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Keep You and Your Employees HSA-compliant in 2020

Employers with high deductible health plans (HDHPs) get details on staying HSA-compliant in 2020.

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If your benefits portfolio includes a qualified high deductible health plan (HDHP) such as BlueSaver or BlueDirect, you may be eligible to also offer employees a health savings account (HSA) to help them pay out-of-pocket costs. Contributions to an HSA are not subject to federal income tax at the time of deposit. Funds can be withdrawn at any time to cover any qualifying medical expenses and rolled over from year to year.

(BCBSND does not offer HSAs but we can help you get set up with a reputable HSA provider through our partner, Azurance Group. Your account executive can also help guide you.)

Because of the tax implications, HSAs are governed by the Internal Revenue Service (IRS). In general, HSAs haven’t changed dramatically over time. However, limits and maximums and other details evolve slightly from year to year. For example, families can contribute an additional $100 from 2019, while the individual contribution limit to an HSA increased by $50 to contribution limits of $7,100 and $3,550 respectively in 2020.

This handy comparison chart will help you and your employees stay compliant this year. Download the 2020 Health Saving Account Guidelines

Offer an HSA with your qualified high deductible plan from our partner, Azurance Group.

HSA Options from Azurance 

Voluntary group benefits products and administrative services are offered independently by Azurance Group, Inc. This is not a Blue Cross Blue Shield product and administrative service. Azurance Group, Inc. is solely responsible for its products and administrative services.