Friday, November 2, 2018

Health Savings Options

Postal employees who want to save money for future medical expenses have several options during this year's open season, which runs from November 12 through December 10.

If you enroll in a high-deductible health plan (HDHP), you may be eligible to contribute to a Health Savings Account (HSA).

An HSA allows you to pay for current health expenses and save for future medical expenses on a tax deductible or pretax basis. An HSA is yours to keep — even if you change health plans or leave the Postal Service.

Additionally, some plans offer Health Reimbursement Arrangements (HRAs), which are funds you can use to help cover out-of-pocket medical expenses. HRAs are generally available to employees who enroll in a Consumer-Driven Health Plan (CDHP).

If an HDHP or CDHP plan doesn’t meet your needs, you can sign up for a Flexible Spending Account (FSA), which allow you to set aside money pretax to pay for health and dependent care expenses.

The Open Season LiteBlue page has more information to help you evaluate your options and choose the option that best fits your needs.

Source: LINK

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