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The Basics
The health savings account, or HSA, was created recently by federal legislation. A HSA lets you set aside pre-tax dollars for future medical, retirement, or long-term care premium expenses. Invest these funds as you wish within a broad range of choices, then use them for qualified expenses. The funds can roll over from year to year. You take them with you when you change jobs.

High-Deductible Requirements
To open a HSA, you must be enrolled in a qualified health plan with a high deductible. Federal legislation creating HSAs defines a high-deductible health plan as having a minimum annual deductible of $1,000 for a self-only plan, or $2,000 for a family plan.

HSA vs. HRA vs. FSA
A HSA is different from other kinds of tax-advantaged savings accounts. You might be familiar with Health Reimbursement Arrangements (HRAs) or Flexible Spending Arrangements (FSAs). The main difference between a HRA and a HSA is that HRA funds are provided only by an employer for an employee, and do not follow an employee to a new employer. The main difference between a FSA and a HSA is that FSA funds must be used within the calendar year; otherwise they are forfeited.

For an individual:

       More control over your health-care dollar
You may pay lower monthly costs for coverage than you’re used to.

       More options for savings
By setting aside money you would spend on health-care costs anyway, you prepare for future needs - whether qualified medical expenses, retirement planning, or investment options - all while enjoying tax deductions and tax-free interest and earnings.

       Great medical coverage and customer service
Regence medical plans provide a broad network, including worldwide BlueCard access to care. Unlike some competitors’ plans, the Regence Health Savings Account medical plan does not require copays, referrals or Personal Care Providers.

       Preferred relationship with Wells Fargo
This preferred financial services company administers the savings account portion of your HSA. Wells Fargo offers respected, FDIC-insured service, investment options, retirement-planning resources and convenient debit-card access to your funds. You can manage your HSA online or by phone. Or you can work with a premium financial institution of your choice, instead.

For an employer:

       Your HSA contributions are tax-deductible in the year in which you make them. For small employers without a retirement plan, funding a HSA could be a way to offer retirement savings to employees.

For an employee:

       Your HSA contributions are made with pre-tax dollars, and can be made through payroll deduction. Any employer contributions are not taxable to the employee.

Qualified health plans

To open a health savings account, you must be enrolled in a high-deductible health plan. The federal government defines these plans generally as those with an individual deductible of at least $1,000, or family deductible of at least $2,000, though there are other requirements.

The Regence Health Savings Account pairs an affordable, high-deductible health plan with a bank account. You may choose any bank for your account.

Who is eligible?

You are eligible to enroll in the Regence Health Savings Account if:

       You are not enrolled in Medicare.

       You do not have coverage (including through a spouse) under a non-high-deductible health plan. (There are very limited exceptions.)

       You are not claimed as a dependent on someone else's tax return.