2015 Health Plan Options Employee Meeting FAQ s

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1 Hormel Foods Health Plans... 1 HSA Questions... 3 FSA & LPFSA... 6 Earning Interest & Investing... 7 Taxes... 8 Retirement & Preparing for Retirement... 8 Miscellaneous... 9 NOTE: These FAQ s are provided as reference to help provide guidance and represent our best understanding of the topics at hand. Any benefit information provided will be governed by its legal plan document. It is your responsibility to research and seek the advice of professionals. Hormel Foods Health Plans Will the company continue to fund Option 1 in future years? A. We cannot say for sure but believe the company contribution will continue for future years to the funded option. What are the scenarios where the Traditional Plan is best? A. Individuals have to look at their own medical expenses and situation to determine which plan option is best for them. It is hard to say what scenario would make the Traditional Plan Option the better choice. Is the wellness program deduction in addition to contributions listed? A. Yes, the wellness program paycheck deductions are in addition to the weekly contributions stated for the 2015 health plan options. Do the medical and prescription drug discounts still apply with the Healthy Savings Plan Options? A. Yes, all health plan options utilize the BCBS network of providers as well as Prime s network. Use your medical ID card at the time of incurring the medical expense to ensure proper processing of your charges and to receive the BCBS discount. You will also receive Prime s discounted rate for prescription drugs by providing your prescription drug card to the pharmacy when filling a prescription. Why would I use my Prime prescription drug card at the pharmacy if I am responsible for the full price of the drug? A. Being a part of the Prime network allows a discount from the full cost of the drug and the claim can be processed through the health plan and be applied toward your deductible and maximum out-of-pocket. 1

2 The maximum out-of-pocket, for example the HDHP Family coverage, is $8,000. Is that per person? A. The maximum out-of-pocket is for family total, not per person. Preventative care has no deductible. What is the employee cost? A. There is no employee cost for care considered preventive. A list of preventive procedures can be found on the ConnectYouCare and Pivot websites under the plan comparisons tab. If I am close to retirement, and don t have enough time to build up a balance in the HSA, would the Traditional Plan be better? A. Each individual is different, so reviewing anticipated medical expenses, goals and comfort levels along with using the online comparison tool will help guide you to what plan makes the most sense for you. If I choose to enroll in the HDHP, can I go back to the Traditional Option the following year? A. Yes, as long as the Traditional Plan continues to be offered. How does the Out of Network out-of-pocket work differently? A. Contact Employee Benefits customer service for information. What are the ways I can control out-of-pocket costs? A. Use the Blue Cross Blue Shield website to comparison shop medical procedure costs B. Use the Prime Therapeutics website to compare prescription costs between pharmacies. C. Utilize my doctor or Quick Care clinics instead of urgent care. How can I find out what my medical and prescriptions costs are? A. You can visit the BCBS and Prime websites and review your claims. You can also contact your pharmacy for a printout of your prescription expenses. I have other insurance such as Tricare. Can I be on the HDHP and have the HSA? A. There is no legal restriction keeping you from electing a HDHP with a non-hdhp plan but you need to understand the following: a. You are not eligible to contribute to an HSA if you have non-hdhp coverage. b. Most non-hdhp coverages will not coordinate benefits with HDHP coverage. 2

