1 / 32

Introducing our new HDHP/HSA option

Introducing our new HDHP/HSA option. Today’s Presentation. What is an HDHP/HSA program? Why is the company offering an HDHP/HSA program? How do HDHP/HSA programs work? How does my HSA work? How do I get the most from my HDHP/HSA program? How do I enroll in my HDHP/HSA program?.

amaya-mejia
Download Presentation

Introducing our new HDHP/HSA option

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Introducing our newHDHP/HSA option

  2. Today’s Presentation • What is an HDHP/HSA program? • Why is the company offering an HDHP/HSA program? • How do HDHP/HSA programs work? • How does my HSA work? • How do I get the most from my HDHP/HSA program? • How do I enroll in my HDHP/HSA program?

  3. What is an HDHP/HSA?

  4. Your HDHP/HSA Program • A qualified High Deductible Health Plan (HDHP) combined with a Health Savings Account (HSA) • Created as part of the Medicare Modernization Act of 2003 • Part of the fast-growing Consumer-Directed Healthcare (CDH) trend

  5. Why is the company offeringan HDHP/HSA program?

  6. Rising Cost of Health Insurance HDHPs May Have Lower Premium Costs Sample difference in premium costs in 2013. Estimated average annual premium of $5,006 for HDHP individual coverage and $14,155 for HDHP family coverage. vs. $6,025 for non-HDHP individual coverage and $16,623 for non-HDHP family coverage. Source: Kaiser/HRET Survey of Employer-Sponsored Health Benefits, 2013. Chart compiled by Finity Communications.

  7. Creating a Sustainable Healthcare Program • Consumer-Directed Healthcare programs may be more sustainable • CDH programs are designed to: • Provide lower premiums • Emphasize the importance of preventive care • Motivate healthy lifestyles • Encourage health consumerism

  8. How do HDHP/HSA programs work?

  9. HDHP + HSA + Wellness Program

  10. How Your HDHP/HSA Works

  11. HDHP/HSA Programs Provide Choice • HSA dollars can be used to pay for any IRS-qualified medical expense • Medical expenses must be primarily for the alleviation or prevention of a physical or mental illness • Your HDHP provides details about which medical expenses will count toward your deductible

  12. How does my HDHP work?

  13. High Deductible Health Plan (HDHP) • A health plan offered by your employer • HDHPs typically have higher deductibles and lower premiums than traditional health insurance plans • You pay for most healthcare costs until the deductible is reached

  14. Your High Deductible Health Plan (HDHP) • Minimum annual deductible • Maximum annual out-of-pocket

  15. Your High Deductible Health Plan (HDHP) • After the deductible, the HDHP begins to pay for covered benefits • Certain basic preventive care is covered before the deductible is reached • Other features of your HDHP • Finding out more about your HDHP

  16. How does my HSA work?

  17. Your Health Savings Account (HSA) • You must be enrolled in an HDHP to be eligible for a Health Savings Account • An HSA is a tax-advantaged account that can be used to pay for IRS-qualified medical expenses • No “use it or lose it” provisions • Your money is always yours • You can use funds for current or future medical expenses

  18. HSA Benefits • More employee control • Choice of healthcare services • Tax advantages • Money rolls over each year • Portability if you leave the company

  19. HSAs Put You in Control • Higher deductible generally means lower premium costs than traditional health insurance plans • You can put money into your HSA to pay for medical expenses before your deductible is reached • Money you don’t use is yours and rolls over each year

  20. HSA Federal Tax Advantages State taxes may vary.

  21. Your HSA Balance Rolls Over • There are no “use it or lose it” provisions with an HSA • Your HSA dollars roll over year after year

  22. HSAs Are Portable • Your HSA goes with you if you change jobs • Money is immediately 100% yours • You can use money in your HSA to pay for COBRA

  23. How does the wellness program work?

  24. Wellness Resources • Health Risk Assessment • Interactive wellness tools and health trackers • In-depth education and information • Health management resources

  25. How do I make the most of my HDHP/HSA program?

  26. Making the Most of Your HDHP/HSA Program • Maximize the preventive care benefits • Use your HSA only for IRS-qualified medical expenses • Become a conscious health consumer • Comparison-shop for high-value healthcare services • Make healthy lifestyle choices

  27. Contribute the Maximum to Your HSA • If you have HSA funds at the end of the year, you can use them for future medical expenses • You can contribute up to the maximum even if it exceeds your HDHP deductible

  28. Become a Health Consumer • Look for the best price on quality healthcare • Compare name-brand and generic prices • Adopt and maintain a healthy lifestyle

  29. HDHP/HSA Program Tips • Use your HSA for medical expenses • Non-qualified expenses will be subject to current tax and potential penalties • Keeping records is important • For IRS purposes, keep receipts for at least three years after using HSA funds to pay for a medical expense

  30. How do I enroll in myHDHP/HSA program?

  31. 4 Simple Steps to Enroll in Your HDHP/HSA • Step One • Begin by enrolling in your HDHP • Step Two • Decide on your HSA contributions • Step Three • Enroll in your HSA • Step Four • Start saving for your future!

  32. You can join yourHDHP/HSA program today!

More Related