Humana Inc. in Louisville, Ky., said Monday that it has started HumanaOne HSA, a high-deductible health insurance plan coupled with a tax-deductible health savings account that lets participants set aside money that can be used tax-free to pay for qualified medical expenses.
The insurer has developed a one-step, one-application process that lets people enroll in both the Humana high-deductible health plan and an HSA administered by JPMorgan Chase Bank, giving customers transaction services and a HumanaAccess Visa debit card for access to their contributed funds. The debit card can be used at any participating doctor's office, hospital, pharmacy, or urgent-care facility.
Humana also offers the chance to pair its individual high-deductible health plan with an HSA administered by another bank or financial institution.
To qualify for the HumanaOne HSA, a person must be younger than 65, not be claimed as a dependent on anyone else's tax return, and not be enrolled for Medicare benefits. HSA participants are required to buy a high-deductible health plan with annual deductibles of at least $1,000 for an individual or $2,000 for a family.