3 HSA Questions 2015 Health Plan Options Employee Meeting FAQ s If my child is on our plan and covered secondary under another plan, can HSA dollars be used for child s medical expenses? A. Yes, you could use your HSA funds to pay for your child's qualified medical expenses per the IRS definition of qualified medical expenses as one incurred by the following and not subject to the same eligibility requirements as when making contributions: i. You and your spouse ii. All dependents you claim on your tax return iii. Any person you could have claimed as a dependent on your return except that: 1. The person filed a joint return 2. The person had a gross income of $3900 or more 3. You, or your spouse if filing jointly, could be claimed as a dependent on someone else s return Note: It is unlikely coverage under a non-hdhp secondary plan will coordinate benefits with a HDHP coverage. Can HSA account dollars be used for a domestic partner? A. No, a domestic partner is not eligible to be covered by HSA dollars unless he/she is the employee s tax dependent. The domestic partner may be covered by the high deductible health plan (HDHP), however, without being covered by the HSA account. If spouse is age 55 but employee is not, can employee contribute additional $1,000 for catch up contribution for the spouse? A. No. The additional catch up contribution can be made provided the spouseis HSA-eligible to make contributions. However, a spouse s catch up contribution cannot be made through Hormel payroll deductions or into the employee s HSA. The spouse will need to open a separate HSA since catch up amounts can only be made to the individual s HSA. If both the employee and the spouse are over 55 and eligible for an HSA, both could contribute $1,000 to his/her own HSA account but both cannot contribute to the same account. For more information on opening a separate HSA, contact Employee Benefits. How many cards do you get for making medical payments? A. Initially one card is issued, but additional cards can be requested at no cost. Can you add to the HSA at any point of time throughout the year? A. Yes, you can adjust your contribution amounts at any time. Can I add additional money to my HSA without having it deducted from my paycheck? A. Yes, you may make contributions online in the Contribution Center under your account in the Connectyourcare website. 3

4 Is there a limit as to how often you change your HSA contribution amount? A. No, there is no limitation on frequency of changes. If I make a change to how much I'm contributing to my HSA, how quickly does that take effect? A. The change in payroll deduction should be on the next paycheck. Is there a limit to how much I can rollover each year in the HSA? A. No, any unused funds will rollover. My spouse has coverage with his/her employer. My children and I are covered with the Hormel plans. Can my children and I use the HSA? A. Yes, you and your children can use the HSA. Keep in mind that your spouse cannot request flex reimbursements for either you or your children. What happens to the HSA if I die? A. If you are married, you may elect to have your spouse listed as a beneficiary and receive the HSA tax free. If you list a non-spousal beneficiary, the funds are no longer considered an HSA and are taxable as gross income to the beneficiary. Otherwise, the funds would go to your estate and the value included on your final tax return. Can the HSA be used to cover funeral expenses? A. No, the HSA cannot be used to pay for funeral or cremation services. I have other insurance such as Tricare. Can I be on the HDHP and have the HSA? B. There is no legal restriction keeping you from electing a HDHP with a non-hdhp plan but you need to understand the following: a. You are not eligible to contribute to an HSA if you have non-hdhp coverage. b. Most non-hdhp coverages will not coordinate benefits with HDHP coverage. Can I use the HSA to pay for past medical/dental/vision expenses? For example, I put in $3,000 in 2015 and have $6,000 in expenses. When I add another $3,000 in 2016, can I use those to pay for the outstanding 2015 bills? A. Yes, you can use the HSA to pay for past expenses provided the expenses were incurred after the initial establishment of the HSA. Is Long Term Care an eligible expense to use HSA funds? A. Long Term Care premiums can qualify and be paid with HSA funds. The amount is subject to limits based on age and adjusted annually. You will need to review the instructions for Schedule A (Form 1040) for amounts that can be deducted. 4

