BlueEdge HSA Plans – Overview
BlueEdge HSA Overview
BlueEdge Individual HSA and BlueEdge Individual HSA 5000 plans are priced among the lowest of Blue Cross Blue Shield of Illinois’ major medical health insurance plans, while still covering the same health care services as the more expensive PPO plans.
BlueEdge high deductible health plans offer reliable coverage and affordable monthly premiums. Key coverage and plan features include:
- First dollar coverage for Well-Adult Care and Well-Child Care benefits, with a $20 copayment per visit
- Prescription drug coverage (counts toward the deductible)
- Diagnostic testing
- Hospital services
- Select the participating provider coverage level that fits your budget — 100 percent or 80 percent
- Choice of several deductible levels
- Optional dental coverage
BlueEdge Individual HSAs are a good fit for:
- Individuals who want affordable premiums and a wide range of benefits and don’t expect a lot of medical expenses(i.e. Comprehensive Catastrophic Coverage)
- Self-employed individuals who welcome affordable, reliable benefits and the ability to save and invest with their HSA. You may also be able to deduct your premiums.
- Professionals looking for tax-advantage savings channels that can be used for qualified medical expenses.
- Healthy individuals and families who appreciate the affordability and who are not as likely to have huge medical expenses associated with major illnesses; catastrophic coverage is especially important.
- Small employers (less than 10 employees) looking for a way to help their employees affordably self-insure.
- Working uninsured seeking lower premiums, reliable benefits and the “ownership” of their HSA; catastrophic coverage is especially important to these individuals.
- Early retirees who are able to roll over their HSA and use tax-advantaged dollars to pay for health care expenses in their retirement. If they are between the ages of 55 and 64, they can make catch-up contributions to their HSA.
All BlueEdge Individual HSA plan options utilize the extensive Blue Cross and Blue Shield of Illinois PPO network (including over 90% of Illinois physicians), and provide nationwide PPO access through the Blue Card Program, which represents the combined PPO networks of the United State’s Blue Cross and Blue Shield plans. This provides a comprehensive network of doctors and hospitals to individuals traveling outside of Illinois. Blue Cross and Blue Shield of Illinois BlueEdge HSA plan members also pay less for health care services because of the deeply discount fees BCBSIL has negotiated with participating providers.
HSA Administration Options
Blue Healthcare Bank
When you purchase HSA-compatible coverage from Blue Cross and Blue Shield of Illinois, you can choose any financial institution to establish your HSA. Blue Cross and Blue Shield of Illinois offers HSA services through Blue Healthcare Bank, an independent licensee of the Blue Cross and Blue Shield Association created by 33 investing Blue Cross and Blue Sheild Plans. Health Care Services Corporation, the parent company of Blue Cross Blue Shield of Illinois, is one of the Blue Cross Blue Shield Plans with an ownership stake in Blue Healthcare Bank.
On the Blue Cross Blue Shield of Illinois HSA application, you have the option of establishing a Blue Healthcare Bank HSA. If you choose this option, Blue Healthcare Bank charges a one-time account set-up fee of $16 and a $3.50 monthly maintenance fee for balances under $2,000 and a $.50 monthly maintenance fee for balances $2,000 or greater.
First American Bank
To avoid monthly maintenance fees and minimum balance requirements, we recommend opening an HSA account with Lively HSA and electing to receive your bank statements online. They provide a free debit card for your HSA account and have branches throughout the Chicagoland area. However, if you elect to receive paper bank statements, a $3.00 monthly fee is charged unless you maintain a minimum average daily balance of $2000.
BlueEdge HSA Individual and Family Plans
BlueEdge Individual HSA
BlueEdge Individual HSA plans offer a 100% or 80% coinsurance option and a choice of 5 deductibles: $1,200, $1,750, $2,600, $3,500, and $5,000 for individuals; and $2,300, $3,500, $5,200, and $7000 for families.
|BlueEdge HSA Deductibles|
|$1,200 single / $2,400 family||$1,750 single / $3,500 family|
|$2,600 single / $5,200 family||$3,500 single / $7,000 family|
|$5,000 single / $10,000 family|
With the 100% coinsurance option, members pay nothing for covered services after the deductible is met. With the 80% coinsurance option, members only pay the remaining 20 percent for covered services once their deductible has been met when they use participating doctors and hospitals. Once the amount paid in coinsurance reaches $3,000, all covered services will be paid at 100 percent when participating doctors and hospitals are used.
The BlueEdge Individual HSA 5000 annual deductible for individuals is $5,000; the family deductible is $10,000. BlueEdge Individual HSA 5000 covers 100 percent of out-of-pocket expenses once the plan deductible has been met. This means you pay nothing for covered services once your deductible has been met when using participating doctors and hospitals.
BlueEdge Individual HSA 5000 is a good plan for individuals who are relatively young with a good health history because they are unlikely to incur high health care expenses in any given year and will benefit from lower monthly premiums.
Individuals who are willing to pay a little more for their monthly premiums in return for a lower annual deductible may want to consider a BlueEdge Individual HSA plan with a lower deductible.