Health savings accounts (HSAs) were signed
into federal law with the Medicare Prescription
Drug Improvement and Modernization Act of 2003.
The law’s intent was to pair high-deductible
health plans with savings accounts that allow
individuals to set aside tax-deductible, interest-earning
funds to cover deductibles, coinsurance and other
qualified medical expenses. Rolling over unused
funds from year to year adds tax-sheltered investment
and retirement-planning options.
The Regence HSA-qualified high deductible health
plan uses either the Participating or Preferred
provider network. Although Regence members may
choose any financial institution to administer
their HSA, our preferred financial services companies
are HSA Bank and Wells Fargo. Both banks provide
debit cards so that members may access HSA funds
to cover qualified medical expenses.
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