5 Can I combine the balance of HSAs from a previous employer with the HSA offered through Hormel Foods Corporation? A. Yes, you can rollover balances from Archer MSAs and other HSAs into the HSA and the rollover amounts are not subject to the annual contribution limits. There may be additional guidelines for when and how often a rollover can occur. Is the full amount available at the beginning of the year? A. Yes, ConnectYourCare has setup HSA OnDemand. This allows the full amount to be available (based on your contribution amount) at the first of the year. Can I save up expenses and then submit them all at once? A. Yes, you can decide when and how you want to submit your expenses. If I try to use my card to pay a bill and the amount exceeds what is available in the HSA, will it still make the payment? A. If the payment transaction exceeds the available balance in the HSA, the card will be declined. However you do have options: a. If the provider accepts divided payment types, you can make a partial payment with your remaining funds and pay the rest out of pocket. or b. You can pay out-of-pocket and reimburse yourself with the remaining funds. Keep in mind the available balance will be the amount you are calculated to have in the account by the end of the year less any expenses already submitted. If my child is disabled and enrolled in Medicare, who can be covered under the HSA? A. Your child s enrollment in Medicare does not prevent you from enrolling in an Healthy Savings Plan Option nor make you ineligible to contribute to your own HSA. Your child would be unable to contribute to an HSA due to their non-hdhp coverage. However, if your child qualifies as your tax dependent, qualified medical expenses for your child could be used from the HSA. As a side note - It is not recommended that they be covered under the HDHP due to the fact Medicare will generally not coordinate benefits with an HDHP. If we are both employees at Hormel and choose family coverage, can we both contribute to the HSA? A. The HSA will belong to the employee carrying the family coverage and you can contribute up to the annual family maximum. If you would like to have separate HSAs, the spouse may open up a separate HSA but payroll deductions could not be made through Hormel. If you choose to have separate accounts, the two of you will share the annual family maximum. 5

6 Can a company couple choose employee only coverage and each have an HSA? A. Yes Be aware there are differing opinions about whether you can each contribute up to the full single coverage yearly amount. A single person coverage contribution limit is $2,850 and the family coverage contribution limit is $5,650. Please consult your tax advisor. Is the HSA On Demand uploaded up front and available on the payment card? A. Yes Can you pay the deductible with your HSA? A. Yes When are the HSA On Demand funds available when I have mutual funds and other investments? A. Funds are available only after all HSA investment holdings have been depleted, including mutual funds and other investments. Participants are required to liquidate any investment holdings into the liquid, cash account portion of their HSA before HSA On Demand funds will be advanced. FSA & LPFSA Can I have just the dental and vision plan election and have the health care FSA? A. Yes, you can enroll in the just the dental and vision plan and make contributions to the health care FSA. You cannot enroll in the limited purchase FSA (LPFSA) with only being enrolled in the dental and vision plan. Can we use the ConnectYourCare payment card for dependent care FSA? A. No, the payment card is only for use with the health care FSA, LPFSA or HSA. You can submit a payment request using your phone or online to CYC. Using your phone, simply snap a picture of your receipts, and CYC will send your reimbursement to you or through direct deposit. What is the advantage of having and funding an LPFSA in addition to the HSA? A. If you want to fully fund the HSA and don t want to use it, but know you have dental or vision expenses within the year, you can fund the LPFSA and get the advantages of the additional pre-tax savings while your HSA goes untouched and grows. 6

7 Earning Interest & Investing Are there fixed income investments? A. Yes, there are fixed income investments in the HSA Bank investment lineup. What are the investment fees? A. Investment fees may differ according to your investment choice. Please review the investment pages provided in the booklet you received during the employee meeting presentations. The booklet is also available under the Communications tab on either the PIVOT or ConnectYourCare/Hormel/ websites. What is the investment default if you don't choose one? A. There is no default. You choose whether you want to invest your HSA dollars and what investment option(s) you want to elect. Can a person invest in both options simultaneously the Devenir and the TD Ameritrade? A. Yes, however, keep in mind there are fees associated with both options. When are the HSA On Demand funds available when I have mutual funds and other investments? B. Funds are available only after all HSA investment holdings have been depleted, including mutual funds and other investments. Participants are required to liquidate any investment holdings into the liquid, cash account portion of their HSA before HSA On Demand funds will be advanced. What happens to my On Demand account while investment funds are being liquidated? A. Because investments must be liquidated before HSA On Demand funds can be advanced, during that time your HSA On Demand is frozen. Once the investments are liquidated, the HSA On Demand converts to active status. 7

