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An Employee Overview…

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An Employee Overview…

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  1. An Employee Overview… HealthCare Midwest 2011 Benefit Enrollment Meeting 10.26.2010

  2. What We’ve Learned… Discovery Process Benefits Strategy Decisions Satisfaction Survey Results Priority Health Guardian Reward Healthy Lifestyle Choices “MMM” – Magic Marker Moments

  3. 2011 Benefits Overview

  4. 2011 Benefits Overview Medical Insurance Priority Health POS 001 “High” Plan Priority Health POS 002 “Low” Plan with HSA Health Savings Account replaces Health Reimbursement Arrangement Flexible Spending Account Ability to “Opt-Out” Ancillary Insurance Group & Voluntary Dental, LTD, STD, Life, EAP (Employee Assistance Program) Discount Programs Annual eye exam discount/Dr. Hendricks Optical Shop discount Ambulatory Surgery Center Priority Health – Health By Choice Wellness It’s an INVESTMENT in yourself!

  5. Would you be interested in a health insurance program that putsYOU in control of your own health care dollars, whilePROTECTING you and your family against the cost of a serious illness or injury?

  6. Health Savings Account Solution By combining tax-advantaged personal savings with a high deductible health insurance plan, the Health Savings Account (HSA) puts you in control of your own health care dollars, while protecting you and your family against the cost of a serious illness or injury: Cost Choice Control

  7. What is a Health Savings Account? A Health Savings Account (HSA) is a tax-advantaged personal savings account you own designed to provide funds to pay qualified medical expenses including health insurance deductibles, co-payments, vision, dental, COBRA, and more. Your contributions to a HSA are tax deductible on an "above the line" basis, resulting in a dollar for dollar reduction in gross income. Contributions by your employer to your HSA are not taxable income to you and are not subject to withholding. Funds in an HSA can be invested, with earnings not subject to income tax so long as they remain in the HSA. Distributions from an HSA may be made at any time.

  8. How does a Health Savings Account Work?

  9. Advantages of a Health Savings Account Freedom to choose You own your Health Savings Account and you decide how much to contribute and how to spend your dollars, as well as any contributions made by your employer. You control when and how HSA funds are spent. In fact, if not needed to pay future medical expenses, HSA funds can be withdrawn and used for any purpose (subject to income tax and a 10% penalty tax if under age 65). TRIPLE TAX ADVANTAGE Tax-deductible savings are set aside today in a Health Savings Account to pay for future health care expenses, including the high-deductible health plan's deductible and out-of-pocket expenses. As needed, tax-free HSA distributions can be used to pay for qualified medical expenses not covered by the high-deductible health plan. Unspent funds remain in your HSA and accumulate tax free. Performance stability

  10. HSA vs. HRA: What’s the Difference? Use this chart to compare a health savings account (HSA) and a health reimbursement arrangement (HRA). They're both accounts that an employee can use to pay for health care expenses, but they are very different.

  11. HSA Eligibility A Health Savings Account can be established by an "eligible individual“… someone who: is covered under a qualified high-deductible health plan; is not also covered by any other health plan that is not a high-deductible health plan; is not entitled to benefits under Medicare (generally under age 65); may not be claimed as a dependent on another person's tax return.

  12. What is a high-deductible health plan (HDHP)? A high-deductible health plan, or HDHP, is a health plan that satisfies certain requirements with respect to deductibles and out-of-pocket expenses, which are adjusted annually for inflation: Except for preventative care, the high-deductible health plan may not provide benefits for any year until the deductible for that year is met. You can maintain certain types of “permitted insurance” in addition to the HDHP and still remain eligible for an HSA.

  13. How does the “Low” Plan compare? * HRA does not need to satisfy HDHP requirements.

  14. High Deductible Health Plan (HDHP) Preventive Care, Routine Prenatal & Post Partum Care Deductible Office Visits Prescription Drugs Once you have met the Deductible Office Visit Prescription Drugs Co-Insurance Maximum Out-of-Pocket Maximum

  15. HSA Contributions… How much you can contribute is set by the federal government: You can contribute up to the maximum annual HSA contribution regardless of when during the year your HSA coverage begins. If, however, your coverage begins during the year, you must maintain the high-deductible health plan for a full 12 months or pay tax on your HSA contribution plus a 10% penalty. In addition, individuals age 55 and older can make an additional "catch-up“ contributions of up to $1,000 each year. Who can make contributions to an HSA? When must HSA contributions be made?

  16. HSA Distributions… When can funds from an HSA be withdrawn tax free? How do I withdraw? Can HSA funds be withdrawn to pay for non-medical expenses?

  17. Health Savings Account Action Checklist Become covered under a qualifying high-deductible health plan. Establish a Health Savings Account with a qualified HSA trustee or custodian, i.e. Comerica Bank. Arrange for payment of HSA contributions, subject to maximum Keep your receipts!

  18. Transition Opportunities 2011 HSA Initial Set-Up Plan Year Opportunity HCMW Annual HSA Contribution (62.5%) January 10, July 1, October 1 HSA Account must be set-up by January 7 for Jan 10 contribution; or it will be made on July 1 HCMW Immediate Contribution (67%) HRA Account Balances There’s Still Time Services through 12.31.2010; 90 Day Run-Out paid through 3.31.2010 HRA Balance Paid as W2/Cash Bonus Out 5.2011 Bonus is W2 = taxed. Must be in plan 002 for Bonus Out

  19. Saves YOU time and frustration! May save YOU money! Protects YOUR privacy! Gives YOU strong representation! Why Service Bullet?

  20. 1,000 PRIDE Points + Overall Premium Reduction

  21. Housekeeping Items www.myhcmwbenefits.com “For your Benefit” Health By Choice action due dates HCR – Healthcare Reform Update Forms to complete Return to Meegan by November 12

  22. Building Strong Relationships MMM – Magic Marker Moments HSA Calculator Service Bullet Housekeeping items back! Q&A Dates M-283 Lounge November 1, 12:00-1:00 November 4, 12:00-1:00