Page 18 - Precision Health Plans - Brochure 2024

Financial Series Value Proposition
Qualified High Deductible Health Plans (qHDHP) are designed to comply
  with federal guidelines in order to provide member eligibility to contribute
to a tax-favored Health Savings Account (HSA).
The tax advantages of a qHDHP combined with a Health Savings Account
  (HSA) provide for one of the best health plan strategies available.
The Financial Series provides five options with various cost-sharing
methodologies to suit a variety of needs. Keep in mind that only certain
preventive care is covered prior to the deductible. Regulations require that
  most medical expenses are subject to the deductible before benefits begin.
Nonetheless, the comprehensive strategy of an HSA with a qHDHP can
provide long-term advantages to employers and their employees.
  Your choice of strong PPO network options or direct negotiation through
Reference Based Pricing.
  Maximize employee satisfaction and employer budgeting strategies by
offering up to four different Precision plan designs to your employees.
Our exclusive Self-Funded Exchange Marketplace with electronic
  enrollment and Group Risk Assessment provides efficiency and educated
direction for your benefit strategies.
18
Precision Health Plans: Financial Series
INNOVATIVE DESIGNS
The Q 3500 EZ and Q 5000 EZ plans are designed with a single Deductible and Out of
Pocket Maximum, regardless of dependent status, much like our HRA EZ plans. The
advantage of this plan design is its simplicity and cost effectiveness for those employees
covering themselves and dependents. The Q 2000 and Q 6650 plan options provide
more conventional qHDHP cost sharing, as outlined in the following pages.
WHAT IS A HEALTH SAVINGS ACCOUNT (HSA)*?
An HSA is a tax-favored savings account that can be funded with tax-deductible
dollars like an IRA. However, in this case withdrawals for qualified medical expenses
are also tax-free. To be eligible to fund an HSA, you must be covered by a certain type
of plan called a qualified high deductible health plan (qHDHP). The Financial Series
Plans are all qHDHPs. When combining a qHDHP with an HSA, you save on health
plan costs, allowing you to make a significant tax-deductible deposit (subject to IRS
limits*) into a tax-favored account. The money stays in the account for future health
expenses, or you can keep it for retirement, rather than giving it to your health plan.
When you have medical expenses, including cost sharing on your medical plan, you
may use the balance in your HSA account to pay those expenses with tax-free dollars.
MONEY SAVINGS ADVANTAGES
A qHDHP is usually less expensive than other health plan options. That savings can
then be used to help fund your HSA with a tax-deductible contribution. Depending
on the amount, you may also be able to add additional tax-deductible funds up to
the maximum contribution limit in your account. This savings then grows with tax-
favored earnings in the years when you don’t have significant medical expenses. The
accumulations in this account can be substantial over the long haul, making this
strategy better year after year.
WHERE DO I GET AN HSA?
An HSA or health savings account is simply a type of bank account. Your local bank
can probably help you establish one, or your broker may suggest an option.
*Visit www.irs.gov for additional details and annual contribution limits.
19