Comparisons of Other Health Benefit Options

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Comparisons of Other Health Benefit Options"

Transcription

1 Comparisons of Other Health Benefit Options COMPARISONS OF OTHER HEALTH BENEFIT OPTIONS QUESTION HEALTH SAVINGS ACCOUNT (HSA) HEALTH REIMBURSEMENT ARRANGEMENT (HRA) FLEXIBLE SPENDING ACCOUNT (FSA) WHO IS ELIGIBLE? Individuals and firms of any size. Firms of any size. Owners of S corporations, limited liability companies and the selfemployed can fund HRAs for their employees but not for themselves. Owners of C corporations can fund HRAs for themselves and their employees. Firms of any size. MUST IT BE USED WITH A HIGH- DEDUCTIBLE HEALTH PLAN? Yes. It must be coupled with a health insurance policy with a minimum deductible of $1,000 for an individual or $2,000 for a family. There is no maximum deductible, but total costs to the insured cannot exceed $5,000 for an individual or $10,000 for a family. No, but it usually is. The deductible is not set in law as it is with HSAs. No. WHAT ARE THE TAX ADVANTAGES? As long as funds are spent on qualified medical expenses, there are federal and state income tax savings and payroll tax savings (FICA) for employee and employer. Qualified medical expenses are defined in section 21(d) of the Internal Revenue Code. 1 As long as funds are spent on qualified medical expenses, there are federal and state income tax savings and payroll tax savings (FICA) for employee and employer. Qualified medical expenses are defined by the employer. As long as funds are spent on qualified medical expenses, there are federal and state income tax savings and payroll tax savings (FICA) for employee and employer. Qualified medical expenses are defined in section 21(d) of the Internal Revenue Code. WHO FUNDS IT? Employer and/or employee. If the employer contributes to the employee s account, the contribution must be the same for all employees. Employer. Typically, the employee. WHO OWNS IT? Employee. Employer. Employee. WHAT HAPPENS TO UNUSED FUNDS AT THE END OF THE YEAR? Rollover is allowed. Rollover is allowed at the employer s discretion. Forfeited to the employer. EMPLOYER FLEXIBILITY? Federal legislation sets minimum deductible and maximum out-of-pocket amounts. The full amount of the deductible can be funded through the account. The employer has substantial flexibility in designing an HRA. 2 The employer can set the contribution limit. WHAT IF THE EMPLOYEE LEAVES THE FIRM? The account is owned by the employee and therefore the balance is portable. The account is owned by the employer and therefore portability of funds is at the discretion of the employer. Balances are generally forfeited at termination. However, if an employee leaves mid-year and has already spent the entire account, the employer is liable for the balance. NOTE: For more information on HSAs, see 1 Consult a tax adviser to determine the savings that would occur in your specific case. As a general illustration, assume an HSA is funded at $1,000. If the employer funds the entire account, the $1,000 is deductible as a business expense by the employer. The $1,000 is excluded from determining employment or FICA taxes for the employer and employee, and is excluded from the employee s income taxes. Alternatively, assume the employee takes $1,000 out of their wages and funds an HSA. In this case, the employee can claim the $1,000 as an income tax deduction. Neither the employer nor employee would save FICA taxes on the $1,000 since it is included as income. 2 The employer can determine the amount the firm contributes to the HRA; the amount that can be rolled over to the next year; what happens to unused funds when an employee leaves; the timetable for the firm s contribution; whether to place a cap on the amount that can be accumulated over time and the amount of the cap; and the number of HRA plans to be offered (employers can establish different plan designs for different classes of employees). 5

2 Important Facts About Health Insurance As a small business owner, you might think that offering health insurance coverage to your employees is beyond your reach, but it may be easier than you realize. This overview is intended as a reference to accompany the more detailed National Guide to Health Insurance Options available at 1 Businesses may benefit economically by providing health coverage for workers and their families. Health insurance may help employers: Recruit high-quality workers; Reduce staff turnover; Reduce the cost of absenteeism; and Limit disability and workers compensation claims. 4 Health insurance payments are excluded from base payroll when calculating an employer s Medicare and Social Security payments. An equivalent amount paid in wages would be subject to Medicare and Social Security taxes. Typically, health insurance costs substantially less when you buy it as a member of a group rather than on your own. 2 Employees consider health insurance to be, by far, the most important fringe benefit. There are tax benefits when you offer health insurance to your workers: The health insurance premiums your company pays are fully tax-deductible as a business expense. This tax deduction may be thought of as a discount to the cost of health insurance. 5 6 Health insurance coverage gives you access to the price reductions that health insurance companies negotiate with doctors and other health care providers. Even if an employee or dependent is in poor health, federal law prohibits insurers from denying coverage to the company, the employee or the dependent based on health status, although the cost of insurance may be higher depending on your state of residence. Employees may make their premium contributions on a pre-tax basis through payroll deductions, which makes coverage more affordable for workers. 7 s Children s Health Insurance Program, New Mexikids, offers no cost or low cost health coverage for children under 19 years old. Self-employed persons may deduct 100 percent of the cost of their health insurance premiums from their adjusted gross income. 8 Alternatives to traditional health insurance include health savings accounts (HSAs), health reimbursement arrangements (HRAs), and association-sponsored plans. HSAs and HRAs have added tax advantages. 6

