There are many different California health insurance plans that offer a health savings account (HSA) option. One that you may want to consider is Anthem Blue Cross and their Lumenos HSA plan.
If you select Anthem Blue Cross s your health insurance provider, you have the option to set up an HSA account. If you choose to do so, Anthem Blue Cross will work with a partner bank, who will send you the paperwork to set up your account. Once your Lumenos HSA is set up, you can contribute pretax dollars to it and save on your annual income tax bill. The money in your account will earn interest, and anything you don’t spend in the current year will roll over to the following year.
HSAs can pay for any eligible health care expense, including prescriptions, dental care, and even some over-the-counter treatments such as cold medication. As long as the money in your HSA is used for qualifying medical expenses, it is tax-free.
With the Lumenos HSA, you get to choose your deductible, and your HSA will pay for 100% of your medical expenses after your deductible is met. In addition to the Lumenos plan, there are many other HSAs available on the market. If you think you are interested in a health savings account but aren’t sure which one to choose, contact the experts at Benefit Packages. We’ve been helping Californians with health insurance since 1987, and can help you make sense out of the array of policies available.