Our SuperMed HSA plans make it easier than ever for your employees to take an active role in managing their healthcare costs. SuperMed HSA plans are qualified high-deductible health plans that can be paired with an employee-funded Health Savings Account (HSA). When the health plan and savings account are paired, your employees combine comprehensive coverage with tax advantages and other financial incentives.
It’s important to stress to your employees the need for them to open the HSA, which is managed by a bank or financial institution, in order to take full advantage of what a SuperMed HSA plan offers.
What is an HSA?
Health Savings Accounts work like an Individual Retirement Account (IRA), except money deposited in the savings account is used to cover eligible healthcare expenses, such as your health plan deductible or charges for prescription medications. Plus, an employee’s annual contributions earn interest, are tax-deductible and roll over from year to year.
Our SuperMed HSA plans include:
- Preventive care benefits provided at 100 percent with no deductible for network providers
- Free HSA administration at qualified banks and financial institutions
How SuperMed HSA Deductibles and Coinsurance Works
For individual (single) plans:
- A single deductible applies.
- Once a member satisfies their single or individual deductible, the plan starts to pay for their benefits.
- Single coinsurance and out-of-pocket amounts applies.
For family plans
- Family deductibles – This must be met before benefits are provided on a family contract.
- Family coinsurance and out-of pocket amounts – These must be paid before all benefits are paid at 100 percent on a family contract.