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Meredith College – Comparing Blue Options 1-2-3 and Blue Options HSA Plans

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

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Meredith College – Comparing Blue Options 1-2-3 and Blue Options HSA Plans

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  1. Meredith College – Comparing Blue Options 1-2-3 and Blue Options HSA Plans Jessica Smith – Health Promotion Specialist September 6, 2013

  2. 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.

  3. How are the Plans different? * In-network

  4. In-NetworkComparison: Office Visits, ER, etc.

  5. In-NetworkComparison: Deductibles, Coinsurance

  6. In-Network Comparison: Prescription Drugs • *For a 30-day supply • ** There is a $50 minimum and $100 maximum per 30-day supply.

  7. 2013 Medical Plan Premium Contributions Monthly Employee Contributions

  8. 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.

  9. 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.

  10. 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.

  11. 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.

  12. 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.

  13. 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

  14. 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

  15. 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?

  16. 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

  17. 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

  18. 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

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