| Horizon MyWay consists of three options, MyWay HSA, MyWay HRA, and MyWay FSA. Because it's offered by Horizon BCBSNJ, it comes with the single largest network in the industry, with more than 625,000 physicians and 6,100 hospitals.
Horizon MyWay HSA
Horizon MyWay HSA combines our high-deductible PPO or Direct Access plans with a Health Savings Account. Contributions to your HSA can be made by both you and your employer. Contributed funds can be either tax-free or tax-deductible.
You can use your HSA to pay for all qualified medical expenses. It is your money. Not only do your HSA funds accumulate from year to year; your HSA is portable - the funds remain with you even if you change jobs. HSA funds earn interest and may be invested, and the interest and earnings are tax free.
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Horizon MyWay HRA
Horizon MyWay HRA combines our high-deductible PPO or Direct Access plans with a Health Reimbursement Arrangement. HRAs are employer-funded accounts that you can use for qualified medical expenses, including deductibles. Because your employer owns your HRA, he/she can select which IRS-eligible expenses will be reimbursed.
All contributions your employer makes into your HRA are tax-deductible business expenses. Money in your HRA at the end of the year may be carried over to the following year, if your employer elects to offer you that option. Otherwise, unused funds are returned to your employer.
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Horizon MyWay FSA
Horizon MyWay FSA (Flexible Spending Account) is a convenient before-tax way for you to pay for eligible out-of-pocket health care expenses. Money from each paycheck is deposited into your account before any taxes are withheld. You are then reimbursed for any eligible expenses with the before-tax dollars from your Horizon MyWay FSA. In addition to medical, vision, dental, transit and parking FSAs are available through Horizon BCBSNJ.
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