Health Savings Accounts (HSAs)

New Connecticut Law could impact your Health Savings Account. 

Attention members with a high deductible health plan (HDHP): Connecticut law requires insured health plans (ConnectiCare) to credit discounts—or payments made by a third party for prescription drugs—when calculating a member’s cost-share (the amount the member will owe). The law does not exclude HDHPs and could impact health savings account contributions. 

What this means if you contribute to a health savings account (HSA): Counting this discount toward your deductible (the amount you pay before your plan starts to pay) may make you ineligible to contribute to an HSA, unless the discount applies to a preventive care drug, like insulin. It is important to pay attention to this, as you will be fully responsible for tax consequences. For more information, talk to a trusted tax professional.