HEALTH SAVINGS ACCOUNTS AND HSA BANK
CareSource’s HSA Eligible Bronze plan is a High Deductible Health Plan (HDHP) that can be paired with a Health Savings Account (HSA) to save for health care expenses now and in the future.
While CareSource does not create, manage or administer any HSA in conjunction with your CareSource Marketplace Bronze HDHP, you can take advantage of our partnership with HSA Bank to set up a Health Savings Account.
What is a Health Savings Account?
A Health Savings Account, or HSA, is a tax-advantaged savings account you can use for healthcare expenses. The funds in the account are used to pay for IRS-qualified medical expenses such as services applied to your deductible, dental care, vision expenses and more.
Who can get an HSA?
Any eligible individual that:
- Is covered by an HSA-compatible health plan (HDHP).
- Is not covered by other health insurance (except certain types of limited coverage).
- Is not enrolled in Medicare.
- Is not a dependent on someone else’s tax return.
Note: Eligible spouses can establish their own HSA; children cannot establish an HSA.
What are some of the benefits of having an HSA?
- Savings. Save dollars you don’t use this year and use them to reduce out-of-pocket expenses in future years — even in retirement.
- Convenience. The bank that holds your account will provide you with a checkbook and/or a debit card to pay for covered expenses.
- Ease of use. You choose how much to contribute to your account, how much to spend on qualified medical expenses, and which expenses to pay from the account.
How do I set up an HSA?
Contact your local financial institution to find out if they offer Health Savings Accounts or set up an account with HSA Bank.
Setting up an account with HSA Bank is as easy as 1-2-3!
- Log in to the CareSource member portal at MyCareSource.com
- Follow the link to HSA Bank
- Complete the enrollment process
Take advantage of no monthly fees and access to the HSA Bank Client Assistance Center, available 24 hours a day, 7 days a week (except select holidays).
If you have questions or need help setting up your account, call HSA Bank directly at 1-800-357-6246.