Page 25 - Empowered Learning for Dyslexic Children Benefits Guide 2022-2023
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Why CareFirst BlueFund HSA?
CareFirst BlueCross BlueShield and CareFirst BlueChoice, Inc. (CareFirst) offer BlueFund plans
to give you more control over your health care dollars. CareFirst BlueFund plans combine a
high-deductible health plan (HDHP) and a health savings account (HSA).
What is a high-deductible health plan
(HDHP)?
A high-deductible health plan is a health insurance
plan that is eligible for an HSA and has a higher
deductible than a traditional health plan. Per
Internal Revenue Service (IRS) requirements, you
can only contribute to an HSA if you have chosen
an HDHP.
With a BlueFund HSA, you’ll benefit
from:
No out-of-pocket costs for preventive care
■ You don’t need to meet your deductible
before you receive care. These visits are
100% covered by CareFirst.
Tax savings
■ Funds are taken from your paycheck
before taxes, lowering your taxable income.
■ Payments and reimbursements for eligible
out-of-pocket medical expenses are
not taxed.
■ You earn tax-free interest on your
account balance.
Online access
■ It’s easy to manage your HSA 24/7.
3 ■ Health Savings Account (HSA) Member Guide
