Good coverage at a lower cost. Allows you to save before-tax dollars to pay for your care.
A high-deductible medical plan with a tax-free Health Savings Account. This medical plan offers you a choice of medical care providers similar to a traditional PPO plan and provides in- and out-of-network benefits. In addition, BMC makes an annual contribution to your HSA for you to use during the year to pay your share of health-related expenses. Unused money in your HSA rolls over from year to year for you to use for future health expenses. Prescription drug coverage is provided through Express Scripts.
The BCBSTX HSA medical plan offers some unique features not available with the other medical plans. When you enroll in the BCBSTX HSA Plan, you receive a BMC contribution that’s based on who you cover and your base salary.
Please note: You are eligible for BMC’s HSA contribution if you are actively employed by BMC on the date the company contribution is deposited to your HSA.
The money in your HSA always belongs to you. If you retire or leave BMC, your account goes with you.
You can also make your own before-tax contribution into your HSA account through payroll deductions or with a personal check deposit. The IRS limits total annual contributions (employee and employer) to an HSA; the limit in 2020 for employee-only coverage is $3,550 and $7,100 for all other coverage. If you are age 55 or older, you can make an additional catch-up contribution of $1,000.
If you elect both payroll deductions and make a personal check deposit into your HSA, and that results in you exceeding the annual limits, BMC will not automatically turn off your payroll deductions. You are responsible for monitoring the balance in your HSA and contacting Your Spending Account to discontinue regular payroll deductions.
The money in your account is always yours to keep, and it’s up to you to decide whether you want to use your HSA to cover day-to-day health care expenses, as a savings vehicle for the future, or a combination of both.
The HSA can be either an effective way to save for retirement medical expenses or a means to cover the medical and prescription drug deductible and coinsurance today. The choice is yours.
When you enroll in the BCBSTX HSA Plan, BMC sets up on your behalf an HSA account through Your Spending Account™ and UMB Bank. This process occurs automatically with your enrollment in the plan. In most instances, you will not need to take any additional action to open your HSA account; you will receive an HSA welcome kit along with your debit card when the account opening process is complete. However, sometimes UMB Bank will need additional information from you in order to open the account (verification of birth date, Social Security number or other information). If this occurs, you will receive notification in the mail at your home address from UMB Bank that additional information is needed. If you do not respond to this request within 60 days, your HSA account will automatically close, and you will be ineligible to make your own contributions or receive company contributions.
Once your account is open, BMC will deposit half of the company contribution in January and half in July. Newly hired employees will receive prorated amounts. Those hired between January 1 and June 30 will receive the entire annual amount, half within 30 days of when they become eligible and the other half in July. Those hired between July 1 and December 1 will receive 50 percent of the annual amount within 30 days of eligibility. If you were hired between December 2 and 31, you will not receive a company contribution for that calendar year. You are eligible for BMC’s HSA contribution if you are actively employed by BMC on the date the company contribution is deposited to your HSA.
One of the main advantages of the BCBSTX HSA Plan is the opportunity to save any unused dollars in your account. If you don’t spend all the money in your account during the year, the balance rolls over into the next year and is added to any future amount you elect to contribute.
Your HSA will earn interest at competitive money market rates and be credited each month. When your HSA base account balance reaches $2,000, you can invest up to $1,000 of your funds into a money market sweep account or select mutual funds. Because your HSA is intended to pay for health care costs, UMB requires that you maintain the remaining $1,000 in your base account in case of health care emergencies. Complete information about your account, investment options, fees and legal considerations can be found on the UMB HSA website.
For more information, read IRS Publication 969—Health Savings Accounts and Other Tax Favored Health Plans.
You can use your HSA for qualified health-related expenses as allowed by the IRS. Some expenses may not be covered by your health plan but are considered “eligible expenses” for payment with HSA dollars. Some typical examples include:
You will receive a Your Spending Account HSA debit card that allows easy access to your HSA funds. You can use the debit card to pay for all legitimate, permitted medical expenses under federal law. The choice of when and how to use the HSA debit card—or not to use it at all and let your HSA funds accumulate—is entirely up to you. You can also track your account balance, transfer funds to your personal checking account, and view deposit activity and interest earnings on the Your Spending Account website. If you contribute to a Limited Use FSA, you will use this same debit card to pay out-of-pocket expenses from this account. View your Health Savings Account online at the MyBMC Rewards website (select the Your Spending Account tile). Click here to learn how to change your Health Savings Account contributions.
You have the option of using your card as “credit” or with a Personal Identification Number (PIN) if your merchant accepts PIN transactions. When you activate your card, you will be asked to set up a four-digit PIN of your choice. To set up a PIN, call 1-888-999-0194 or the number on the back of your YSA card. You will be required to provide your card number, ZIP code, and three-digit security code located on the back of your card. After providing the information, you will be asked to select a four-digit PIN of your choice. The same PIN applies to all YSA cards on your account.
(1) You can change HSA contribution amounts at any time during the year. The new contribution amount is effective the first of the month following your contribution change.
(2) New to BMC? Any current year contributions you made to an HSA before joining BMC count toward the IRS annual contribution limits. Please note: You are eligible for BMC’s HSA contribution if you are actively employed by BMC on the date the company contribution is deposited to your HSA.
(3) Your payments to MDLIVE do not count toward the in-network deductible and out-of-pocket maximums for the HSA and PPO medical plans.
(4) The plan covers bariatric surgery and some transplants if performed at a Blue Distinction Center.
(5) Certain high-tech radiology tests (CT scans and MRIs) require prior authorization except during a medical emergency. Authorization is not required for low resolution diagnostic services, including mammograms, sonograms, and x-rays.
(6) Your newborn is automatically covered under the plan for the first 31 days after the date of birth. If you wish to continue coverage for the newborn beyond that date, you must add the child to your medical coverage through the MyBMC Rewards website (select the Life Changes tab) within 31 days after the newborn’s date of birth.
(7) Other preventive exams and cancer screenings may have age and time limit restrictions.
(8) Additional plan authorization review required after 30 days.