Page 6 - 2016 Open Enrollment
P. 6
Open Enrollment
Health Care Reform Updates
You can’t turn on the news, search the internet, or scroll through
your Twitter feed without seeing something about the Affordable
Care Act (ACA) often referred to as healthcare reform. Every year
we review ACA legislation and make sure our healthcare program is
compliant with the law. Here’s what you need to know.
The individual mandate still applies; every individual is required
to have health insurance or pay a penalty (2016—greater of $695
per uninsured adult or 2.5 percent of household income)
If you had medical insurance through Pericient in 2015, you’ve
satisied the Individual Mandate
In January, you will receive Form 1095-C conirmation of
your medical insurance election for 2015; this conirmation
will serve as your proof of healthcare coverage and
compliance with the individual mandate
In response to ACA, we made some changes to our HSA plan
Plan Values 2015 HSA Plan 2016 HSA Plan
Deductible
Individual $1,500 $1,750
Family $3,750 $5,250
Out-of-pocket maximum
Individual $4,000 $3,425
Family $10,000 $6,850
In 2016, no individual can be responsible for more than
$6,850 during the year when enrolled in a qualiied high
deductible health plan like our HSA plan
To remain compliant, we needed to amend our plan values
to accommodate this change; this meant looking at our total
plan structure and determining the best way to lower our out-
of-pocket maximum while also making the value of our HSA
plan affordable and sustainable for you and for Pericient
While we had to increase deductibles to accommodate
this change, it also meant we could lower out-of-pocket
maximums which helps limit the total amount you have to
pay toward your healthcare costs in 2016, especially if you
experience a high volume of healthcare costs next year
6
Health Care Reform Updates
You can’t turn on the news, search the internet, or scroll through
your Twitter feed without seeing something about the Affordable
Care Act (ACA) often referred to as healthcare reform. Every year
we review ACA legislation and make sure our healthcare program is
compliant with the law. Here’s what you need to know.
The individual mandate still applies; every individual is required
to have health insurance or pay a penalty (2016—greater of $695
per uninsured adult or 2.5 percent of household income)
If you had medical insurance through Pericient in 2015, you’ve
satisied the Individual Mandate
In January, you will receive Form 1095-C conirmation of
your medical insurance election for 2015; this conirmation
will serve as your proof of healthcare coverage and
compliance with the individual mandate
In response to ACA, we made some changes to our HSA plan
Plan Values 2015 HSA Plan 2016 HSA Plan
Deductible
Individual $1,500 $1,750
Family $3,750 $5,250
Out-of-pocket maximum
Individual $4,000 $3,425
Family $10,000 $6,850
In 2016, no individual can be responsible for more than
$6,850 during the year when enrolled in a qualiied high
deductible health plan like our HSA plan
To remain compliant, we needed to amend our plan values
to accommodate this change; this meant looking at our total
plan structure and determining the best way to lower our out-
of-pocket maximum while also making the value of our HSA
plan affordable and sustainable for you and for Pericient
While we had to increase deductibles to accommodate
this change, it also meant we could lower out-of-pocket
maximums which helps limit the total amount you have to
pay toward your healthcare costs in 2016, especially if you
experience a high volume of healthcare costs next year
6