3

4 Health Plan Comparisons Chart (page ) The Health Plan Comparisons chart on page of this Overview underscores that plan type and employee cost sharing choices have important implications for premium cost and provider choice. In general, plans with more cost sharing have lower premiums, and plans with more provider choice have higher premiums. For more information visit The chart illustrates a range of plans that are currently available in. For illustrative purposes, we selected plans that differ markedly with respect to premium costs, employee cost sharing and provider choice. The far left column indicates the name of the health plan and plan type. Plan types are described in detail on page 4 of the National Guide at The next three columns present monthly premiums for three firms, from two to fifteen employees. The next column, with horizontal bars, provides a general indication of employee cost sharing. The final column, also with horizontal bars, indicates the degree of enrollees choice of providers. To create this chart, three companies were described to insurance brokers so they could provide details on real insurance plans that are available to small employers in : A two-person dry cleaning business, composed of a man, age 7 and an unrelated woman, age 4, and her two dependent children. An eight-person building maintenance firm, composed of seven males, ages 20-54; one 4-year old female; and seven dependents, including one spouse and six children. A 15-person construction company, including two females, age 4; 1 males, ages 20-54; and 14 dependents, including two spouses and 12 children. Employee Cost Sharing Chart (page 4) The Employee Cost Sharing chart on page 4 of this Overview provides details on enrollees potential financial responsibilities (in addition to premiums) for medical services, supplies and prescription drugs. These costs are considered potential because if no health care is consumed then no cost sharing is incurred. The components of cost sharing co-payments, deductibles, coinsurance and maximum out-of-pocket limits are described on page 5 of the National Guide. Health care utilization and cost sharing (plus premium contributions) combine to determine an enrollee s out-of-pocket costs. The out-of-pocket maximum (in the far right column of the chart) defines the limit of an enrollee s financial obligation to pay for health care in a single year. Only a small percentage of people incur very high health care costs in a single year, but this limit to financial loss protects all insured persons from catastrophic health events that require expensive medical treatment. For further information: The Insurance Division provides consumer and contact information at or Information about s Children s Health Insurance Program, New Mexikids, is available at or Information about s Medicaid program is available at or The Trade Adjustment Assistance (TAA) program provides aid including health insurance assistance to trade displaced workers who lose their jobs or whose hours of work and wages are reduced. Health care benefits include a 65% advanceable and refundable tax credit that can be used for health insurance coverage such as COBRA, continuing individual market coverage, or pooling options thorough Blue Cross Blue Shield. More information on s Medical Insurance Pool is available at or State Coverage Insurance (SCI) is a public/private partnership that offers affordable health care coverage to eligible low-income working adults, primarily through an employer-based system. It is available to uninsured adults ages 19 through 64, with countable family incomes of up to 200 percent of the federal poverty level. For more information visit or Health Insurance Alliance (NMHIA) is an alliance of independent health insurers who have agreed to offer similar health plans to companies with 50 or fewer eligible employees, including the self-employed and individuals who have lost group health coverage. The NMHIA is subsidized through a premium tax on all health insurance carriers in the state. For more information visit or Small Employer Insurance Program (SEIP) is specifically tailored towards helping small employers and non-profits with 50 or fewer employees to buy into a comprehensive health insurance program similar to what is now offered to state employees, teachers and retirees of state government, giving small employers the same benefits that larger organizations have through volume buying that can significantly reduce the cost of individual employee's health insurance. For more information visit or

5 Health Plan Comparisons in Las Cruces, (rates effective 11/1/2006) KEY: VL = very low; L = low; M = medium; H = high; VH = very high NOTE: These premiums take into account the age, gender, family composition, and geographic location of the firms described on page 2 of this Overview. For more information, see the National Guide to Health Insurance Options for Small Businesses at The selected plans are not all inclusive of all available options. For additional options contact a local insurance broker or visit online comparison websites such as: insure.com, allquotesinsurance.com or ehealthinsurance.com. 1 PPO is a preferred provider organization. HMO is a health maintenance organization. 2 The premium is the monthly cost of the insurance policy for the entire firm plus dependents. "Before medical underwriting" means that these premiums do not take into account the health status of the group. Good health is assumed; poor health would result in higher premiums than presented here. Typically, the employer pays part of the premium and the employee pays part of the premium. An employer's costs are a fully deductible business expense. Moreover, the cost of this benefit is excluded from employees' taxable income (for Social Security and Medicare payroll taxes). Employees' cost sharing is an "average" estimated by considering plans' unique combinations of office and prescription co- pays, deductibles, coinsurance, and maximum out-of-pocket limits. Utilization will affect the amount of employee cost sharing, up to the maximum out-of-pocket limit. For employees with very different levels of health care use, the relative rating of the cost sharing associated with different plans could be different from what is shown here. 4 At one extreme, patients can see virtually any provider of their choosing; whereas at the other, patients' access to care is limited to in-network providers and they typically must seek a referral to a specialist.

6 Employee Cost Sharing in Las Cruces, (in addition to the employee s share of the insurance premium) Product Type Office Co-pay (In-Network/ Non-Network) 1 Rx Co-pay (In-Network Coverage Only) Deductible per person(unless noted) In-Network Non-Network Coinsurance (after deductible is met) In-Network Non-Network Maximum Outof-Pocket Expenditures, including deductible (In-Network/ Non-Network) Blue Net 750 Option C Blue PPO Plus 1000 Blue PPO 500 New Mexico HMO Blue Plan 25 $0 after deductible/ NA After deductible: 20%/40% After deductible: 20%/40% $10/$5/$75/15% $10/$5/$75/15% $750 individual $2,250 family $1,000 individual $,000 family $500 individual $1,000 individual $10/$5/$75/15% 20% 40% $1,500 family $,000 family NA $2,000 individual $6,000 family $2,000 individual 0% NA $6,000 family 20% 40% $5,000/$10,000 individual $1,000/$26,000 family $2,500/$5,000 individual $6,500/$1,000 family None, but $25 $10/$5/$75/15% $750 hospital None Two times NA NA annual premium admission copay PPO Options 20 $20/0% after deductible $10/$5/$75/15% None, but $500 hospital admission copay $1,000 per person $20 copay for most services 0% $2,000/$4,000 per person New Mexico HMO Blue Plan 5 None, but $100 hospital NA $5 $10/$5/$75/15% None Two times NA annual premium admission copay NOTE: For more information, see the National Guide to Health Insurance Options for Small Businesses at The selected plans are not all-inclusive of all available options. For additional options, contact a local insurance broker or visit online comparison websites such as: insure.com, allquotes insurance.com, or ehealthinsurance.com. 1 Office co-pay amounts are for primary care provided "in" and "out" of network. Traditional HMOs do not cover care received out of net work, thus only one co-pay is listed. 2 Rx co-pays are listed as generic/preferred brand/non-preferred brand/specialty drugs (15% coinsurance, up to a $250 maximum). Traditionally, HMOs do not cover non-network services. 4 Where only one limit is noted, either no non-network services are covered or the limit applies to both in- and out-of-network services. 4

