As you make your decisions, use this checklist to ensure you’re maximizing the value of your benefits.
✔ Have you considered all the relevant costs for each plan?
Consider all of the costs associated with each medical plan option: paycheck contributions, deductibles, copays and/or coinsurance. Depending on your health needs, one of the HDHP Plans may cost less than paying higher paycheck deductions in the Core PPO Plan.
✔ Do you want to pay less per paycheck and only pay for the healthcare coverage you need?
While the deductibles in the High Deductible Health Plan (HDHP) Plans are higher than the Core PPO Plan, less from your paycheck is deducted. The amount you pay out of your pocket depends on how much and how often you use healthcare.
✔ Do you want to save money for current and future health expenses?
The HDHP Plans have two primary components — healthcare coverage and a tax-advantaged savings account. You can use the money in the savings account to pay for current health expenses but you also own the money in the account, giving you the opportunity to build tax-advantaged savings for current and future health expenses.
✔ Do you have an idea of how much your healthcare expenses will cost in 2019?
Depending on the medical plan you choose, you can open either an HSA or a Healthcare Flexible Spending Account (FSA). Both accounts reduce your taxable income and give you the opportunity to use your pre-tax dollars for healthcare costs. If you have an idea of how much you will spend in 2019, you can use that number as a starting point for how much to contribute to the HSA or Healthcare FSA.
✔ Do you have daycare expenses or pay for your elderly parent to receive care while you’re at work?
A Dependent Care FSA lets you use pre-tax dollars to pay for eligible expenses related to care for your child, disabled spouse, elderly parent or other dependent who is physically or mentally incapable of self-care, so you can work.
✔ Do you have enough life insurance coverage for yourself and your dependents?
Review your life insurance coverage and determine if more coverage is needed for yourself or your dependents. The Christ Hospital offers basic, voluntary, and whole life insurance as well as AD&D.