Other Expenses* 15%
Charitable Giving 5%
*Other expenses can include utilities (Electricity, gas, phone cable/satellite TV, Internet access), medical expenses and insurance.