Guide to. Health Insurance Options. for. Small Businesses

Guide to. Health Insurance Options. for. Small Businesses Guide to Health Insurance Options for Small Businesses 2 THIS HEALTH INSURANCE GUIDE IS FOR YOU 2 IMPORTANT FACTS ABOUT HEALTH INSURANCE 3 UNDERSTANDING THE BASICS: WHAT SMALL BUSINESSES NEED TO KNOW ABOUT

More information

Effective Date: The date on which coverage under an insurance policy begins.

Effective Date: The date on which coverage under an insurance policy begins. Key Healthcare Insurance Terms Agent: A person who represents an insurance company and solicits or sells the company s insurance products. An agent may represent a single company or multiple companies.

More information

WikiLeaks Document Release

WikiLeaks Document Release WikiLeaks Document Release February 2, 2009 Congressional Research Service Report RS21974 Federal Employees Health Benefits Program: Available Health Insurance Options Hinda Chaikind, Domestic Social Policy

More information

Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions

Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions What is the Blue Shield of California CDHP with HSA? The Blue Shield of California

More information

I don t have health insurance, can I get an HSA? Unfortunately, you cannot establish and contribute to an HSA unless you have coverage under a HDHP.

I don t have health insurance, can I get an HSA? Unfortunately, you cannot establish and contribute to an HSA unless you have coverage under a HDHP. FREQUENTLY ASKED QUESTIONS (Information obtained from US Treasury HSA website) HSA Basics What is a Health Savings Account ( HSA )? A Health Savings Account is an alternative to traditional health insurance;

More information

Health Savings Accounts & High Deductible Health Plans

Health Savings Accounts & High Deductible Health Plans Health Savings Accounts & High Deductible Health Plans Definitions Consumer Driven Health Plan ( CDHP ) A health insurance plan designed to give you more control over your health care spending. CDHPs incorporate

More information

Health Reimbursement Arrangements

Health Reimbursement Arrangements Health Reimbursement Arrangements Health Reimbursement Arrangements (HRAs) are plans designed to help employers and employees lower health care costs. Allowed under sections 105 and 106 of the Internal

More information

Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA)

Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA) Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA) Interact with this ebrochure. Here s how. This ebrochure is designed for onscreen viewing, allowing you to navigate through the document

More information

Frequently Asked Questions

Frequently Asked Questions Frequently Asked Questions What is a Health Savings Account (HSA)? A Health Savings Account (HSA) is an alternative to traditional health insurance; it is a savings product that offers a different way

More information

Health savings account Q&As

Health savings account Q&As Health savings account Q&As What are HSAs and who can have them? 1. What is a Health Savings Account (HSA) and how does it work? An HSA is a tax-advantaged account established to pay for qualified medical

More information

Health Savings Accounts (HSAs) - A Portable Health Care Vehicle

Health Savings Accounts (HSAs) - A Portable Health Care Vehicle Background Health Savings Accounts (HSAs) - A Portable Health Care Vehicle Health Savings Accounts (HSAs) began initially as Medical Savings Accounts (MSAs), also referred to as Archer MSAs, named after

More information

Frequently Asked Questions. High Deductible Health Plan (HDHP) with Health Savings Account (HSA)

Frequently Asked Questions. High Deductible Health Plan (HDHP) with Health Savings Account (HSA) Frequently Asked Questions High Deductible Health Plan (HDHP) with Health Savings Account (HSA) There are two components to the High Deductible Health Plan (HDHP) with HSA Medical Plan the HDHP Health

More information

Frequently Asked Questions By Topic

Frequently Asked Questions By Topic Small Business FAQ s Frequently Asked Questions By Topic Small Business Health Insurance Why should I provide group health insurance to my employees? How much of the employees' premium is the employer

More information

CONSUMER-DIRECTED MODEL COMPARISON HSAs, VEBA Plan, and HRAs

CONSUMER-DIRECTED MODEL COMPARISON HSAs, VEBA Plan, and HRAs FEATURE Market segment(s) Health Savings Accounts (HSAs) For new sales & transfers from MSA s. Sold as part of Blue Cross Options Blue Plan CONSUMER-DIRECTED MODEL COMPARISON HSAs, VEBA Plan, and HRAs

More information

Health Law Update: Health Savings Account Provisions in the Medicare Prescription Drug Improvement and Modernization Act of 2003

Health Law Update: Health Savings Account Provisions in the Medicare Prescription Drug Improvement and Modernization Act of 2003 Health Law Update: Health Savings Account Provisions in the Medicare Prescription Drug Improvement and Modernization Act of 2003 This Update summarizes the provisions of the Medicare Prescription Drug,

More information

Executive Summary: New Health Insurance Solutions for Individuals, Families, Self-Employed, and Businesses

Executive Summary: New Health Insurance Solutions for Individuals, Families, Self-Employed, and Businesses Executive Summary: New Health Insurance Solutions for Individuals, Families, Self-Employed, and Businesses Two basic solutions apply to most readers of this book. New Solution #1 Individual/family health

