Page 10 - Hussmann- OE Guide
P. 10
Annual
Enrollment
CHP Plan Consumer Health Plan (CHP) with Health
Savings Account (HSA)
CHP Deductible and Out- To begin to understand the CHP, you must irst realize that there are
of-Pocket Note two parts to this option:
Deductibles and out-of-pocket
maximums in the CHP are non- 1. It is a full-ledged, major medical PPO plan that offers you
embedded, meaning no individual coverage at UHC’s large network of physicians, hospitals, and
family member’s deductible or out-of- facilities around the country. The major difference between the
pocket is satisied until the full family
deductible or out-of-pocket maximum PPO Plan and the CHP is that in the CHP, everything including
is satisied. One member of the family prescriptions is subject to the deductible. Also, in order for CHP
can meet the full family deductible or enrollees to be able to open an HSA, the plan must meet additional
out-of-pocket maximum. requirements, such as a minimum deductible amount.
2. The CHP comes with a Health Savings Account (HSA), which is
a special bank account only available to people who participate in
a Qualiied High Deductible Health Plan, which is Hussmann’s
CHP. The HSA allows you to pay out-of-pocket medical expenses
with pre-tax dollars. You will own and administer your account,
and there are no “use it or lose it” restrictions like with the Flexible
Spending Account (FSA) option. HSAs allow you to save and roll
over money if you do not spend it in the calendar year. In fact, if
you change health plans or jobs, the money in the account is yours
to keep. So long as you use it for qualiied medical, dental or vision
expenses, the money you contribute to an HSA is tax-free when
you put it in and when you take it out. Eligible medical expenses
are deined by the IRS. These expenses include such things as
deductibles, coinsurance, prescription drugs, and lab tests. IRS
Publication 502 provides a complete list of eligible expenses. A
link to this list can be found at www.irs.gov.
10
Enrollment
CHP Plan Consumer Health Plan (CHP) with Health
Savings Account (HSA)
CHP Deductible and Out- To begin to understand the CHP, you must irst realize that there are
of-Pocket Note two parts to this option:
Deductibles and out-of-pocket
maximums in the CHP are non- 1. It is a full-ledged, major medical PPO plan that offers you
embedded, meaning no individual coverage at UHC’s large network of physicians, hospitals, and
family member’s deductible or out-of- facilities around the country. The major difference between the
pocket is satisied until the full family
deductible or out-of-pocket maximum PPO Plan and the CHP is that in the CHP, everything including
is satisied. One member of the family prescriptions is subject to the deductible. Also, in order for CHP
can meet the full family deductible or enrollees to be able to open an HSA, the plan must meet additional
out-of-pocket maximum. requirements, such as a minimum deductible amount.
2. The CHP comes with a Health Savings Account (HSA), which is
a special bank account only available to people who participate in
a Qualiied High Deductible Health Plan, which is Hussmann’s
CHP. The HSA allows you to pay out-of-pocket medical expenses
with pre-tax dollars. You will own and administer your account,
and there are no “use it or lose it” restrictions like with the Flexible
Spending Account (FSA) option. HSAs allow you to save and roll
over money if you do not spend it in the calendar year. In fact, if
you change health plans or jobs, the money in the account is yours
to keep. So long as you use it for qualiied medical, dental or vision
expenses, the money you contribute to an HSA is tax-free when
you put it in and when you take it out. Eligible medical expenses
are deined by the IRS. These expenses include such things as
deductibles, coinsurance, prescription drugs, and lab tests. IRS
Publication 502 provides a complete list of eligible expenses. A
link to this list can be found at www.irs.gov.
10
