Blue Cross Florida began as the Florida Hospital Service Corporation in 1944. It began in Jacksonville with a staff of four. From those humble beginnings, it has grown into Blue Cross Blue Shield of Florida, the oldest, largest and most popular health care network in the state. Servicing over six million people, there are plans available for individuals and families as well as Medicare options for those over the age of 65. It is not an accident that we are the trusted provider of millions. We take the time and care needed to provide affordable plans and services that address your health care concerns, while keeping the pricing affordable.
Blue Cross Florida, as part of the Blue Cross Blue Shield Association offers many traditional healthcare plans that provide predictable cost coverage. These plans have standardized co-payment and coinsurance rates, so that you know exactly what to expect when you see your family physician and what is covered in case of an accident that requires hospitalization or outpatient procedures. Although these plans are very popular, they are not the right fit for everyone. As a result, we also offer HSA-Compatible plans. HSA stands for Health Savings Account and are used in conjunction with a high deductible health care plan.
These plans allow you to use the tax-free contributions in these accounts to pay for out of pocket expenses. Because the deductible is higher than traditional plans, the premium is lower. It is for this reason that many small businesses and self-employed individuals choose this type of Blue Cross Florida plan. Although there is a limit to the amount of contributions that can be made each year, there is no maximum timeframe that the funds can be held for. Contributions rollover from one year to the next for as long as the account is active. When funds are removed for qualified medical expenses, they are tax-free.
Employers who contribute to a health savings plan get tax benefits as well as the employees. Employees benefit from the reduced federal income taxes on the money deposited into the account. For the self-employed, the tax benefit is taken as a deduction on the 1040 tax forms due the following year. Because the plans are portable, they can be used towards other health plans if coverage should change. The monies in these accounts can be used for co-payments and insurance premiums as needed. Blue Cross Florida continues to focus on offering plans and options that benefit our customers.