Page 6 - Future Steps
P. 6
2017 Benefits Enrollment
Health Reimbursement Account (HRA)—PPO
Embedded vs. Non- Our health reimbursement account (HRA) is an account which works in
Embedded tandem with the HRA medical plan to help you manage and control your
Embedded personal healthcare costs. Similar to lexible spending accounts (FSAs),
Individual deductible and out- the HRA features a reimbursement account you can use for eligible
of-pocket limits are embedded expenses during the year. Unused HRA funds will rollover to a maximum
into the family maximums. An of 3 years.
individual will not be required to
fulill the full family maximum Your HRA is funded solely by the company, and unlike an FSA, unused
before the plan begins to pay
beneits. savings at the end of the year are carried over. The IRS speciically
prohibits employees from directly contributing pre-tax dollars into their
Non-Embedded HRA. VER contributes $750 for an individual and $1,500 for family
Individual deductible and out-of- coverage in the HRA plan.
pocket limits are not embedded
into the family maximums. If Health Savings Account (HSA)—PPO
dependents are covered, the
full family responsibility must A health savings account (HSA) combines your medical plan with a
be satisied before the plan will tax-favored savings account. Money in the savings account can help
begin to pay beneits. There is pay your deductible and many other eligible expenses. Money left in the
no true individual limit except for savings account earns interest and is yours to keep, even if you leave
employee only coverage
the company or retire. VER contributes $750 for an individual and
$1,500 for family coverage into the HSA. Employees have the ability to
contribute additional pre-tax dollars up to IRS maximums, combined
with the company contribution. Employees enrolling in the HSA plan will
receive the full company contribution on January 1. HSA participants are
ineligible to contribute to a healthcare FSA.
6
Health Reimbursement Account (HRA)—PPO
Embedded vs. Non- Our health reimbursement account (HRA) is an account which works in
Embedded tandem with the HRA medical plan to help you manage and control your
Embedded personal healthcare costs. Similar to lexible spending accounts (FSAs),
Individual deductible and out- the HRA features a reimbursement account you can use for eligible
of-pocket limits are embedded expenses during the year. Unused HRA funds will rollover to a maximum
into the family maximums. An of 3 years.
individual will not be required to
fulill the full family maximum Your HRA is funded solely by the company, and unlike an FSA, unused
before the plan begins to pay
beneits. savings at the end of the year are carried over. The IRS speciically
prohibits employees from directly contributing pre-tax dollars into their
Non-Embedded HRA. VER contributes $750 for an individual and $1,500 for family
Individual deductible and out-of- coverage in the HRA plan.
pocket limits are not embedded
into the family maximums. If Health Savings Account (HSA)—PPO
dependents are covered, the
full family responsibility must A health savings account (HSA) combines your medical plan with a
be satisied before the plan will tax-favored savings account. Money in the savings account can help
begin to pay beneits. There is pay your deductible and many other eligible expenses. Money left in the
no true individual limit except for savings account earns interest and is yours to keep, even if you leave
employee only coverage
the company or retire. VER contributes $750 for an individual and
$1,500 for family coverage into the HSA. Employees have the ability to
contribute additional pre-tax dollars up to IRS maximums, combined
with the company contribution. Employees enrolling in the HSA plan will
receive the full company contribution on January 1. HSA participants are
ineligible to contribute to a healthcare FSA.
6
