This week, Aetna, one of the nation’s largest health insurance companies, has released new guidance for customers who may be eligible for its new Health Savings Accounts, which the company says will help reduce out-of-pocket spending.
The policy, which was first announced last month, allows customers to transfer money into the accounts for an annual deductible and a flat monthly premium, or $1,000 per person, whichever is higher.
The company said that the accounts will allow them to save money on deductibles, co-payments and other health-related expenses.
But the policy does not cover all consumers, according to Aetana’s guidance.
“Aetna’s Health Savings Account offers you the flexibility to save on your health care expenses, including deductibles and co-pays,” the company said in a blog post on Wednesday.
“With the option of making a one-time transfer of your medical expenses into the account, you can also pay for your health insurance through your Aetan account and use it to pay for all of your health-care needs and bills, including premiums and deductibles.”
Some people may not qualify for the new program, which is expected to become available in January.
The Affordable Care Act requires health plans to cover essential benefits such as mental health, substance abuse treatment, maternity care, emergency care and prescription drugs, as well as certain other expenses.
Many insurance plans have started accepting Health Savings accounts in recent months, though many companies still do not offer them.
The new policy, however, does allow people who qualify to make their own decisions about which type of health care plan they want to use.
The policy is not perfect.
If you are a person who has had a mental health or substance abuse issue that affects your ability to function at work, your employer may not cover the cost of your care, or you may be asked to pay your bills out of pocket, according the blog post.
Some insurers will not let you use the Health Savings account if you do not qualify, according an Aeta spokesperson.
“As with any insurance plan, if you don’t meet the requirements for the Aetahs Health Savings Program, you may not receive the benefits that you expect,” the spokesperson said.