MERS HEALTH CARE SAVINGS PROGRAM

Transcription

1 MERS HEALTH CARE SAVINGS PROGRAM Plan for tomorrow today Tax free savings for qualified medical expenses.

2 TODAY S OBJECTIVES Discuss your future medical costs Define Health Care Savings Program Show how Health Care Savings Program helps you pay for future medical costs Show you how to make investment fund changes to your Health Care Savings Program account Show you how you can use your Health Care Savings Program dollars

3 HEALTH CARE SAVINGS PROGRAM DEFINED Sponsored by your employer Tax-free medical savings: advantages for you Covers eligible post-employment medical costs What Health Care Savings Program is NOT: Health Savings Account (HSA) Health Reimbursement Arrangement (HRA) Flexible Spending Account

4 UNDERSTANDING MY BENEFITS Terminology Tax-free Employer Contributions Tax-free Mandatory Salary Reduction Tax-free Leave Conversions Post-tax Voluntary Employee Contributions Vesting Requirements

5 FUTURE HEALTH CARE BURDEN: $600,000* * Assumes a married couple living until age 79; Employee Benefit Research Institute, May 2008

6 USING YOUR HEALTH CARE SAVINGS PROGRAM MONEY When are my funds available? How do I get my money? Who else gets to use my Health Care Savings Program money? What happens to my money if I die? How do I change my beneficiary?

7 mysource Card * No claim forms No out-of-pocket expenses No waiting for reimbursement checks Automatically separates approved expenses from your other purchases *Available to those with $500 or more in their Health Care Savings Program

8 REIMBURSEMENT THROUGH DIRECT DEPOSIT

9 WHO CAN USE HEALTH CARE SAVINGS PROGRAM MONEY Your Spouse and legal dependents can use your Health Care Savings Program money tax free for medical expenses. If you have no spouse or legal dependents, name your primary beneficiary and contingent beneficiary. The money is taxable and used for medical expenses.

10 CHANGING MY BENEFICIARY Form available on

11 INVESTMENT CHOICES You have responsibilities to monitor your account You get quarterly statements from MERS You have investment choices

12 MAKING CHANGES TO INVESTMENTS Instructions Go to Select Login from left menu bar Select Health Care Savings Program under Employee Member Login Enter Your SSN and PIN Click on Request Changes on the page heading Select Change Investment from left Select Change Investment from left menu bar Change your investment mix

13 FUND CHOICES Are you in the market short-term t or long-term? What is your time horizon? MERS SHORT-TERM MERS DIVERSIFIED MERS ESTABLISHED MERS TOTAL MANAGED INCOME FUND BOND FUND MARKET FUND MARKET FUND

14 QUARTERLY STATEMENTS Provides account summary Employer Contributions Mandatory Salary Reductions Leave Conversion Post-tax Voluntary Contributions made by you Fees Distributions Results Shows investment results Shows investment elections Vested Balance

15 LET S REVIEW Health Care Savings Program is a tax-free way to save money for eligible health care expenses. True or False? Health Care Savings Program is just like flexible spending accounts, health savings accounts and health reimbursement arrangements. True or False? I can make changes to the investment funds where my Health Care Savings Program money is invested. True or False? I can use my Health Care Savings Program money whenever I want, even now if I need to. True or False? I know my spouse can use my Health Care Savings Program money. Can my grown children?

16 YOU HAVE LEARNED: About your future medical costs What a Health Care Savings Program is How Health Care Savings Program helps you pay for future medical costs How to choose to invest your Health Care Savings Program money About using your Health Care Savings Program dollars

17 QUESTONS?