HSA Guide - Your SolarCity Benefits
Transcription
HSA Guide - Your SolarCity Benefits
YOUR GUIDE TO THE UHC HEALTHSAVER PLAN OPTIONS SolarCity wants to help YOU take charge of your health and your health benefits. That’s one reason why we offer the UHC HealthSaver Plans. When you enroll in the UHC HealthSaver Basic Plan or the UHC HealthSaver Plus Plan (with HSA), you receive comprehensive medical and prescription drug coverage. These plans also come with a Health Savings Account (called an “HSA”). This is a special bank account, in your name, that allows you to save tax-free for current or future health care expenses. This guide provides a summary of how the plans’ benefits A Quick Refresher on Your Benefits Coverage work and how to use each plan’s HSA. Getting the Most from Your HSA Let’s Get Started: Set Up Your HSA Know the Fine Print KNOWLEDGE IS POWER Check out benefits.solarcity.com to learn more about the UHC HealthSaver Plans and Health Savings Account (HSA). You’ll find: • Informative HSA video • Plan rates • Cost-estimator tool • And much more. • Comparison of your plan options NEXT A QUICK REFRESHER ON YOUR BENEFITS COVERAGE LOWER MONTHLY PREMIUM UHC PROVIDER NETWORK The HealthSaver Plans offer a lower monthly premium when compared to other SolarCity medical plan options. You can visit any doctor or provider. However, your costs will be much lower when you visit providers that participate in the UHC network. You can find a UHC provider at www.uhc.com/find-a-physician. PREVENTIVE CARE Most in-network preventive care services, like your annual check-up and routine tests appropriate for your age and gender, are provided to you at no cost. UHC pays the full bill. ANNUAL DEDUCTIBLE You need to meet a deductible before the plans will pay benefits for most services. The deductible for these plans is higher when compared to other SolarCity medical plan options. But, you can use the money in your HSA to offset your deductible responsibility. See the next page for details. Also, if you need preventive drugs (for conditions like diabetes, high blood pressure or high cholesterol), you pay $0. COINSURANCE OUT-OF-POCKET MAXIMUM After you meet your deductible, you pay a percentage of the cost for your care, up to a certain amount. This is called “coinsurance.” Once your expenses hit that certain level, called the “out-of-pocket maximum,” UHC pays 100%. WHAT YOU PAY FOR MEDICAL COVERAGE Your cost depends on the plan you choose UHC HealthSaver Basic Plan UHC HealthSaver Plus Plan (with HSA) Your paycheck deduction The lowest premium Slightly higher premium In-network annual deductible $2,750 individual $5,500 family $2,000 individual $4,000 family In-network coinsurance 20% after deductible 20% after deductible In-network out-of-pocket maximum $5,500 individual $11,000 family $4,000 individual $8,000 family PREVIOUS NEXT —5— GETTING THE MOST FROM YOUR HSA YOU’VE GOT THE POWER When you enroll in a UHC HealthSaver Plan, you decide whether you want to contribute your own money—tax-free—to a Health Savings Account (HSA). The amount you contribute is up to you, but the IRS sets a limit on how much money can go into an HSA each year. The IRS allows max contributions up to $3,350 Putting money into an HSA is your choice. You can change your HSA contributions at any time during the year. Your account is yours for life. Individual coverage USING HSA FUNDS The IRS allows max contributions up to $6,650 Additional $1,000 “catch up” Family coverage If you or your spouse is over age 55 SOLARCITY MAY CONTRIBUTE TO YOUR ACCOUNT If you enroll in the UHC HealthSaver Plus Plan (with HSA), SolarCity adds money to your HSA each quarter. You can use it to pay for your qualified health care expenses—for example, to help pay your annual deductible. SolarCity contributes: You’re probably wondering, “What are ‘qualified health care expenses’?” These include your deductible, doctor’s office visits, prescription drugs, hospital stays, physical therapy, dental care and vision care. You’ll find the full list at www.irs.gov/publications/ p502/index.html. • $125 per quarter if you cover yourself only • $250 per quarter if you cover yourself and any family members. SolarCity’s contributions start in June, and