Health Savings Account (HSAs)

AmeriHealth New Jersey offers an HSA option with several of our plans. If you're considering a plan with a high deductible, adding an HSA can save you money. Health savings accounts (HSAs) are member-owned personal savings accounts, which can be funded personally, by an employer, or both if you are part of a group health plan. They can only be offered in conjunction with an HSA qualified high deductible health plan (HDHP).

Members contribute to HSAs through check, online transfer, or payroll deduction if a part of a group health plan. Contributions are tax-deductible and distributions are tax-free when used to pay for qualified medical expenses. Interest and earnings are also tax-free.

Under an HSA arrangement, the member owns the account, so if he or she changes jobs, the account goes with that member, even if they switch health insurance carriers. Members can even use their HSA as an investment to help cover health care costs in their retirement years. The interest-bearing account includes a wide variety of investment options once the balance reaches $500 to help maximize savings year after year.

For more information on how to set up, maintain and monitor your HSA, please refer to the following collateral.

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Refer to IRS Publication 969 for more information about HSAs.

AmeriHealth New Jersey does not provide tax or legal advice. Please consult with your own tax or legal advisor regarding the tax and legal implications of a Health Savings Account.