presented by steve costello and erin devine of cbg benefits

PRESENTED BY STEVE COSTELLO AND ERIN DEVINE OF CBG BENEFITS

Introducing HSA Qualified Medical Insurance2013 - 2014

CBG Benefits | Copyright 2013

Open Enrollment Changes

• Choice of Two Medical Plans• Harvard Pilgrim Best Buy HMO $1,000/$2,000 Deductible

• Current Plan – 3% reduction• Riedell will contribute $500 per employee to the HRA

• Harvard Pilgrim Best Buy HSA HMO $2,000/$4,000• New Plan – 23% reduction• Riedell will contribute $500 per employee to the HSA

• Defined Contribution Employer Funding

• Guardian Dental • New Plan – 25% reduction

• HR Connection Enrollment & Education Portal


Traditional Plan vs. HSA Plan

Traditional Plan HSA-Based Plan

Monthly Payment Insurance

Premium

Employee’sSpending Account

Insurance Premium

This is used for regular medical

expenses and em-ployees keep what they don’t spend


HSA Eligibility

Employees must:• Be enrolled in only a qualified health plan on the first day of

any month for which eligibility is claimed

• Not be enrolled in Medicare

• Not be claimed as a dependent on someone else’s tax return

• Not be enrolled in a standard FSA (including spouse)

HSA Compatible Health Plan Requirements:• High-deductible medical plan

• Full family or “collective deductible” deductible must be met before the plan pays benefits to any member

• All Rx is subject to the plan deductible

Current Best Buy HMO $1,000

New HSA Best Buy HMO $2,000

Deductible: $1,000/$2,000 $2,000/$4,000

Deductible Year: Plan Year: Deductible tracked per individual; no member can incur more

than the individual deductible

Plan Year: Deductible tracked per family; full family deductible must be met before

plan provides benefits

In-Network In-Network

Annual Preventive Care Covered in full Covered in full

Physician Office Visit $20 copay Covered in full after deductible

Specialist Office Visit $20 copay Covered in full after deductible

Chiropractic Office Visit $20 copay Covered in full after deductible

PT,OT, Speech Office Visit Covered in full after deductible Covered in full after deductible

Mental Health Office Visit $20 copay Covered in full after deductible

Diagnostic Laboratory & X-Ray Covered in full after deductible Covered in full after deductible

Emergency Room Visit $100 copay after deductible $150 copay after deductible

Out-Patient Day Surgery Covered in full after deductible Covered in full after deductible

RX Copay 30-day supply $5/$20/$30/$50 $5/$20/$30/$50

RX Copay 90-day supply $10/$40/$60/$150 $10/$40/$60/$150

RX Deductible None Combined with medical deductible


Health Savings Account (HSA)

A Tax – Free Savings Account

• Contribute and keep what you don’t spend

• Money stays with you regardless of employment

• Unlike FSA, funds roll over from year to year

• Contributions can be adjusted periodically

• Invest and earn interest on your balance tax free

• Online portal for managing/paying bills


HSA Contribution Limits

HSA Contribution Limits for 2014:• Employee Only: $3,300• Family: $6,450

Note: People over age 55 can make an additional catch up contribution of $1,000

Riedell Contributions to HSAs: Employee Contribution Max• Employee Only: $500 Employee Only: $2,800• Family: $500 Family: $5,950

Note) Employees enrolled in the FSA cannot establish the HSA until February 1, 2014


Defined Contributions

Allowance Annually Monthly Bi-Weekly

Employee Only $3,545.90 $295.49 $136.38

Family $9,402.32 $783.53 $361.63

Defined Contribution Applied to Medical Plan & Dental

Bi-Weekly Contribution HMO $1,000 + Dental HSA $2,000 + Dental

Employee Only $113.68 $65.37

Employee + Family $306.19 $177.69

Annual Payroll Deduction Difference - Combined Medical & Dental

HMO $1,000 + Dental HSA $2,000 + Dental

Employee Only -$404.30 -$1,660.36

Employee+ Family -$979.16 -$4,320.16


Q. Who is eligible to open and contribute to a Health Savings Account?

A. Here are the HSA eligibility requirements:

• Enrolled in a qualified HSA health Plan• No other health coverage• Not be enrolled in Medicare• Not be claimed as a dependent on someone else’s tax

return• Not be enrolled in a FSA


Q. What happens to the money in my HSA if I leave my job, retire or enroll in a non HSA qualified Health Plan?

A. You take the money with you whenever you go.

The HSA is in your name. It is your account. If you enroll in Medicare or go to another employer that doesn’t have a qualified HDHP, you can still use your HSA money to pay for co-pays and qualified medical expenses, but you won’t be able to make contributions to your HSA.


Q. My domestic partner is covered on my insurance plan. Can I use my HSA for my domestic partner’s medical expenses?

A. If your domestic partner meets the IRS qualifications of a tax dependent you can legally use your HSA funds for his/her medical expenses.


Q. Do I pay for the full doctor’s visit when I go to the doctor?

A. You are responsible to pay the amount your insurance has contracted you to pay, typically a discounted rate, until your deductible is met.

You can use your HSA for this expense. It is best to have the doctor’s office put the charge through so you receive credit to the deductible and know exactly what to pay.


Q. I paid for an eligible medical expense out of pocket. Can I reimburse myself with money from my HSA?A. Yes.

You can reimburse yourself from your HSA for any expense incurred after the HSA was established. There is no time limit for reimbursements.


Q. Can I make adjustments to my HSA account contributions?

A. Yes.

You can make adjustments to your contributions. You must notify HR 15 days before the adjustment is to take place.


Q. Are there fees associated with my HSA?

A. The account set up fee and monthly admin fee are covered by your employer while you are an employee. If you leave your employer your account may be charged up to $3.95 per month or you may select another HSA Vendor.

There is no fee for electronic reimbursements and payments but $2.00 fee per paper check. Lost/stolen/damaged cards are $5.00 and paper statements are $1.00 but electronic statements are free.


Q. When can I invest my funds?

A. You can invest your funds once you reach a $2,000 balance.

You can do this through the HealthEquity web portal. Earnings are tax free and do not impact your annual contribution limit.


Q. How do I access my account?

A. You will receive a VISA debit card in the mail and instructions to verify your account.

You can see your account balance, claim transactions and more online. You can also pay providers, reimburse yourself and manage your personal information.

Access your account at www.myhealthequity.com.

You can call HealthEquity at 877-694-3938 and someone is available to help 24/7/365.

http://www.myhealthequity.com/


Member Portal: log on at www.myhealthequity.com


Health Reimbursement Account (HRA) and Flexible Spending Account (FSA)

Key things to know about the HRA & FSA plan:

• The HRA and FSA vendor will be HealthEquity• HealthEquity will pay HRA claims directly to the provider• FSA participants will receive a VISA debit card

• Employees enrolled in the HSA are not eligible for a standard FSA• HSA employees eligible for a limited FSA – funds can be used for

dental and vision expenses only


Guardian Dental

Dental Benefit Details In Network Out of Network

Plan Year Calendar Year

Annual Plan Maximum (per person) $1,000

Maximum Rollover Included

Preventative Service 100% 100%

Basic Service 100% 80%

Major Service 60% 50%

Orthodontia Service None

Waiting Period None


HR Connection Enrollment Portal

presented by steve costello and erin devine of cbg benefits

Documents

deductible year

family deductible

hsa hmo

highdeductible medical

traditional plan

deductiblecurrent plan

hsa accountshow

hsa eligibilityemployees