8 Taxes What sort of documentation will we get at the end of the year? Will we get something from ConnectYourCare or the company for completing income tax forms? A. 1) By January 31 st, your employer will provide you with your W-2. Box 12-W of your W-2 will show pre-tax HSA contributions made to your account by you and your employer through payroll and may be used to complete Form ) By January 31 st, ConnectYourCare (the HSA vendor) will send you a Form 1099-SA, reporting your total annual HSA distributions. This total includes funds spent using your HSA payment card and money withdrawn through online reimbursement requests. If you did not use any HSA funds, you will not receive Form 1099-SA. 3) By May 31 st, ConnectYourCare will send you Form 5498-SA, which reports the total contributions made to your HSA for the prior tax year. This form is usually created after the tax filing deadline to include any contributions made to your HSA up to the tax filing deadline. This form is also submitted to the IRS. You do not need Form 5498-SA to file your income tax return, but you should confirm the contribution amount and keep this form for your records. If I die, does the beneficiary get taxed for the account? A. If beneficiary is employee s spouse, then the spouse becomes the HSA holder and the transfer is not taxable. The spouse may add to the HSA through regular contributions (if spouse is an HSA-eligible individual), rollover contributions into another HSA account or do a direct transfer. B. If the beneficiary is a non-spouse beneficiary, then the HSA ceases to be an HSA and an amount equal to the fair market value of the HSA as of the date of the employee s death is includible in the beneficiary s gross income (or, if the beneficiary is the employee s estate, includible in the employee s gross income for the year in which the death occurred). Retirement & Preparing for Retirement Who administers the HSA when I retire? Would it still be ConnectYourCare or would I have to move it someplace else? A. CYC will continue to administer the account. Hormel Foods will continue to pay the monthly administration fee if the employee retires. Is Long Term Care an eligible expense to use HSA funds? B. Long Term Care premiums can qualify and be paid with HSA funds. The amount is subject to limits based on age and adjusted annually. You will need to review the instructions for Schedule A (Form 1040) for amounts that can be deducted. 8

9 If I am age 65 and retired, how can I use the money in the HSA? A. For tax free withdrawals, you can use the HSA on any typical qualified medical expense which includes Medicare premiums (other than Medigap coverage) and the employee share of employer-sponsored health care premiums. You can also take penalty free distributions for other purposes but those distributions will be subject to ordinary income taxes. Can the HSA be used to cover funeral expenses? A. No, the HSA cannot be used to pay for funeral or cremation services. If I die, does the beneficiary get taxed for the account? A. If beneficiary is employee s spouse, then the spouse becomes the HSA holder and the transfer is not taxable. The spouse may add to the HSA through regular contributions (if spouse is an HSA-eligible individual), rollover contributions into another HSA account or do a direct transfer. B. If the beneficiary is a non-spouse beneficiary, then the HSA ceases to be an HSA and an amount equal to the fair market value of the HSA as of the date of the employee s death is includible in the beneficiary s gross income (or, if the beneficiary is the employee s estate, includible in the employee s gross income for the year in which the death occurred). If I am close to retirement, and don t have enough time to build up a balance in the HSA, would the Traditional Plan be better? A. Each individual is different, so reviewing anticipated medical expenses, goals and comfort levels along with using the online comparison tool will help guide you to what plan makes the most sense for you. Miscellaneous If we keep our receipts in ConnectYourCare filing cabinet, what happens if we change vendors? Will those receipts go to the new vendor? A. It is expected that the uploaded receipts will be available to transfer to the new vendor. Do the unreimbursed medical expenses in ConnectYourCare filing cabinet ever expire? A. No, unreimbursed medical expenses do not expire. They may be used at any time in the future. If I have both the HSA and the LPFSA, when making a dental or vision payment with the card, which will it draw from? 9

10 A. If you have both the HSA and the LPFSA, payments using the card will draw from the LPFSA first when making a payment at the dentist s or optometrist s offices. When paying for a medical or pharmacy bill, it will pull from the HSA. Is the payment card a credit or debit card? A. Debit There is no line of credit and it can be only be swiped for the available balance. Can I use my card to purchase gas for Doctor s appointments? A. No, but you can do a claim for mileage. 10

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