Here are easy steps an employee would follow to set up a health savings account (HSA) to work with the BlueEdge HSA health plan.
Step 1: Become a BlueEdge HSA member.
An employee has chosen the BlueEdge HSA health plan. As a BlueEdge member, it's time to choose an HSA administrator/bank and open a health savings account.
Step 2: Open a health savings account once the BlueEdge HSA plan is activated.
- The employee will need a health savings account to work with the BlueEdge HSA health plan. The employee may choose any HSA financial administrator or set up a health savings account directly with a bank. There are national and local HSA administrators/banks that offer HSAs; contact information for some HSA administrators/banks is listed below. We recommend working with a broker or contacting one of these entities directly to set up the HSA. BCBSNM is not endorsing or recommending any of these entities and is providing this list as a service to our members. The employees needs to consider the associated fees, investment choices, and debit card/checkbook options to determine which HSA is best. This list represents only those known entities that support HSAs as of the time this Web page was posted. As additional HSA administrators/banks become known to BCBSNM, we will make every attempt to update this list accordingly.
- For information on setting up an HSA, check with these HSA financial administrators/banks:
- AmBank*
Call Donna Monzingo or Raymond Welborn with AmBank in Silver City, NM, at 505-534-0550 or toll-free at 1-800-440-8751, for information and to apply for a Health Savings Account. - First Community Bank*
Please contact Linda Herrera (505-724-5617) or Sheila Martinez (505-724-5609) at First Community Bank in Albuquerque, NM, to obtain information and apply for an HSA. - Irwin Union Bank*
To apply for an HSA to work with your individual high-deductible health plan, call Ruby Grzelachowski at 505-563-5991 with Irwin Union Bank in Albuquerque, NM; businesses interested in setting up HSAs can call Linda Lyle at 505-563-5993. - ACS/Mellon *
This site provides general information about HSAs, including cost estimation tools. For information and applications from ACS/Mellon, the employee must indicate ACS/Mellon on the BCBSNM application when signing up for the BlueEdge HSA medical plan. We will transfer that information electronically to Mellon, and they will send the employee an information/application packet.
Many banks now offer Health Savings Accounts, so check with your own bank.
- AmBank*
- Other resources the employee can check for more information about HSAs and the institutions that offer them:
- The employee should fund the HSA as soon as possible to maximize tax advantages for the year.
Step 3: The employee pays for the qualified medical expenses out of the HSA.
- Most HSA providers will provide a checkbook and/or debit card so the employee can pay claims directly out of the HSA. These are convenient ways to pay for prescription or over-the-counter drugs. For doctor or hospital visits, the employee should consider asking to be billed later in case adjustments are made.
- While the employee is not required to open an HSA to be used with your health plan, most members agree that they get the most out of their plan by taking advantage of the tax benefits, control, and flexibility of an HSA.
*We do our best to ensure that the information on the Web sites shown above is useful, but can't be responsible for the content of those sites or any information you may take from them (please read our legal disclaimer). When you click on a site link above, it will open in a new window so that you can explore that site without having to leave here. When you are through visiting the other site, you can close that window and return to the BCBSNM site.
Learn More About BlueEdge HSA
Overview
Benefit Information
How BlueEdge HSA Works
Spending Account and the Deductible
Easy steps for setting up an HSA
BlueEdge HSA FAQs
Common FAQs
