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HDHP/HSA Products from PHPSM
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High Deductible Health Plans (HDHP)
Physicians Health Plan of South Michigan (PHPSM) is proud to offer you six new affordable health care plans called High Deductible Health Plans (HDHP's). Our HDHP's feature low premiums and first dollar coverage for preventive care. The following preventive health services by an in-network provider will not be subject to the annual deductible and are offered with no co-insurance:
- Annual physicals including gynecologic exam
- Mammograms
- Prenatal care visits
- Well-baby and routine child checks
- Exam of eyes and vision
- Immunizations
- Cancer screening tests
- Cardiovascular stress test
- Other labs and screenings*
Also included in our HDHP's is:
- It's Your Life health management program
- Smoking Cessation program
- Weight Watchers weight reduction program
- A NEW You weight loss/management program
- Nutritional counseling
Our HDHP's offer deductibles as low as $1,000 and as high as $10,000 to give our members coverage options to meet their diverse needs. Our HDHP's also provide prescription drug coverage with a $10/25/50 copay after the deductible has been satisfied.
High Deductible Health Plans Benefit Summary
HDHP/HSA Brochure
Preventive Health Flyer
Eligible Expenses
Health Savings Accounts
Our high deductible health plans are specially designed to work in conjunction with Health Savings Accounts (HSA), a new option allowing greater control over health care costs. The HSA is a savings account, similar to an IRA, but for medical expenses. HSA's provide a convenient way to save - and invest - for future medical expenses, and they carry triple tax benefits. This means that:
- HSA contributions are not subject to income tax
- HSA withdrawals to pay for qualified medical expenses are not taxed
- Interest earned on the HSA funds is not taxed
HSA distributions to spouses of deceased participants are also tax-free. No other health savings vehicle offers this type of tax advantage. Contributions to an HSA can be made by the individual or by the employer. HSA funds are then available to pay for current and future qualified medical, dental, and vision expenses and on into retirement savings. Any unused HSA funds can be rolled over from year to year. Since the HSA is owned by the individual, it is completely portable - participants can take their HSA's with them when they change jobs or retire. HSA participants can even invest unused HSA funds and earn tax-free interest.
PHPSM has partnered with BASIC Human Resource Connection, an industry-leading HSA plan administrator, to make it easy to enroll and participate in an HSA. You may use our partner or choose your own bank and plan administrator. BASIC makes having an HSA manageable, providing service such as:
- Processing and record keeping
- Employee education and guidelines
- Individual debit cards or checkbook for health care expenses
- Accounting services to make tax reporting easy
- Online banking with electronic archives of all receipts
- 24-hour toll free support
For more information on the PHPSM High Deductible Health Plans or HSA administration through BASIC Human Resource Connection, please contact our Sales Department. One of our Sales Representatives will be happy to provide you with detailed information or rate quotes on our HDHP products. You may also visit the IRS or the Department of Treasury site for more tax specific information related to the HDHP and HSA.
*For a complete list of Preventive Health Services covered under the PHPSM High Deductible Health Plans, please contact our Customer Service Department at 800-394-7569.
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