Table of Content
- Header
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Page
- WELCOME
- OVERVIEW
- ENROLLMENT
- MEDICAL/RX
- HEALTH SAVINGS ACCOUNT
- VIRTUAL VISITS
- DENTAL
- VISION
- LIFE & DISABILITY
- EMPLOYEE ASSISTANCE PROGRAM
- CONTACT US
- Footer
MEDICAL/RX
CLAW offers eligible employees three plan options. All three plans are PPOs and one of them has a Health Savings Account (HSA) which includes employer matching funds. This is just an overview, for a more detailed look, please view the attached Benefit Summary.
Please note: With the PPO HSA $2500, you are responsible to pay the entire deductible before you go into coinsurance (also known as cost sharing, where you pay 20% and HAP pays 80% of the expense). You can pay for expenses using a Health Savings Account (HSA) which will save you from paying taxes on any amount in this account. When you elect this account, you will automatically get set up with a HealthEquity account, they will mail you a welcome packet and debit card - this is the card you use to pay expenses.
HEALTH SAVINGS ACCOUNT
A Health Savings Account (HSA) is a tax-free savings account that is owned by you, is 100% vested from day one, and lets you build a savings for future medical expenses. The funds in this account are meant to be used to pay for the entire deductible and once that's met you can continue to use the money for coinsurance costs. For example, you have a $2,500 deductible - this is the amount you will pay out of pocket for all medical visits, prescription drugs, and all other covered medical procedures. In this case, it would be wise to elect to contribute $2,000 annually to your HSA to pay for medical expenses and CLAW will contribute up to $500 to your account (that's free money!), but you must contribute at least $500 to receive a match of $500, if you contribute only $250, you will only receive $250.
Curious about what other long list of expenses can be covered using an HSA? See link below for Qualified Medical Expenses you may be surprised at what you find on this list!
?HSA Reminders:
- Money in your HSA account earns tax-free interest.
- Any unused HSA funds roll over to the next year.
- You can spend your HSA dollars on eligible health care expenses or save and investment them for the future.
- You decide when and how to spend or save the money in your HSA. The money is yours forever. It doesn’t expire, and you can take it with you if you change jobs or switch to another high-deductible health plan.
- You can invest a portion of your HSA balance in mutual funds, stocks and bonds. Generally, this option is available when your balance reaches $2,000.
- You can use your HSA to save for retirement. At age 65, you can use the funds for any purpose without a penalty. The money you take out to pay for eligible health care expenses continues to be tax free. You also can take money out for other reasons without paying a penalty.
DENTAL
Our dental plan provides comprehensive coverage to help you and your family maintain good dental health. Providers are part of the Mutual of Omaha network, or you may see an out-of-network dentist of your choice. Be aware if you go out-of-network, your costs will be higher.
VISION
We offer vision coverage through EyeMed to help pay for eye exams, prescription glasses and contact lenses. You receive a higher level of benefits when you see a provider in the EyeMed Network.