More information

$5,615 $15,745. Employer Health Benefits 2012 ANNUAL SURVEY. High-Deductible Health Plans with Savings Option. section

$5,615 $15,745. Employer Health Benefits 2012 ANNUAL SURVEY. High-Deductible Health Plans with Savings Option. section 61% $15,745 Employer Health Benefits 2012 ANNUAL SURVEY High-Deductible Health Plans with Savings Option section $5,615 2012 HIGH-DEDUCTIBLE HEALTH PLANS WITH SAVINGS OPTION Changes in law over the past

More information

SUMMARY OF GUIDE CONTENTS... 1 HIGHLIGHTS OF TAX-ADVANTAGED PLANS... 2 EMPLOYEE SALARY REDUCTION PLANS... 5

SUMMARY OF GUIDE CONTENTS... 1 HIGHLIGHTS OF TAX-ADVANTAGED PLANS... 2 EMPLOYEE SALARY REDUCTION PLANS... 5 This Guide is for informational and educational purposes only. It does not constitute legal advice or a comprehensive guide to issues to be considered by employers in establishing tax-advantaged benefits

More information

Health Savings Accounts: Common Questions and Their Answers

Health Savings Accounts: Common Questions and Their Answers Health Savings Accounts: Common Questions and Their Answers I. General HSAs II. Qualified High-Deductible Health Plan HDHPs III. Contributions to an HSA Distributions BlueAccount I. General HSAs I.1 What

More information

Orange High Deductible Health Plan (HDHP) with Health Savings Account (HSA) HDHP Basics

Orange High Deductible Health Plan (HDHP) with Health Savings Account (HSA) HDHP Basics Orange High Deductible Health Plan (HDHP) with Health Savings Account (HSA) FAQ (Frequently Asked Questions): The following questions and answers will help you better understand Hope College s New High

More information

Reflecting changes from 2010 health reform laws. Health Insurance Buyer s Guide Five Steps to Buying Your Own Health Insurance

Reflecting changes from 2010 health reform laws. Health Insurance Buyer s Guide Five Steps to Buying Your Own Health Insurance Health Insurance Buyer s Guide Five Steps to Buying Your Own Health Insurance Reflecting changes from 2010 health reform laws Individual and Family Health Insurance Introduction When you purchase a health

More information

Rationale Insurance systems are used to help finance health care costs.

Rationale Insurance systems are used to help finance health care costs. Insurance Course Principles of Health Science Unit I Health Care Systems & History of Health Care Essential Question Who pays for today s health care? TEKS 130.202(c) 1K, 1M, 1N, 1O, 1P, 1Q Prior Student

More information

preparing for Medicare retirement for Medicare retirees

preparing for Medicare retirement for Medicare retirees preparing for Medicare retirement for Medicare retirees 2008 introduction eligibility Healthy Directions for Medicare Retirees is designed for John Deere U.S. Flex retirees* who: Are eligible for Medicare

More information

HDHP FAQs. General Questions

HDHP FAQs. General Questions HDHP FAQs HDHP = High Deductible Health Plan PPO = Preferred Provider Plan, the regular or traditional healthcare plan HSA = Health Savings Account HRA = Health Reimbursement Account FSA = Flexible Spending

More information

Health Savings Accounts Frequently Asked Questions

Health Savings Accounts Frequently Asked Questions Health Savings Accounts Frequently Asked Questions Health savings accounts put your health care spending in your own hands. You decide when and how to use your health care dollars and you can save on taxes

More information

Health Insurance 101. A brief overview of health insurance 10/15/09

Health Insurance 101. A brief overview of health insurance 10/15/09 Health Insurance 101 A brief overview of health insurance 10/15/09 Health Care vs. Health Insurance Health Care is Provision of Medical Services by Private Physicians and Hospitals (private pay or insurance)

More information

Preparing for Retirement Healthy Directions for Medicare Retirees

Preparing for Retirement Healthy Directions for Medicare Retirees Preparing for Retirement Healthy Directions for Medicare Retirees Introduction Eligibility Healthy Directions for Medicare Retirees is designed for John Deere U.S. Flex retirees* who: Are eligible for

More information

UNDERSTANDING HEALTH INSURANCE TERMINOLOGY

UNDERSTANDING HEALTH INSURANCE TERMINOLOGY UNDERSTANDING HEALTH INSURANCE TERMINOLOGY The information in this brochure is a guide to the terminology used in health insurance today. We hope this allows you to better understand these terms and your

More information

FAQs: Health Savings Accounts (HSA)

FAQs: Health Savings Accounts (HSA) FAQs: Health Savings Accounts (HSA) Thank you for choosing NTA Life Business Servicess Group, Inc. to be your HSA provider. We want to make it easy for you to manage and maintain your Health Savings Account,

More information

2015 Health Savings Account (HSA) Frequently Asked Questions. Table of Contents

2015 Health Savings Account (HSA) Frequently Asked Questions. Table of Contents 2015 Health Savings Account (HSA) Frequently Asked Questions Table of Contents Health Savings Account (HSA) Plans What is a Health Savings Account (HSA)?...pg. 1 How does an IU Health HSA work?...pg. 1

More information

DEFINITIONS OF HEALTH INSURANCE TERMS

DEFINITIONS OF HEALTH INSURANCE TERMS DEFINITIONS OF HEALTH INSURANCE TERMS In February 2002, the Federal Government s Interdepartmental Committee on Employment-based Health Insurance Surveys approved the following set of definitions for use

More information

Health Care Reform: General Q&A for Employees

Health Care Reform: General Q&A for Employees From Baugher Financial & Associates, Inc. Health Care Reform: General Q&A for Employees Common questions answered I ve heard a lot about the health care reform law. When do the reforms become effective?

