A Health Savings Account (HSA) is a tax-advantaged savings account designed to help save for medical expenses. It is available to employees enrolled in a high-deductible health plan (HDHP). The HSA Plans have a higher deductible but lower monthly premiums than the PPO Plan which can be a savings for employees who don't expect frequent medical needs.
The HSA Plans are a great option for most employees. In these medical plans, the premiums are lower, and Transocean contributes cash to your HSA. You can also save pre-tax dollars in your HSA for the coming year or invest your HSA funds for future healthcare expenses. Any money left in your HSA rolls over to the following year.
What is an HSA?
The Health Savings Account comes with some compelling savings advantages that you just can’t get with a PPO. Your dollars:
- Are tax-free when they go into the account,
- Grow tax-free, and
- Spend tax-free if you use them for qualified medical costs.
- Invest your savings through Fidelity just like your 401(k)
Eligibility
While you can participate in the HSA medical plan without opening an HSA bank account, you won’t benefit from the tax-advantaged savings and investment opportunities that come with an HSA. The HSA Plans would only provide health insurance coverage with higher deductibles and lower premiums, but no automatic access to HSA benefits unless you set up your HSA account.
To be eligible to open an HSA, the Internal Revenue Service (IRS) requires you to be enrolled in a high deductible health plan (HDHP). The Transocean HSA Plans qualify as high deductible health plans.
These additional rules apply as well:
- You can not be enrolled in Medicare.
- You can not receive health benefits under TRICARE.
- You can not have received Veterans Administration (VA) benefits within the past three months.
- You can not be claimed as a dependent on another person's tax return.
- You can not use a general-purpose healthcare flexible spending account (FSA) or health reimbursement account (HRA). Alternative plan designs, such as a limited-purpose FSA or HRA, are permitted.
Deductibles in an HSA
Both the HSA Plus and HSA Basic plans include individual and family deductibles that must be met before coinsurance applies.
HSA Plus
When covering family members, everyone's costs, including prescriptions, count towards the family deductible. Everyone pays 100% until the family deductible is met.
Plan participants with employee-only coverage must meet the individual deductible before coinsurance applies.
HSA Basic
An individual only needs to meet the individual deductible level before the coinsurance applies. Coinsurance applies for all family members once the family deductible is met. The family deductible can be satisfied through a combination of multiple family members.
Making the Most of Your HSA Dollars
To keep more dollars in your HSA, it's always best to be a good shopper. Choosing the right care setting for your illness or injury can help you save time and money. For non-emergency needs, going to the ER might not always be your best option.
To help keep healthcare costs down for our employees, we are working with UnitedHealthcare to ensure you have the tools available to check your care options, choose a care provider, and go for better health. From 24-hour nurses to Virtual Visits to urgent care centers and beyond, knowing your options can help save you time, money, and frustration.
Before seeing your doctor or scheduling a procedure, you should compare costs to get the best care at the best price. Visit myuhc.com® and select Find Care & Costs. Or know on the go by downloading the UnitedHealthcare app.
Changing Your Contributions
To make changes to your HSA contributions outside of Annual Enrollment, visit YourTransoceanBenefits.com, log in to your benefits account, and click on HSA Contribution Change on the left under Quick Actions. Changes may also be made by phone.
Learn More
Check out HSAYourWay.com, a site designed to show you how to make the most of the HSA medical plan and the Health Savings Account. There you’ll find tools and resources to:
- Show you how HSA savings really add up,
- Answer your toughest HSA saving and spending questions, and
- Let you see Real Life Examples of how HSA plans work for families of all sizes and medical needs.
+ Check. Choose. Go.
And for more routine doctor visits, procedures, and exams, you should compare costs to get the best care at the best price. Visit myuhc.com® and select Find Care & Costs. Or know on the go by downloading the UnitedHealthcare app.
