As of 1/1/17 Contra Costa County is offering a Health Savings Account to be used in conjunction with the new Kaiser High Deductible Health Plan.
With a health savings account, you can take advantage of tax-free contributions, earnings and interest, and withdrawals for your qualified health care costs.
How your HSA works
Once you have enrolled in the Kaiser High Deductible Health Plan (HDHP):
You can open an HSA
You can make pre-tax contributions to your HSA through your payroll up to the maximum amount allowed by the IRS. 2017 is $3,400 for self and $6,750 for family.
The money in your account will earn interest on a tax-free basis
You can use tax-free dollars from your HSA to pay for care for both you and your dependents, to include: Doctor and hospital visits, Prescription drugs, Primary and specialty care visits, X-rays and lab tests, Vision and dental care, for other qualified expenses see IRS Publication 502, Medical and Dental Expenses.
Health Payment Card
Your HSA comes with a convenient debit card that saves you time and paperwork.
Monthly fee (waived for 2017)
There is a 3.25 fee for your HSA. This is waived when your account balance reaches $2,000.
Mutual fund investment
you have the option to invest money from your HSA once your account reaches $2,000. You can choose to invest amounts above $2,000 in your HSA into a selection of mutual fund options.