More information

Health Coverage with More Choices

Health Coverage with More Choices Health Coverage with More Choices Get ready for a different approach to health coverage with flexibility to choose a plan that fits your needs. This brochure explains the health coverage for Medicare-eligible

More information

Health Savings Account FAQs

Health Savings Account FAQs Health Savings Account FAQs These questions and answers summarize the basic concepts of a Health Savings Account (HSA). It is not intended to provide all the information you need in order to make a decision

More information

Preparing for Retirement Healthy Directions for Medicare Retirees

Preparing for Retirement Healthy Directions for Medicare Retirees Preparing for Retirement Healthy Directions for Medicare Retirees Introduction Eligibility Healthy Directions for Medicare Retirees is designed for John Deere U.S. Flex retirees* who: Are eligible for

More information

HEALTH CARE REFORM FREQUENTLY ASKED QUESTIONS

HEALTH CARE REFORM FREQUENTLY ASKED QUESTIONS HEALTH CARE REFORM FREQUENTLY ASKED QUESTIONS Consumers When will the health care reform law take effect? The health insurance reforms adopted as part of the Patient Protection and Affordable Care Act

More information

Aetna HealthFund Health Savings Account

Aetna HealthFund Health Savings Account Aetna HealthFund Health Savings Account Take Control of Your Health Care and Your Health Care Dollars! 14.02.305.1 (10/05) The Aetna HealthFund Health Savings Account (HSA) by Aetna Life Insurance Company

More information

CENTRAL OHIO PRIVATE SECTOR EMPLOYER HEALTH INSURANCE SURVEY * * * * SECONDARY QUESTIONNAIRE FOR ALTERNATIVE MEDICAL HEALTH INSURANCE PLANS * * * *

CENTRAL OHIO PRIVATE SECTOR EMPLOYER HEALTH INSURANCE SURVEY * * * * SECONDARY QUESTIONNAIRE FOR ALTERNATIVE MEDICAL HEALTH INSURANCE PLANS * * * * CENTRAL OHIO PRIVATE SECTOR EMPLOYER HEALTH INSURANCE SURVEY * * * * SECONDARY QUESTIONNAIRE FOR ALTERNATIVE MEDICAL HEALTH INSURANCE PLANS * * * * This study has been funded by a grant to the Columbus

More information

PayPal Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions

PayPal Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions PayPal Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions What is the Blue Shield of California CDHP with HSA? The Blue Shield

More information

407-767-8554 Fax 407-767-9121

407-767-8554 Fax 407-767-9121 Florida Consumers Notice of Rights Health Insurance, F.S.C.A.I, F.S.C.A.I., FL 32832, FL 32703 Introduction The Office of the Insurance Consumer Advocate has created this guide to inform consumers of some

More information

Old National Health Savings Account

Old National Health Savings Account Old National Health Savings Account Overview What is a Health Savings Account? A Health Savings Account (HSA) is an account that can be funded with your tax-exempt dollars, by an employer, or both, to

More information

How To Buy Health Insurance. An Introduction To Healthcare Coverage

How To Buy Health Insurance. An Introduction To Healthcare Coverage How To Buy Health Insurance An Introduction To Healthcare Coverage Table of Contents What Is Health Insurance? How Do I Get Health Insurance? When Can I Get Health Insurance? What Terms Should I Know?

More information

2014 Medical Plans. Health Net Blue & Gold HMO Kaiser HMO UC Care Blue Shield Health Savings Plan Core

2014 Medical Plans. Health Net Blue & Gold HMO Kaiser HMO UC Care Blue Shield Health Savings Plan Core 2014 Medical Plans Health Net Blue & Gold HMO Kaiser HMO UC Care Blue Shield Health Savings Plan Core UC Care PPO Blue Shield of California claims administrator & network UC Select Providers Customized

More information

Health Savings Account HSA Summary

Health Savings Account HSA Summary Health Savings Account HSA Summary Effective January 1, 2016 TABLE OF CONTENTS INTRODUCTION... 3 WHO IS ELIGIBLE... 3 IRS REQUIREMENTS... 3 WHEN IS ELIGIBILITY DETERMINED?... 3 DO MY SPOUSE & I ESTABLISH

More information

Health Care Reform: Answers for Employers

Health Care Reform: Answers for Employers For Immediate Release: April 2010 Issue 2010 Volume 5 Contact: Lisa R. Nelson, Esq. (858) 875-3017 lisan@barneyandbarney.com Health Care Reform: Answers for Employers The Patient Protection and Affordable

More information

Overview of Tax Aspects of Select Health Care Reform Proposals

Overview of Tax Aspects of Select Health Care Reform Proposals Overview of Tax Aspects of Select Health Care Reform Proposals 1 2 BASED ON 3 IN GENERAL The President s proposal would eliminate the current exclusion for employer-subsidized accident and health In lieu

More information

Health Savings Accounts

Health Savings Accounts Health Savings Accounts I. What Are HSAs and Who Can Have Them? What is an HSA? An HSA is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses

More information

Health-Related Revenue Provisions in the Patient Protection and Affordable Care Act (P.L. 111-148)

Health-Related Revenue Provisions in the Patient Protection and Affordable Care Act (P.L. 111-148) Health-Related Revenue Provisions in the Patient Protection and Affordable Care Act (P.L. 111-148) Janemarie Mulvey Specialist in Aging Policy April 8, 2010 Congressional Research Service CRS Report for

More information

The Large Business Guide to Health Care Law

The Large Business Guide to Health Care Law The Large Business Guide to Health Care Law How the new changes in health care law will affect you and your employees Table of contents Introduction 3 Part I: A general overview of the health care law

More information

Your Retiree Medical Transition Guide

Your Retiree Medical Transition Guide Your Retiree Medical Transition Guide What you need to know. Prepare for your enrollment. Partner with your own dedicated Benefits Advisor. Get help paying for your coverage. A New Way to Find the Right

