CalCPA Health has provided quality healthcare and benefit plans to CalCPA member firms for almost 60 years and one of our goals is to make healthcare insurance easy for CalCPA members. CalCPA Health offers a variety of HSA plans as well as PPOs, an HRA plan and HMO plans. Over the past several years, enrollment in Health Savings Accounts continues to grow at a fast pace. Here are some reasons why:

• Lower monthly premiums
• Tax advantaged contributions
• Tax-free qualified medical expenses
• HSA funds roll over each year
• Keep your money even if you change jobs or insurance plans
• Tax-free interest earned
• Invesment options
• Integrated banking and health claims administration

CalCPA Health’s HSA plans provide CalCPA members a unique program which offers High Deductible Healthcare Plans (HDHPs) combined with integrated banking and health claims administration through HealthEquity. The HSAs, when paired with a Health Savings Account offered through HealthEquity or a bank, brokerage or other financial institution, provides security against catastrophic medical expenses, while allowing you to set aside pre-tax dollars to pay for qualified medical expenses. With an HSA, you generally pay lower premiums today while able to build a a special savings account designed to pay for or reimburse you for current and future qualified medical expenses. It’s a win-win – save today and save for tomorrow.

According to  a study done by the Employee Benefit Research Institute in January 2017, the average American couple will need $265,000 to cover out-of-pocket health care costs in retirement. Putting away pre-tax dollars into an HSA can help pay for qualified medical expenses that Medicare won’t cover as well as help with dental, hearing and vision expenses. Qualified medical expenses remain tax-free, even into retirement. After age 65, you can use your HSA much like a 401(k) and withdraw funds for any purpose.

Find everything you need to know about HSA plans here:

Other resources:

• HSA FAQ
• Make sure to read The Unintended Consequence of the Affordable Care Act by Ron Lang, CEO of CalCPA Health

For details, contact Banyan Administrators, Managers for the CalCPA Health programs at 1.877.480.7923 or email CalCPAHealth@key.insurance. If you currently have a broker, have them contact CalCPA Health at 650.522.3251 or email CalCPAHealth@CalCPA.org.

Note: Review IRS guidelines for qualified medical expenses allowed under IRS Code 502 and consult a tax advisor regarding specific state requirements.