Page 3 - 2015 First Busey Enrollment Guide
P. 3
First Busey Corporation
Busey Associates,
In recent years, the healthcare industry has changed signiicantly. These changes require businesses, insurance providers,
and consumers like you to reassess healthcare options. Busey is committed to helping you understand and take
advantage of the best healthcare options for you, while ultimately decreasing costs over time. Here’s how we
are achieving this goal:
X Creating new and enhanced consumer educational materials and platforms to assist you in better understanding and
maximizing your healthcare options
X Offering advanced inancial strategies and opportunities to our beneits, such as Health Savings Accounts and additional
ancillary coverages
X Investing in new wellness initiatives at Busey which provide inancial and physical incentives for participation
In this regard, in 2015, we are including two consumer-driven health plans (CDHP) for consideration. These plans allow you
the inancial beneit of lower monthly premiums and can be combined with a Health Savings Account (HSA). HSAs work like
bank accounts and allow you to save money on a tax-deferred basis for related healthcare costs—such as deductibles and
coinsurance—offsetting the costs you would incur in a higher premium plan. Additionally, money accumulated in a HSA is
yours to keep, manage, and use as needed, regardless of your place of employment—a signiicant and portable personal
inancial beneit to you! We encourage you to review HSA beneits in greater detail in this booklet.
We are fully committed to your overall health and well-being. In addition to the CDHP/lower premium plans with HSAs, we
have also added new Worksite Beneit plans as outlined on page 20 of this guide. In mid-2015, we will also be unveiling B
Well, an innovative and exciting wellness initiative at Busey! By making healthy lifestyle choices and capitalizing on
insurance beneits, such as regular health screenings, you can earn inancial incentives from Busey—helping
establish and grow your HSA while offsetting future healthcare costs for you and your family.
To allow you to take advantage of the wellness incentives sooner, our insurance plan year is being
shortened in 2015 and will run from April 1 through December 31, 2015. Not only will this start
the incentives sooner, it will put us on a calendar plan year and simplify HSA contributions.
Why should you take time to carefully consider your options? Ask yourself the following questions:
X Are you overpaying for insurance you don’t use? In the April 1, 2013 through March 31, 2014 plan year, nearly 20% of
covered members (associates and dependents) did not reach their deductible. Choose your plan according to your needs.
For example, if you are enrolled in the POS 1000, but you only use the plan for a wellness exam and one sick visit to
your doctor, you are paying more in contributions than the actual cost of your claims.
X Do you want to have the lexibility to pay for medical bills while saving for the future? HSAs carry a triple tax bonus—
money goes in tax-free, gains on investments are not taxed, and funds taken out for many medical costs aren’t taxed.
X Would you beneit from wellness education and opportunities which foster a healthy lifestyle—ultimately aiding in
increased engagement and overall job satisfaction—while potentially reducing healthcare costs? Through B Well,
you can earn inancial incentives, too—incentives which are yours to keep and can be used to fund current or future
healthcare expenses.
3
Busey Associates,
In recent years, the healthcare industry has changed signiicantly. These changes require businesses, insurance providers,
and consumers like you to reassess healthcare options. Busey is committed to helping you understand and take
advantage of the best healthcare options for you, while ultimately decreasing costs over time. Here’s how we
are achieving this goal:
X Creating new and enhanced consumer educational materials and platforms to assist you in better understanding and
maximizing your healthcare options
X Offering advanced inancial strategies and opportunities to our beneits, such as Health Savings Accounts and additional
ancillary coverages
X Investing in new wellness initiatives at Busey which provide inancial and physical incentives for participation
In this regard, in 2015, we are including two consumer-driven health plans (CDHP) for consideration. These plans allow you
the inancial beneit of lower monthly premiums and can be combined with a Health Savings Account (HSA). HSAs work like
bank accounts and allow you to save money on a tax-deferred basis for related healthcare costs—such as deductibles and
coinsurance—offsetting the costs you would incur in a higher premium plan. Additionally, money accumulated in a HSA is
yours to keep, manage, and use as needed, regardless of your place of employment—a signiicant and portable personal
inancial beneit to you! We encourage you to review HSA beneits in greater detail in this booklet.
We are fully committed to your overall health and well-being. In addition to the CDHP/lower premium plans with HSAs, we
have also added new Worksite Beneit plans as outlined on page 20 of this guide. In mid-2015, we will also be unveiling B
Well, an innovative and exciting wellness initiative at Busey! By making healthy lifestyle choices and capitalizing on
insurance beneits, such as regular health screenings, you can earn inancial incentives from Busey—helping
establish and grow your HSA while offsetting future healthcare costs for you and your family.
To allow you to take advantage of the wellness incentives sooner, our insurance plan year is being
shortened in 2015 and will run from April 1 through December 31, 2015. Not only will this start
the incentives sooner, it will put us on a calendar plan year and simplify HSA contributions.
Why should you take time to carefully consider your options? Ask yourself the following questions:
X Are you overpaying for insurance you don’t use? In the April 1, 2013 through March 31, 2014 plan year, nearly 20% of
covered members (associates and dependents) did not reach their deductible. Choose your plan according to your needs.
For example, if you are enrolled in the POS 1000, but you only use the plan for a wellness exam and one sick visit to
your doctor, you are paying more in contributions than the actual cost of your claims.
X Do you want to have the lexibility to pay for medical bills while saving for the future? HSAs carry a triple tax bonus—
money goes in tax-free, gains on investments are not taxed, and funds taken out for many medical costs aren’t taxed.
X Would you beneit from wellness education and opportunities which foster a healthy lifestyle—ultimately aiding in
increased engagement and overall job satisfaction—while potentially reducing healthcare costs? Through B Well,
you can earn inancial incentives, too—incentives which are yours to keep and can be used to fund current or future
healthcare expenses.
3