More information

Individual Family FAQ s

Individual Family FAQ s Individual Family FAQ s Frequently Asked Questions By Topic Individual and Family Health Insurance Why will individual and family health insurance work for me? What kinds of individual and family insurance

More information

HEALTH SAVINGS ACCOUNT Q&A

HEALTH SAVINGS ACCOUNT Q&A HEALTH SAVINGS ACCOUNT Q&A HSA BASICS What is a health savings account or HSA? A health savings account (HSA) is a tax sheltered savings account, which is only offered to people who are covered under a

More information

Frequently Asked Questions about Health Savings Accounts (HSAs)

Frequently Asked Questions about Health Savings Accounts (HSAs) Frequently Asked Questions about Health Savings Accounts (HSAs) What is an HSA? An HSA is a tax-advantaged savings account, similar to a traditional Individual Retirement Account (IRA), but designated

More information

Copayment: The amount you must pay for each medical visit to a participating doctor or other healthcare provider, usually at this time service.

Copayment: The amount you must pay for each medical visit to a participating doctor or other healthcare provider, usually at this time service. Basic Terms How to calculate Out of Pocket Costs on a Hospital Stay: If you have a $2000 deductible and 30% coinsurance health insurance plan. If you have a $10,000 emergency room or hospital stay your

More information

FREQUENTLY ASKED QUESTIONS HEALTH SAVINGS ACCOUNTS

FREQUENTLY ASKED QUESTIONS HEALTH SAVINGS ACCOUNTS FREQUENTLY ASKED QUESTIONS HEALTH SAVINGS ACCOUNTS What is an HSA? A health savings account (HSA) is a tax-favored savings account created for the purpose of paying medical expenses. Tax-deductible Contributions

More information

Guide to Purchasing Health Insurance

Guide to Purchasing Health Insurance Guide to Purchasing Health Insurance What are your health insurance choices? Which type is right for you? Sample questions Looking for insurance in specific situations Tips for shopping for health coverage

More information

ZaneHRA Frequently Asked Questions

ZaneHRA Frequently Asked Questions ZaneHRA Frequently Asked Questions As you evaluate whether using ZaneHRA makes sense for your company, you will likely have questions about how ZaneHRA works. This document addresses common questions employers

More information

HEALTH CARE REFORM CHECKLIST

HEALTH CARE REFORM CHECKLIST HEALTH CARE REFORM CHECKLIST As a small employer, you need to be aware of the new regulations tied to the Affordable Care Act. Refer to this checklist to ensure you understand each one and that you re

More information

Account Based Health Plan with Health Savings Account Guide

Account Based Health Plan with Health Savings Account Guide Account Based Health Plan with Health Savings Account Guide Lead the way Page 1 2016 ABHP with HSA Guide You re in control with an Account-Based Health Plan Philips believes an Account Based Health Plan

More information

Learn What s New. Aetna High Deductible Health Plan with Health Savings Account Quick Guide

Learn What s New. Aetna High Deductible Health Plan with Health Savings Account Quick Guide Take Care Learn What s New Aetna High Deductible Health Plan with Health Savings Account Quick Guide The Aetna High Deductible Health Plan (HDHP) with a Health Savings Account (HSA) is designed to give

More information

HEALTH INSURANCE CONSULTING FEBRUARY 21, 2013

HEALTH INSURANCE CONSULTING FEBRUARY 21, 2013 1 HEALTH INSURANCE CONSULTING FEBRUARY 21, 2013 2 INSURANCE BROKER TOOLKIT Medical Dental Life Disability Vision Employee Assistance Program (EAP) Supplemental (AFLAC) Flexible Spending Account (FSA) Health

More information

Association of California Water Agencies Joint Powers Insurance Authority. Medical Benefits Comparison and Participation Guidelines

Association of California Water Agencies Joint Powers Insurance Authority. Medical Benefits Comparison and Participation Guidelines Association of California Water Agencies Joint Powers Insurance Authority Medical Benefits Comparison and Participation Guidelines June 2013 ACWA Joint Powers Insurance Authority Who we are: Special District

More information

Health Insurance Part 1. Health Policy Eric Jacobson

Health Insurance Part 1. Health Policy Eric Jacobson Health Insurance Part 1 Health Policy Eric Jacobson Introduction The field of health care has made great strides during the last century. This increase in quality has been accompanied by a much greater

More information

The Instant Insurance Guide: Federal Health Care Reform

The Instant Insurance Guide: Federal Health Care Reform The Instant Insurance Guide: Federal Health Care Reform From Karen Weldin Stewart, CIR-ML Delaware Insurance Commissioner 1-800-282-8611 www.delawareinsurance.gov A Message From The Delaware Department

More information

Legacy Medigap SM. Plan A and Plan C. Outline of Medigap insurance coverage and enrollment application for

Legacy Medigap SM. Plan A and Plan C. Outline of Medigap insurance coverage and enrollment application for 2015 Medicare Supplement Coverage offered by Blue Cross Blue Shield of Michigan Legacy Medigap SM Outline of Medigap insurance coverage and enrollment application for Plan A and Plan C LEGM_S_LegacyMedigapBrochure

More information

Health Insurance Coverage in the State of Alabama: Alabama s Uninsured

Health Insurance Coverage in the State of Alabama: Alabama s Uninsured 2 3 1 1 H i g h l a n d A v e n u e S o u t h B i r m i n g h a m, A l a b a m a 3 5 2 0 5 Reply to: Po st Offic e Box 55 727 B i r m i n g h a m, A l a b a m a 3 5 2 5 5-5 7 2 7 T e l e p h o n e ( 2

More information

Health Care Reform New Restrictions on Tax-Favored Health Coverage for HRAs, FSAs, Premium Payment or Reimbursement Plans, and Cafeteria Plans

