Copyright 2008 MSMA Insurance Agency | Contact Us by Email or call 1-866-676-2467
Congratulations MGMA!
May 7th, 2008
New Group Health Plan: Exclusively for Medical Offices-Exclusively through MSMA Insurance AgencyMay 1st, 2008
Celebrating 5 Years of Service and a New Member to our Staff!April 28th, 2008
Group Benefits
HSA/HDHP/HRA
A High Deductible Health Plan (HDHP) with a Health Savings Account (HSA) or a Health Reimbursement Arrangement (HRA) is a tax-sheltered trust account that you own for the purpose of paying qualified medical expenses for yourself, your spouse, and your dependents. It provides traditional medical coverage and a tax free way to help you build savings for future medical expenses. The HDHP/HSA or HRA gives you greater flexibility and discretion over how you use your health care benefits.
The HDHP features higher annual deductibles (a minimum of $1,100 for Self and $2,200 for Self and Family coverage) than other traditional health plans. Using in-network providers will save you money. With the exception of preventive care, you must meet the annual deductible before the plan pays benefits. Preventive care services generally are paid as first dollar coverage or after a small deductible, or co-payment. A maximum dollar amount (up to $300, for instance) may apply.
When you enroll in an HDHP, the health plan determines if you are eligible for a Health Savings Account (HSA) or a Health Reimbursement Arrangement (HRA). If you are Medicare enrolled, you are not eligible for an HSA. Each month, the plan automatically credits a portion of the health plan premium into your HSA or HRA, based on your eligibility as of the first day of the month. You can pay your deductible with funds from your HSA or HRA. If you have an HSA, you can also choose to pay your deductible out-of-pocket, allowing your savings account to grow.
To learn more about HSA/HDHP/HRA and if it is the right option for you, please email Ronnie Staggs or call him toll free at 1-866-676-2467.
We work with numerous insurance companies to provide comprehensive employee benefit programs to fit all group sizes. Let us assist you to create a brand new program, administrator your current program, or provide competitive quotes at your plan’s anniversary date.
