An HSA Plan is a high deductible health plan that offers lower premiums together with a Health Savings Account (HSA). An HSA allows you to pay for current or future eligible medical expenses tax-free. As an added bonus, Masonite will contribute to your HSA! Money in your HSA can be carried forward from year to year and is always yours to keep.

How the HSA plans work

• You receive in-network preventive care at no cost. This includes annual physicals, immunizations, and recommended screenings.
• For nonpreventive medical care and prescriptions, you pay the negotiated costs until your deductible is met. Remember, Masonite’s annual contribution to your HSA, as well as your own pre-tax HSA contributions, will help you pay for your out-of-pocket costs.
• Once you satisfy the deductible, you’ll pay a percentage of your covered medical expenses; this amount is called your coinsurance.
• If your deductible and coinsurance expenses reach the out-of-pocket maximum, then the plan pays 100% of your eligible expenses for the rest of the year.

Use your HSA plan wisely

Here are ways to make the most of your plan all year long.

Track your stats. Log in to the Anthem website to see how much of your deductible you’ve met, review claims, use helpful tools, and more. Likewise, keep tabs on your HSA by logging in to the Discovery Benefits website to view your balance, submit claims, and more.

Think about your costs. You pay lower premiums in exchange for assuming more financial responsibility when you receive care, so it’s smart to plan ahead. Try to contribute enough to your HSA to cover your expected out-of-pocket costs, such as your annual deductible and coinsurance.

Change your contributions anytime. You can adjust your contributions as necessary during the year, to keep your savings on track with your anticipated expenses. Note: You can only spend HSA contributions that have actually been deposited into your account.

Look long term. You will never forfeit any money left in your HSA — it rolls over year after year. If you know about future expenses — or if you want to save for your health care costs in retirement — set aside a little extra each paycheck so your balance can grow over time.