Health Care Reform New Restrictions on Tax-Favored Health Coverage for HRAs, FSAs, Premium Payment or Reimbursement Plans, and Cafeteria Plans Caring For Those Who Serve 1901 Chestnut Avenue Glenview, Illinois 60025-1604 1-800-851-2201 www.gbophb.org November 21, 2013 [updated July 29, 2015] Health Care Reform New Restrictions on Tax-Favored

More information

Frequently Asked Questions

Frequently Asked Questions Frequently Asked Questions Gulfstream and many other General Dynamics companies offer a new type of health plan the Personal Health Account Plan. The Personal Health Account Plan is a high deductible plan

More information

Glossary of Health Care Terms

Glossary of Health Care Terms Glossary of Health Care Terms Frequently Used Acronyms ACA: Affordable Care Act ESA: Employment Support Allowance HMO: Health Maintenance Organization HRA: Health Reimbursement Account QHP: Qualified Health

More information

your guide to health INSURANCE reform

your guide to health INSURANCE reform CURRENT LOGO your guide to health INSURANCE reform for This guide explains how Health Reform will affect Individual and Family health plans, helps you understand different types of health insurance and

More information

Manage Health care choices and expenses. The EmblemHealth Consumer Direct Program

Manage Health care choices and expenses. The EmblemHealth Consumer Direct Program Manage Health care choices and expenses The EmblemHealth Consumer Direct Program 1 Employees can manage their health care expenses today and save for their future. There s an alternative for people who

More information

Comparison of Major Health Care Reform Proposals Using League of Women Voters of California Evaluation Criteria September 9, 2007

Comparison of Major Health Care Reform Proposals Using League of Women Voters of California Evaluation Criteria September 9, 2007 Comparison of Major Health Care Reform Proposals Using League of Women Voters of California Evaluation Criteria September 9, 2007 Section I: Elements Supported by the LWVC Elements SB 840 (Kuehl) AB 8

More information

Nevada Health Plan Project

Nevada Health Plan Project Nevada Health Plan Project Health Plan Basics Health Savings Accounts A Threat - The Fair Share Act New Trends - Wellness Programs Opportunity - High Risk Pools 1 Who is NAHU? Larry S. Harrison, President

More information

Health insurance Marketplace. What to expect in 2014

Health insurance Marketplace. What to expect in 2014 Health insurance Marketplace What to expect in 2014 Overview The Affordable Care Act (ACA) includes several provisions geared to extend greater access to health insurance benefits to more people. Beginning

More information

SUPERVALU: Your Health Savings Account (HSA)

SUPERVALU: Your Health Savings Account (HSA) SUPERVALU: Your Health Savings Account (HSA) Frequently Asked Questions 1. What is a Health Savings Account (HSA)? A Health Savings Account (HSA) is a savings account established under the Internal Revenue

More information

Choosing the Right Health Insurance Plan What is the different between PPO, HMO, POS and HSA plans?

Choosing the Right Health Insurance Plan What is the different between PPO, HMO, POS and HSA plans? Choosing the Right Health Insurance Plan What is the different between PPO, HMO, POS and HSA plans? Choosing the right health insurance plan can be confusing. When open enrollment rolls around at your

More information

Coinsurance A percentage of a health care provider's charge for which the patient is financially responsible under the terms of the policy.

Coinsurance A percentage of a health care provider's charge for which the patient is financially responsible under the terms of the policy. Glossary of Health Insurance Terms On March 23, 2010, President Obama signed the Patient Protection and Affordable Care Act (PPACA) into law. When making decisions about health coverage, consumers should

More information

From Community Unit School District 303

From Community Unit School District 303 From Community Unit School District 303 Medical Plan Options for 2016 D303 and your Insurance Committee are pleased to offer exciting new benefit options for 2016. District 303 (D303) will offer only three

More information

An Overview of Health Savings Accounts (HSAs) 1

An Overview of Health Savings Accounts (HSAs) 1 An Overview of s (HSAs) 1 With Comparison to s, Arrangements (HRAs) and s (FSAs) Overview 2 A tax-exempt trust or custodial account established for the purpose of paying qualified medical expenses in conjunction

More information

Decreasing Costs. Employee Benefits Tax. Medical Device Excise Tax. What It Is

Decreasing Costs. Employee Benefits Tax. Medical Device Excise Tax. What It Is Decreasing Costs Employee Benefits Tax Starting in 2018, the ACA will impose a 40 percent excise tax on high-value plans, where the value of benefits exceeds thresholds of $10,200 for individuals and $27,500

More information

Health Care. Why medical insurance. Group plan

Health Care. Why medical insurance. Group plan Health Care You positively must have a health plan HMO s vs. health insurance Deductibles, co-payments, coinsurance Ben Affleck Why medical insurance To cover three types of financial losses due to injury

More information

Teachers Retirement Insurance Program

Teachers Retirement Insurance Program Comparison of Illinois State Retiree Health Insurance Options with Traditional Medicare and Medicare Supplement (Medigap) Insurance Teachers Retirement Insurance Program Insuraprise, Inc. (C) Copyright

More information

Patient Protection and Affordable Care Act (H.R. 3590)

Patient Protection and Affordable Care Act (H.R. 3590) on Health Reform Passing comprehensive health care reform has been a priority of the President and Congress. The U.S. House of Representatives passed the Affordable Health Care for America Act on November

More information

THE A,B,C,D S OF MEDICARE

THE A,B,C,D S OF MEDICARE THE A,B,C,D S OF MEDICARE An important resource for understanding your healthcare in retirement What you need to know for 2014 How Medicare works What Medicare covers How much Medicare costs INTRODUCTION

