180 likes | 348 Views
Meredith College – Comparing Blue Options 1-2-3 and Blue Options HSA Plans. Jessica Smith – Health Promotion Specialist September 6, 2013. How are the Plans alike?. PPO: Preferred Provider Organization Choice of providers: in-network or out-of-network
E N D
Meredith College – Comparing Blue Options 1-2-3 and Blue Options HSA Plans Jessica Smith – Health Promotion Specialist September 6, 2013
How are the Plans alike? • PPO: Preferred Provider Organization • Choice of providers: in-network or out-of-network • Large network of Blue OptionsSM providers • Access to specialists with no referrals • Provider discounts = big savings • Nationwide, worldwide coverage • In-network preventive services at no charge Blue Options HSASM Blue OptionsSM 1-2-3 For a list of covered preventive care services: www.bcbsnc.com/preventive.
How are the Plans different? * In-network
In-Network Comparison: Prescription Drugs • *For a 30-day supply • ** There is a $50 minimum and $100 maximum per 30-day supply.
2013 Medical Plan Premium Contributions Monthly Employee Contributions
High Deductible PPO Plan The High Deductible Health Plan • Similar to a traditional PPO, except: • High deductible (required by the federal government)1 • No co-payments Then you pay a % of the cost: coinsurance Until you meet your deductible You pay 100% 1 Blue Options HSA plans, deductible and out-of-pocket maximum amounts are subject to change year to year in order to comply with IRS requirements. For the most up-to-date requirement information, see www.irs.gov.
Health Savings Account (HSA)* (for medical expenses) The Health Savings Account (HSA) • Tax-free savings account for qualified medical expenses • Administered by BNY Mellon1 Earn interest over time tax-free Use money to pay for medical expenses tax-free2 Contribute money tax-free Meredith College will contribute $102.43/month 1 BCBSNC does not administer your HSA and is not affiliated with your HSA custodian or administrator. Your HSA custodian is The Bank of New York Mellon. 2 Withdrawals are tax-free only if used for qualified medical expenses. See irs.gov for specific regulations.
Using HSA Funds • Eligible medical expenses • Deductible and coinsurance amounts • Visits to your doctor • Medical procedures • Prescription drugs • Eyeglasses, contact lenses • Laser eye surgery • Hearing aids For guidance, visit www.irs.gov, publication 502.
Over-the-Counter Medications • Over-the-counter medications are not reimbursable from your HSA except for: • Insulin • Medical devices, supplies • Prescribed by your doctor • Include crutches, bandages, blood sugar test kits • Must have a prescription from your doctor • Responsible to keep a copy of your prescription For guidance, visit www.irs.gov, publication 502.
What happens to your HSA down the road? • Once your account reaches a balance of $1,000, you can begin investing amounts as low as $1* beyond the $1,000 • Your HSA is portable - it’s yours! • At retirement, continue to use HSA funds for qualified medical expenses, tax-free * Availability of the ACS|BNY Mellon HSA Solution investment alternative is subject to HSA account balance minimums. BCBSNC is not affiliated with your investment fund. Please see your HSA handbook for details.
Why will I like Blue Options HSASM? • Tax savings • Contribute tax-free • Save funds in your HSA tax-free • Pay for medical expenses tax-free • Aggregate deductible • All family expenses count toward a single deductible • 100% coverage after out-of-pocket max • If you reach your out-of-pocket maximum, BCBSNC pays all covered expenses for the rest of the plan year
Why will I like Blue Options HSASM? • Employer Contribution • EMPLOYER contributes $102.43/month • Portability • Take your HSA funds with you • Use them now or in the future, even in retirement • Convenience • Use debit card or checkbook for medical expenses
What Else Should I Consider When Comparing Plans? • How much money do I and/or my family spend each year for • qualified expenses? • What is my out-of-pocket maximum (including premium) that I will • have to spend? • How much is my employer contributing to my HSA account? • How much can I contribute to my HSA account?
Ethan • 2013 Medical Story • Very Healthy • Flu: Office Visit Prescription – generic *Estimates based on BCBS Cost Estimator In-Network Fees in NC, personal experience may vary
Joel • 2013 Medical Story • Hernia surgery, cold turned into pneumonia. Whole family caught the cold. • Wife: Allergies • 2 Teenage Sons: • Kyle: Appendectomy • Nathan: Broke leg playing hockey *Estimates based on BCBS Cost Estimator In-Network Fees in NC, personal experience may vary
Patricia • 2013 Medical Story • High Cholesterol – Dr. Visits + Lipitor monthly, Pre-cancerous mole removed + Dermatologist visits • Husband: Arthritis – Dr. visits + Enbrel monthly • Son – 12 years old: Strep throat *Estimates based on BCBS Cost Estimator In-Network Fees in NC, personal experience may vary