HealthyBlue 2.0/HealthyBlue Advantage Member ... - CareFirst

HSA and HRA PlansThis section is specifically for members of CareFirst’s HealthyBlue BlueFundHSA, BlueFund HRA, Compatible HSA and Compatible HRA Plans. Please notethat all HealthyBlue Advantage plans offered to members who purchase theircoverage directly from CareFirst are HSA compatible. This information is intendedto provide an overview and doesn’t represent your specific HealthyBlue benefits,whether you’re a group or individual member. If you’re unsure whether thisinformation applies to you and your benefits please refer to your Evidence ofCoverage/Agreement.Health Savings Account (HSA)Certain members enrolled in CareFirst BlueChoice’sHealthyBlue BlueFund or Compatible HSAhealth plans have the option to participate ina Health Savings Account to pay for qualifiedmedical expenses with tax-free dollars. If you areenrolled in a HealthyBlue BlueFund HSA plan,you employer will arrange for your HSA to beopened through the BlueFund program. If you areenrolled in a Compatible HSA plan, you may needto open your HSA on your own. HSA health plansare always high deductible health plans (HDHPs)with a deductible that applies to both your medicaland drug benefits.For all services other than the ones mentionedearlier in this section at no cost, you’ll first needto meet your plan year deductible, before yourfull HealthyBlue HSA coverage begins. You thenpay a copayment or coinsurance for all coveredservices, including prescription drugs. The fundsin your HSA can also be used to pay for these outof-pocketexpenses.How your HSA worksA Health Savings Account is a tax-exempt medicalsavings account that can be used to pay for youreligible medical expenses. HSAs enable you to payfor current health expenses and save for futurequalified medical and retiree health expenses on atax-free basis. You own and control the money inyour HSA. Unlike a Flexible Spending Account,there is no “use it or lose it rule.” Funds that arenot used for current health expenses are saved forfuture use. The funds in your HSA earn interest,and when a certain balance is reached, can even beinvested in a wide variety of investment options.Each year you, your employer (if applicable) orboth make a contribution toward your HSA. Youthen use the money in your account to pay thefull or discounted cost of covered services untilyou reach your benefit year deductible.HealthyBlue Member Handbook31