More information

PHA s Insurance Guide

PHA s Insurance Guide INSURANCE GLOSSARY OF TERMS Welcome to our Insurance Guide: Glossary of Terms edition! Use this resource to decipher common insurance vocabulary mysteries. Affordable Care Act (ACA) - the comprehensive

More information

230 S. Bemiston; Suite 900 Clayton, MO 63105 (314)727-5522 FAX (314)727-5568 www.mrctbenefitsplus.com www.mrctquote.com

230 S. Bemiston; Suite 900 Clayton, MO 63105 (314)727-5522 FAX (314)727-5568 www.mrctbenefitsplus.com www.mrctquote.com Life & Health Insurance Advisor MRCT Benefits Plus is a comprehensive employee benefits, wellness and Human Resources consulting firm offering a variety of financial services to businesses and individuals

More information

New Health Coverage with More Choices

New Health Coverage with More Choices New Health Coverage with More Choices Get ready for a new approach to health coverage with more flexibility to choose a plan that fits your needs. Effective January 1, 2015, health care benefits offered

More information

Health Savings Accounts

Health Savings Accounts Raymond James & Associates, Inc. Anne Bedinger, WMS Vice President, Investments 2255 Glades Road, Suite 120-A Boca Raton, FL 33431 561-981-3661 800-327-1055 Anne.Bedinger@RaymondJames.com www.annebedinger.com

More information

Aetna HealthFund Health Savings Account

Aetna HealthFund Health Savings Account Aetna HealthFund Health Savings Account Take Control of Your Health Care and Your Health Care Dollars! 14.02.305.1 (4/05) simplicity The Aetna HealthFund Health Savings Account (HSA) by Aetna Life Insurance

More information

Health Care Reform How it Will Affect Employers and their Group Health Plans. Benecon Comments and Observations

Health Care Reform How it Will Affect Employers and their Group Health Plans. Benecon Comments and Observations Health Care Reform How it Will Affect Employers and their Group Health Plans This Health Care Reform Summary applies to all employers (including government and church plans) that provide health coverage

More information

Health Insurance / Learning Targets

Health Insurance / Learning Targets Health Insurance / Learning Targets Compare the basic principles of at least four different health insurance plans Define key terms pertaining to health insurance Health Insurance I have a hospital bill

More information

County of Sonoma 2006 PPO Benefit Comparison for Medicare Retirees

County of Sonoma 2006 PPO Benefit Comparison for Medicare Retirees 2006 PPO Benefit Comparison for Medicare Retirees PPO Plan County Plan Option Deductible Ranking Out-of-Pocket Maximum Ranking Lifetime Maximum Ranking Physician Service Ranking Sonoma Non-PERS $200/$400

More information

TRENDS AND ISSUES EARLY RETIREE HEALTH INSURANCE ISSUES. By Marilyn Moon, American Institutes for Research and TIAA-CREF Institute Fellow

TRENDS AND ISSUES EARLY RETIREE HEALTH INSURANCE ISSUES. By Marilyn Moon, American Institutes for Research and TIAA-CREF Institute Fellow EARLY RETIREE HEALTH INSURANCE ISSUES By Marilyn Moon, American Institutes for Research and TIAA-CREF Institute Fellow March 2007 EXECUTIVE SUMMARY Individuals considering early retirement, i.e., retirement

More information

Chart Comparing Health FSAs, HRAs and HSAs

Chart Comparing Health FSAs, HRAs and HSAs Internal Revenue Code Who is eligible? Any employee, subject to employer-designed exclusions. Any employee, subject to employer-designed exclusions. Eligibility may or may not be tied to HDHP.* Any individual

More information

Health Care Reform Frequently Asked Questions

Health Care Reform Frequently Asked Questions Health Care Reform Frequently Asked Questions On March 23, 2010, President Obama signed federal health care reform into law, also known as the Patient Protection and Affordability Act. A second, or reconciliation

More information

Health Care Reform. Employer Action Overview

Health Care Reform. Employer Action Overview Health Care Reform Page 1 of 6 Health Care Reform Immediatemmediate Employer Action Required Notes Employers must provide a reasonable break time for employees who are nursing mothers to express breast

More information

2016 Annual Enrollment Guide

2016 Annual Enrollment Guide 2016 Annual Enrollment Guide FOR NEW MEXICO EMPLOYEES Choose benefits to power your best life. Annual Enrollment is October 26 to November 13, 2015 Changes effective January 1, 2016 JUMP TO COMPARISON

More information

Arizona Health Care Cost Containment System Issue Paper on High-Risk Pools

Arizona Health Care Cost Containment System Issue Paper on High-Risk Pools Arizona Health Care Cost Containment System Issue Paper on High-Risk Pools Prepared by: T. Scott Bentley, A.S.A. Associate Actuary David F. Ogden, F.S.A. Consulting Actuary August 27, 2001 Arizona Health

More information

North Carolina Institute for Early Childhood Professional Development HEALTH INSURANCE: INFORMATION AND TIPS FOR CHILD CARE EMPLOYEES AND EMPLOYERS

North Carolina Institute for Early Childhood Professional Development HEALTH INSURANCE: INFORMATION AND TIPS FOR CHILD CARE EMPLOYEES AND EMPLOYERS North Carolina Institute for Early Childhood Professional Development HEALTH INSURANCE: INFORMATION AND TIPS FOR CHILD CARE EMPLOYEES AND EMPLOYERS Often times in the early care and education field we

More information

Public comments on these options will be due May 26, 2009 to the following address: Health_Reform@finance-dem.senate.gov

Public comments on these options will be due May 26, 2009 to the following address: Health_Reform@finance-dem.senate.gov Summary of Policy Options Financing Comprehensive Health Care Reform: Proposed Health System Savings and Revenue Options Senate Finance Committee May 20, 2009 Public comments on these options will be due

More information