Tuesday, September 21, 2021
A Message from Tom Keller, Director of Total Rewards
Did you know that you can save money for future medical expenses through the UnitedHealthcare Choice Plus HSA Silver plan? With this plan, you will receive a sum of money each year to use for eligible medical, dental and vision expenses. And, if you don’t spend the money in 2022, you can keep it in your account, and it even earns interest.
HSA stands for health savings account, which is a tax-free bank account that offers you an opportunity to build savings for current and future health expenses. You receive a $1,000 contribution from Valencia College for employee-only coverage or $2,000 for family coverage to your HSA that you can use to pay for qualified medical expenses, such as deductibles, prescriptions, eyeglasses and even many expenses that aren’t covered under Valencia’s UHC medical plans, like LASIK and fertility enhancements. You can even use the funds for medical expenses incurred by your spouse and/or eligible dependents — even if they are not on Valencia’s HSA plan with you.
And, if you don’t spend that money, you get to keep it in your account and even earn interest. Additionally, If you decide to leave Valencia College, change medical plans, move or retire, the money in your HSA is yours to keep. After age 65, you can use that money in any way you choose, not just for medical expenses, without a penalty.
With this plan, if you have some medical expenses in 2022, you can still use UnitedHealthcare’s network of doctors and its negotiated rates for care.
For frequently asked questions about this plan, click the button below.
Like any healthcare option, HSAs have advantages and disadvantages. Think about the health care you and your family will likely need in the upcoming year and your budget to determine what’s best for you. If this sounds like the plan for you, elect it during open enrollment for 2022 benefits, which will be held for full-time employees Monday, October 18 through Wednesday, October 27, 2021.
To learn about all of the plans and ask questions, please attend one of the Benefits Tour sessions, which will be offered Tuesday, October 5 through Thursday, October 14, 2021. For Benefits Tour details, click here.