You can’t AVOID or PREVENT all your Medical Costs, when they occur you’ll need to MANAGE them with a (HSA)-Health Savings Account or (HMA) Health Matching Account.
A HSA (Health Savings Accounts) or HMA (Health Matching Account) are for the smaller bills associated with your health care needs (as well as for other medical services like dental and vision care and services that are either limited or excluded from sharing under the Select Membership Guidelines).
A HSA – Health Savings Account, is a tax-advantaged savings account where you can contribute up to $3,500 and $7,000 for 2019 and take a tax deduction for the amount of your contribution. Individuals age 55 or over (limit of one per HSA) can also make additional “catch-up” contributions up to $1,000 per year. Contributions are tax deductible.
You reduce your expenses by the percentage of your tax bracket when you pay for a service from an HSA. For example, if you’re in a 33% federal tax bracket, you’ll reduce your expenses for a qualifying medical expense by 33% when you pay for that expense from your HSA. In almost all states that have state income taxes you can also deduct the HSA contribution from your state taxes and additionally reduce your expenses by the % of your state tax bracket as well.
A tax-advantaged savings account that they can use to pay for eligible medical expenses as well as initial unshared amounts, prescriptions, vision expenses, dental care, alternative services and more. Unused funds that will roll over year to year. There’s no “use it or lose it” penalty. The potential to build more savings through investing. Members can choose from a variety of self-directed investment options with no minimum balance required. After age 65, funds can be withdrawn for any purpose without penalty, but may be subject to income tax if not used for IRS-qualified medical expenses.
The HMA – Health Matching Account is the ultimate medical benefit savings account available. It will help members be able to both save money on their medical expenses and also increase their I.U.A. – initial unshared amount to save up to 40% or more on their monthly costs over time. This is because the HMA awards its owners up to $2 in medical benefits or more for every $1 contributed into their HMA account balance as the program progresses, which will allow members to raise their medical cost sharing initial unshared amount and lower their monthly costs over time because their HMA Medical Benefits Account is designed to cover their out-of-pocket, medical cost obligations up to the higher initial unshared amount.
The HMA Medical Benefits Visa® Prepaid Card will be swiped at the point-of-service to pay for nearly all our cardholders’ medical services including copays and I.U.A. up to their HMA account balance at the time of the claim and can be used by either individuals or families. In addition, HMA accounts also pay for elective procedures that are not covered bymedical cost sharing such as plastic surgery, lasik and fertility as well as home health and long-term care expenses among others.