What are my benefit options?
The Healthcore product line is designed to meet your needs at all stages of your life.
Healthcore products provide attractive options for people seeking a quality benefit package at a more affordable rate. Healthcore offers 5 different health insurance plans, falling into 2 product types: High Deductible Health Plans (Health Savings Account eligible) and co-payment plans.
Healthcore Access more »
Healthcore Advantage more »
These plans provide a great beginning point for people looking to reduce the risk of not having health insurance coverage. The Healthcore Access and Advantage plans are high-deductible health plans that provide comprehensive benefits, including covered-in-full well-child care and routine adult physicals for small co-payment. After you meet the deductible, you share the cost of all covered services until you reach an out of pocket maximum. If your out-of-pocket cost for covered services reaches the out-of-pocket maximum, all care is covered at 100% for the rest of the year.
The Healthcore Access and Advantage plans are Health Savings Account eligible. A Health Savings Account (HSA) is an account owned by you, that can be funded with tax-free money and used to pay for qualified medical expenses. The account is yours, which means the balance rolls-over from year-to-year and it is portable from employer-to-employer.
Healthcore Essential more »
Healthcore Enhanced more »
Healthcore Encompass more »
These plans are co-payment plans that provide comprehensive coverage, including covered-in-full well-child care, with an affordable monthly premium. The Healthcore plans have first-dollar coverage, meaning there is no deductible that must be met before coverage begins. The plans have co-payments based on the type of service you receive and where you receive it. Coverage includes office visits, hospital and prescription drugs*. These plans make it easy to budget for planned services since you know how much your co-payment will be. There are three plans to choose, to match you and/or your family’s health care and financial needs.
*Prescription drug coverage is optional. All plans can be purchased without prescription drug coverage.
What is a Health Savings Account (HSA)?
An HSA is a savings account used to pay for medical expenses such as deductibles, co-payments and over-the-counter medication. Under Federal law in 2009, you can contribute up to $3,000 into the account each year if you have single coverage or up to $5,950 into the account each year if you have family coverage. These amounts are set annually by the Federal Government. You can take advantage of the full contribution amount, regardless of what month you opened the account. However, there may be a tax penalty if you end your HDHP coverage too soon. Please see the U.S. Department of the Treasury web site for more information. You can put money into the account in one lump sum or at any frequency that is convenient for you.
Who can Contribute to an HSA?
An adult with coverage under an HSA-qualified high deductible health plan who does not have other medical coverage (other than specified disease insurance, disability, accident, dental or vision care or long-term care insurance) can contribute to an HSA. To be eligible to contribute to an HSA, the adult cannot be Medicare-eligible or be declared as a dependent on someone else’s tax return.
What are the tax advantages of an HSA?
HSAs have several tax advantages when they are used with an HDHP. The money that you put into the HSA is tax-deductible, and it can earn tax-free interest. As long as the money in the HSA is used for qualified medical expenses, it will never be taxed. You may also be able to make a one-time rollover of funds from your individual retirement account (IRA), flex spending account (FSA), or health reimbursement arrangement (HRA). Please reference U.S. Department of the Treasury web site for more information.
How is an HSA used?
Funds deposited into an HSA may be used for any “qualified medical expense” under federal law, including dental and vision care and over-the-counter drugs. The funds generally may not be used to pay for health insurance premiums, except for COBRA continuation coverage, long-term care insurance, and Medicare premiums and associated out-of-pocket expenses.
How can you open an HSA?
An HSA must be opened with a bank or other financial institution, and there may be fees associated with it. Your health plan may have some information on establishing an HSA.
For additional information on health savings accounts, please visit the U.S. Department of the Treasury web site at www.treas.gov or www.treasury.gov/offices/public-affairs/hsa/.