Open Enrollment for John Crane, BIS, and Smiths Group is July 9 through July 18, 2025
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Health Savings Account (HSA)
What is a Health Savings Account(HSA)?
Did you know the Blue Cross Blue Shield Illinois HDHP (HSA-Eligible) Plan uses the same network providers as the Blue Cross Blue Shield Illinois PPO Medical Plan?
Other than the HDHP Plan’s lower per pay period contributions and lower annual out-of-pocket max, the primary difference is how you pay for eligible medical expenses such as the deductible, co-insurance, prescriptions, etc. Here’s a full list of eligible medical expenses you may pay for with HSA funds.
If you qualify to make/receive HSA contributions you may open an HSA when enrolling in the HDHP plan. Consider the HSA as part of your retirement savings strategy. Your HSA balance grows over time through contributions as well as investments (if you choose to invest) and interest earnings—all tax-free. While you are not required to contribute to an HSA, more than half of Smiths Group employees have already enrolled- tax advantages.
Typically you cannot have both an HSA and an FSA, but as a benefit enhancement, Smiths is offering a new Limited Purpose FSA which employees may have at the same time as an HSA, and it can be used for Vision and Dental expenses. That way, you can save your HSA funds for medical expenses! To find out more, check out the FSA page.
The account and balance stay with you, it’s your health savings account!