they count toward the maximum allowed by the IRS. You must be employed by SolarCity at the time contributions are made. If you’re enrolled in the UHC HealthSaver Basic Plan, you’re not eligible to receive SolarCity’s HSA contributions. IT’S EASY TO USE (AND SAVE) YOUR MONEY An HSA is like a regular bank account—your money even earns interest. You can use your account balance to pay for qualified health care expenses now, like your deductible and coinsurance, or you can save your money for the future. PREVIOUS NEXT THE MONEY IS ALWAYS YOURS Your HSA money is yours to keep, even if you leave the company. The only catch: You must use it for qualified health care expenses. No matter which plan you choose, you’ll get the same great benefits: Fast Facts About HSA Savings 100% 100% Of your HSA balance automatically Of your HSA balance goes with rolls over year to year. you if you leave SolarCity. 100% Of your HSA money grows tax-free. $0 Is what you pay in taxes on your contributions or your withdrawals for qualified expenses.* * The rules may vary in Alabama, California and New Jersey LET’S GET STARTED: SET UP YOUR HSA UHC HealthSaver Basic Plan UHC HealthSaver Plus Plan (with HSA) SolarCity does the legwork for you and opens your HSA with Optum Bank. STEP 1: Set It Up STEP 2: Use It STEP 3: Save Your Receipts PREVIOUS After you enroll, Optum Bank will contact you with all the details and request some information from you, such as your Social Security number and birth date. With the UHC HealthSaver Basic Plan, SolarCity doesn’t contribute to your account—only your own money goes in. Once processed, Optum Bank activates your account and SolarCity will start making its quarterly contributions. You can begin making your own contributions, as well. Optum Bank provides you with a debit card and checks, which you use to pay for qualified health care expenses. For example, you can use your card at a doctor’s office to pay your coinsurance or at the pharmacy to pay for a prescription. You can also keep track of your balance and pay your bills online through the Optum Bank website. Save your receipts! At some point, the IRS may ask you prove you have followed the rules when using your HSA funds. NEXT KNOW THE FINE PRINT Here are are some important rules to keep in mind: #1 Not Everyone Can Open an HSA Employees are eligible to enroll in either of the UHC HealthSaver Plans. However, the IRS does not allow you to open an HSA if you’re: •Enrolled in one of SolarCity’s other medical plan options •Enrolled in another health insurance plan (such as your spouse’s/domestic partner’s plan), unless it is an IRS qualified high deductible health plan •Enrolled in Medicare •Eligible to be claimed as a dependent on another individual’s tax return •Not a U.S. resident •A veteran and have received veterans’ benefits within the last three months •Active military. #2 Account Details SolarCity does not administer your HSA. Your HSA is administered by Optum Bank. You must complete the bank’s account activation procedures to access your funds. #3 Domestic Partners The IRS allows you to withdraw funds tax-free to pay for your domestic partner’s expenses only if your domestic partner meets the IRS definition of a “qualified tax dependent.” #4 Flexible Spending Account Participation If you enroll in a UHC HealthSaver Plan, you and/or your spouse cannot enroll in the Health Care Flexible Spending Account (FSA). However, you can participate in a Dependent Care FSA. Please note: The Dependent Care FSA is for day care and NOT for dependent health care expenses. ONE LAST REMINDER … You might be wondering what the difference is between an HSA and a Flexible Spending Account (FSA). Use this chart to help understand how these accounts work. Health Savings Account (HSA) PREVIOUS Flexible Spending Account (FSA) Who owns the account? You SolarCity Can the contributions be rolled over year to year? Yes No Is the money deposited from payroll on a before-tax basis? Yes (except for CA, AL and NJ state tax) Yes Can you invest the money? Yes No Is the money that you contribute on an after-tax basis deductible on your tax return? Yes No, you can only deposit money into your FSA though payroll deductions on a before-tax basis.