YOUR NEW HEALTH PLAN HAS 2 PARTS
Health insurance is a partnership that helps you pay for health care expenses. It protects you and your dependents from paying the full cost of medical expenses when you’re injured, sick or need surgery.
HEALTH SAVINGS ACCOUNT (HSA)
A Health Savings Account is a personal savings account that allows you to set aside pre-tax money for qualified healthcare expenses. All funds contributed are yours to keep and any unused funds roll over from year to year.
Here are some health insurance terms you’ve probably heard:
Premium: The amount you pay monthly for health insurance coverage.
Deductible: The amount you pay before your health insurance starts paying for covered medical expenses.
Co-Insurance: The portion you pay once your deductible has been met. You will pay this percentage until you have hit your out-of-pocket maximum.
Out-of-pocket maximum: This is the most you will need to pay towards healthcare expenses in a given year. Your deductible and coinsurance are all applied towards your out-of-pocket maximum.
- Lower monthly premiums
- Save for future medical expenses
- Personal ownership
- Pay for medical expenses tax-free
- No “use it or lose it” policy