Page 9 - 2022 Oerlikon Benefits Guide

Choose the Right Medical Plan and Save

Money!

We all have different health care needs. You may be single and selecting a health plan for just you while your
coworker is selecting a health plan to cover the medical needs of a spouse and two children. You might not take any
medications on a regular basis, while another coworker takes prescriptions for blood pressure and high cholesterol.

This is why we offer different medical plans options. Each offers different costs for monthly coverage, coinsurance
and copays. Only you can decide which plan is going to provide the coverage you and your family need — and what
you can afford to spend over the next 12 months.

Often, there are one or two key factors that will help you decide, including:

How much money you Start with the health plan’s monthly cost and add any anticipated medical
expenses or prescription drug costs. Then consider potential savings offered
expect to spend each
through a pre-tax benefit account such as a Flexible Spending Account or
year
company-funded Health Savings Account.
Calculate your annual expenses under each option assuming the best case, likely
case and worst-case scenarios.

Tip: Don’t let the high deductible health plan scare you. If you rarely access
medical care, the deductible, high or low, doesn’t play a major role. Preventive
care is still covered at 100%. Your monthly cost for coverage is on average
$93.50 less than the PPO plan – which is $1,122 annually! Plus, Oerlikon
contributes $500 or $1,000 dollars into your HSA depending on your tier of
coverage to help get you started.

Benefits covered under Read your benefits information carefully so you understand what is covered,
including what you pay and what the plan pays. Four key pieces of information to
the plan
understand include the annual deductible, coinsurance amounts, copay costs for
medical care and prescription drugs, and the annual out-of-pocket maximum (the
maximum dollar amount you are responsible for paying).

Your ability to pay for There is no denying that out-of-pocket medical expenses continue to increase. If you can,
use a pre-tax benefit account such as a (Flexible Spending Account, Health Savings
any out-of-pocket
Account) to contribute to a savings account on a pre-tax basis. You can then pay for
expenses
eligible medical, dental and vision expenses using the pre-tax dollars you’ve saved in your
account.

Tip: When you contribute to a pre-tax FSA or HSA account, it decreases your tax
liability.

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