Page 6 - 2016 Enrollment
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6
Medical Plan Options
Key HRA and HSA The HSA plan has,
Differences Higher deductibles and out-of-pocket maximums for some elections
Our health plans are account- Tax savings advantages
based health plans, which means Lower monthly employee premiums
you will use dollars in a healthcare
account to pay for some of your The opportunity to participate in the dependent care FSA plan only
medical expenses. Prescriptions are part of the annual deductible
The two account choices are: Once you satisfy applicable deductibles and the out-of-pocket maximums
for the plan you choose, the plan will generally cover your expenses at 100
1. An HRA or health percent for the remainder of the plan year.
reimbursement arrangement
2. An HSA or health savings HSAs Allows You to Save for Your Future
account An important distinguishing difference in the two plans is the HSA has a
Our plans give you more lexibility portable inancial savings account which offers tax advantages. An HSA
and accountability to determine account is a personal bank account you own. You may build your account
when, where, and how to receive with voluntary pretax payroll deductions up to the IRS limits for 2016
healthcare services and how to ($3,350 for single coverage, $6,750 for family coverage).
spend those dollars. Both plans
offer in-network and out-of- Special HSA Limits
network beneits. Note: if you are over the age of 55 or turn 55 during 2016, the IRS allows
you to contribute an additional $1,000 as a “catch-up” contribution to
Generally speaking, the HRA plan your HSA account. When it comes to paying your medical bills, you decide
has: whether you want to use your accumulated HSA funds or you can simply
Lower deductibles and out-of- pay out of your pocket. If you use HSA funds to meet coinsurance and
pocket maximums for some deductible obligations, no taxes will be applied.
elections Remember: an HSA account is entirely yours. You keep whatever is in the
Higher monthly employee account, even if you leave Shape Technologies, and the money rolls over,
premiums year after year: There is no “use it or lose it” rule.
The opportunity to participate
in the healthcare FSA and HRA Accounts Not the Same as HSA Accounts
dependent care FSA program The HRA account does not allow for voluntary contributions. Accumulated
Tier level copays for funds in the HRA account carry over year to year, just like the HSA
prescriptions account. An HRA account is not portable. If you are in the HRA and leave
Shape Technologies Group the company, any money in your account stays with the company.
Medical Plan Options
Key HRA and HSA The HSA plan has,
Differences Higher deductibles and out-of-pocket maximums for some elections
Our health plans are account- Tax savings advantages
based health plans, which means Lower monthly employee premiums
you will use dollars in a healthcare
account to pay for some of your The opportunity to participate in the dependent care FSA plan only
medical expenses. Prescriptions are part of the annual deductible
The two account choices are: Once you satisfy applicable deductibles and the out-of-pocket maximums
for the plan you choose, the plan will generally cover your expenses at 100
1. An HRA or health percent for the remainder of the plan year.
reimbursement arrangement
2. An HSA or health savings HSAs Allows You to Save for Your Future
account An important distinguishing difference in the two plans is the HSA has a
Our plans give you more lexibility portable inancial savings account which offers tax advantages. An HSA
and accountability to determine account is a personal bank account you own. You may build your account
when, where, and how to receive with voluntary pretax payroll deductions up to the IRS limits for 2016
healthcare services and how to ($3,350 for single coverage, $6,750 for family coverage).
spend those dollars. Both plans
offer in-network and out-of- Special HSA Limits
network beneits. Note: if you are over the age of 55 or turn 55 during 2016, the IRS allows
you to contribute an additional $1,000 as a “catch-up” contribution to
Generally speaking, the HRA plan your HSA account. When it comes to paying your medical bills, you decide
has: whether you want to use your accumulated HSA funds or you can simply
Lower deductibles and out-of- pay out of your pocket. If you use HSA funds to meet coinsurance and
pocket maximums for some deductible obligations, no taxes will be applied.
elections Remember: an HSA account is entirely yours. You keep whatever is in the
Higher monthly employee account, even if you leave Shape Technologies, and the money rolls over,
premiums year after year: There is no “use it or lose it” rule.
The opportunity to participate
in the healthcare FSA and HRA Accounts Not the Same as HSA Accounts
dependent care FSA program The HRA account does not allow for voluntary contributions. Accumulated
Tier level copays for funds in the HRA account carry over year to year, just like the HSA
prescriptions account. An HRA account is not portable. If you are in the HRA and leave
Shape Technologies Group the company, any money in your account stays with the company.
