Did you know??
High Deductible Health Plan (HDHP) with Health Savings Account (HSA)
- Traditional PPO plan (PPO500)
We are excited to share a video from a few of your colleagues regarding their HDHP participation experience:
This is a long video so it will take awhile to download to play! Review all plan material carefully and choose wisely.
- The HDHP plan has the same network of doctors as the traditional PPO500 plan
- Who can benefit from enrolling in the HDHP plan?
o If you typically reach your deductible and out of pocket maximum each year on the PPO500 plan, the total cost to you is actually higher than those on the HDHP plan! This calculation takes into consideration: deductible, out of pocket maximum (medical and prescription for PPO500), premiums taken from your paycheck, and the district provided annual HSA contribution.
o If you only go to the doctor once or twice a year with minimal expenses, the contribution that the District gives you can build up in your HSA account from year to year. This helps to save for future medical, dental and vision expenses, or even retirement!
- HSA facts:
o Funds in your HSA account include the District provided contribution and pre-tax dollars if you choose to have deducted from your pay check.
o Can be used to pay for medical, dental and vision expenses.
o Dollars in your HSA account rollover from year to year; if you leave the District, your HSA account and funds go with you.
o After age 65, the funds in your HSA account can be used for non-medical expenses, but the funds will be taxed as income (similar to an IRA). This is another way of investing in your retirement!
o Once you have a certain amount of funds in your HSA account, you are able to invest and earn interest!
- How much does the district provide into the HSA account?
o Employees who have single coverage will receive $1000 annually
o Employees who have Employee + 1 or Family coverage will receive $2000 annually
If you have questions, please contact the Benefits team at email@example.com.
Open Enrollment is October 22nd through November 2nd