Seamless Management of your Employee Financial Accounts
We offer a suite of plans to help employers and their employees get the most out of their health and wellness benefits. We partnered with HealthEquity, Inc. to provide integrated Consumer Driven Health Plan (CDHP) account services. This partnership allows you and your employees to seamlessly manage health care expenses and savings at no additional cost.
Integrated CDHP Health Account Offerings administered by HealthEquity
|Account Type||Description||Compatible BCBSVT QHP Plans|
|Health Savings Account
|Tax-deductible savings account that is used to help pay for current or future qualified medical expenses which are not reimbursed through health insurance or any other health reimbursement source (i.e. deductibles, coinsurance, vision, and dental services). To learn more about HSAs, click here.||
|Health Reimbursement Account
|An account funded by employers to pay for out-of-pocket health care expenses like deductibles, office visits, hospital stays, and prescription costs. The amount an employee uses from the HRA for qualified services is tax free. To learn more about HRAs, click here.||All BCBSVT Small Group QHP plans|
|Flexible Spending Account
|An employer sponsored benefits program offered to employees that helps them save pre-tax dollars to pay for qualified medical or dependent care expenses. No charge for FSA as long as you have an established HSA or HRA through HEQ. To learn more about FSAs, click here.||All BCBSVT Small Group QHP plans|
How it Works
1. Determine what type of account(s) you will offer and how much you will contribute.
2. Employers set-up an account with HealthEquity, Inc. and complete applicable forms.
3. Help your employees enroll in the qualified health plan of their choice.
- Upon enrollment, BCBSVT sends HealthEquity all members that you have elected for enrollment in either the HRA or HSA. HealthEquity then establishes accounts for each employee and mails welcome materials to their homes. On a weekly basis, BCBSVT sends all claim information to HealthEquity so that claims can be reimbursed appropriately. This also ensures that the appropriate documentation is maintained for the IRS.
- Employees enrolled in the HSA can transfer existing HSA balances from other administrators to HealthEquity, Inc., consolidate their savings and take advantage of other incentives.
4. Manage your account:
- Online - secure, real-time, 24/7 access to account information.
- Live Customer Support - HealthEquity employer support specialists are available to answer your questions, offer advice and provide help.
- HealthEquity Sales Resources
- For information HealthEquity offerings, call (877) 949-6727
- For Employer Support, call (866) 382-3510