A Message from Tom Keller, Director, Total Rewards
As we’re only a little over two months away from open enrollment, Monday, October 23 – Friday, November 3, 2017, it’s important for full-time employees to start considering options for their 2018 health plan.
Traditional plans (think copays and relatively low deductibles) are usually the most popular choices. But, there’s one plan that is often overlooked that may be a better fit for some Valencia employees — the UnitedHealthcare Choice Plus HSA Silver plan.
HSA stands for health savings account and is a tax-free bank account for qualified medical expenses.
How does it work? You receive a contribution from Valencia (in 2017, it was $600 for employee-only coverage and $1,200 for coverage with dependents.*) to your HSA account that you can use to pay for qualified medical expenses, such as deductibles, medicine, eyeglasses, Lasik, dental cleanings, fillings and orthodontics.
If the money in the HSA isn’t spent, it adds up and stays in the account from year to year. Yes, you can actually save money for your medical expenses, and the money in your account earns interest tax free. After age 65, you can use your money in any way, not just for medical expenses, without a penalty.
In this plan, you still use UnitedHealthcare’s network of doctors and its negotiated rates.
Dan Suarez, assistant director, organizational development and human resources, first elected to enroll in this type of plan in 2015, and, as a young adult who doesn’t visit the doctor very often, he has found it to be a great plan for him — and a great way to save money for future medical expenses.
View his testimonial and explanation of an HSA in the video below:
For more information on the UnitedHealthcare Choice Plus HSA Silver plan, as well as the other plans that Valencia will offer full-time employees in 2018, attend a Benefits Tour. Tours will be held Monday, October 9 through Friday, October 20, 2017. Read future issues of The Juice for locations and times.
*Valencia’s contribution for 2018 is not yet determined. Attend a Benefits Tour for 2018 details.