How to industry sign banking connecticut ppt easy
alright good morning everybody my name again is Kelly de boracay with cigna I recognize several phases hopefully recognize me I was here last year and I was also here yesterday at the benefits fair appreciate everybody being here I'm happy to see there's so many of you interested to learn about the new plans as Tom mentioned I'm going to talk a lot about what's changing the to plan options that you have and we are going to spend a majority of our time on the education piece of the HSA the health savings account and that new high deductible health plan since that will be new to everybody a couple of notes here again what's changing we have the two new plans the oap plan is sort of a similarity to your ppl look alike that you have right now we've made some changes to deductibles and out-of-pocket and then a small adjustment in the co-pays as well and then we have the new high deductible health plan that has that health savings account tied to it as well last thing there was a slight shift in the tier percentage as well and you'll see that as we go through the premiums and the payroll deductions that you're going to have in a couple of slides all right so up on this screen there's a lot of information but this is a summary of the two plans that you're going to have access to effective January first remember all of these changes in elections that you're going to be making take effect january first 2017 you're on your current same plan right now through the end of the year and these changes will be effective January first so we're going to start with the open access plus core plan so you can see the individual deductible for single is $1,500 for family it's going to be three thousand dollars the out-of-network benefits are listed there as well our out-of-pocket maximum as an individual is five thousand five hundred dollars and eleven thousand dollars for a family as a reminder out-of-pocket maximum this is the most that you will pay in a calendar year for your medical claims out of your own pocket as long as you're seeing an in-network provider once you hit eleven thousand dollars as a family everybody on the plan is covered at one hundred percent so we moved down here your preventive care is going to be covered at a hundred percent that's on both plans and your coinsurance is a t20 what that means is once you satisfied that deductible the plan is going to pay eighty percent of all those bills you're going to pay twenty percent until you hit that out-of-pocket maximum your co-pays are thirty dollars for primary care visit and fifty dollars for a specialist visit and you have your urgent care copay at fifty dollars in an emergency room copay at two hundred dollars will get to the pharmacy piece here in a little bit but your pharmacy plan is well you're going to have co-pays on that so that is going to be the new open access plus core plan shifting gears over to the right side of the screen let's talk a little bit about the high deductible health plan or consumer driven health plan with the HSA the health savings account as you can see high deductible that's what it means it means a higher deductible the IRS set certain guidelines that we have to have a minimum deductible in order for you to be able to open up that health savings account so as an individual the deductible is twenty six hundred dollars it was communicated earlier that it was going to be 25 we had to increase that to 26 because of IRS guidelines so that we can make a change that will be beneficial to you let me take a little bit of time to explain that what this is is an embedded deductible or non collective so I cover myself and three other people on the plan potentially I'm the one that is very very sick for the year so I'm the only one using the plan for real services all I have to do is satisfy that two thousand six hundred dollar deductible and then my plant portion of the plan kicks in meaning my co insurance will kick in so I'm going to pay twenty percent the plans going to pay eighty percent now the rest of my family members as they start to utilize services and have claims come through they're going to be accumulating towards that family deductible of five thousand dollars so between the rest of the three of them they just have to reach that 2400 and then the whole family deductible is satisfied so it really is beneficial if you have one person that's really using the plan a lot you don't have to satisfy that entire family deductible before the plan kicks in it allows that individual deductible to be reached and then the plan starts kicking in for that individual to pause there for just a second I know that's a lot of information questions on that embedded deductible the 26 hundred dollars as an individual so twenty six hundred dollar individual deductible and then a five-thousand-dollar family deductible so I could meet the twenty six hundred dollars on a family plan and then i'm getting paid out at that co-insurance level of twenty percent the same goes for the out-of-pocket maximum now again if i continue to utilize those services I've hit my 26 hundred dollar deductible I'm paying twenty percent twenty percent twenty percent if I reach the individual out-of-pocket maximum of fifty five hundred dollars my benefit is covered at a hundred percent than the rest of the year so again the whole family I don't have to reach that full eleven thousand dollars to be able to get paid out at a hundred percent as far as the benefits concerned so you will notice that the out-of-pocket maximum is the same on the core plan as it is on the high deductible health plan this is really important as you think about making your elections of is the HSA plan a fit for me if you know that you always hit your out-of-pocket maximum you have kiddos that are always in the emergency room or sick or you have a major upcoming surgery you may want to consider going into that high deductible health plan because in the end in the end the out-of-pocket maximums are exactly the same but you're paying less in premiums on the high deductible health plan and you're getting funded six hundred dollars from the college they are going to deposit fifty dollars a month into that health savings account so you're coming out on top from a financial perspective when you think of it that way we're going to go through some claims examples here in a few slides to hopefully help put this a good picture to this as well your coinsurance is the same you have twenty percent and the plan picks up eighty percent once you've satisfied that deductible and you'll notice there's no co-pays on this plan so a high deductible health plan is just a deductible and then co-insurance there's no co-pays so you are never changing money's hands when you go to the doctor you're not paying when you walk in there's not a copay associated with it you go to the doctor they run the claim through the insurance we give you that discounted negotiated rate if it's with an in-network doctor then you're going to receive a bill from your doctor and your explanation of benefits from Cigna it'll say you owe this amount that's the amount that you're going to pay so primary care doctor i would say that ranges anywhere from 75 dollars to $150 a visit specialist you're looking at more like a hundred to two hundred dollars per visit so your pain at full amount up front until you've satisfied that deductible then you're just paying twenty percent on all those services afterwards all right we'll spend a little bit of time here if anybody wants to jot down some of the premiums if you know which category that you fall into as far as your salary and the number of family members you're going to be covering this is the monthly deduction for the open access plus core plan so monthly deductions here show again the deductible $1,500 for an individual three thousand dollars for family out-of-pocket maximum again is 5500 for an individual and eleven thousand for the family so if you're a single under the fifty thousand dollar per year salary 134 dollars and thirty-seven cents if you're each plus spouse 30 257 employee plus children 188 19 and family is 390 676 I'm going to do this two slightly different than I did yesterday I'm actually going to go to the next slide so you can see the comparison on the high deductible health plan as we go across here did you have a question yes this is monthly so you have to pay periods a month right yep we'll divide by two on that so keeping with the payroll deduction under the less than 50,000 if i look at the cigna high deductible health plan we're looking at this column right here almost tall enough so single is 120 38 a spouse is 270 48 plus children is 168 41 and family is 350 476 so this will give you a comparison to see the difference in going on this plan the high deductible health plan versus what you're paying for that signature plan alright let's go back so if you're in the salary range of fifty to fifty nine thousand as an individual it's 203 19 spouse is for 5755 children is 280 for 57 and family is 5 99 98 pause there if you're jogging those down okay and then on the high deductible health plan that same range is an individual 182 0 4 plus spouses 4090 to children is 250 467 and family is 530 6 47 yes sir yep we're going to post those and send those out as well absolutely so if I don't need to run through each of these I can continue to but what do you guys think go forward all right on the high deductible health plan here you see that you get a six-hundred-dollar contribution from the college this is very very important fifty dollars per month it's going to go into your HSA you get a debit card and that's how you can pay for pharmacy claims you can go when you go to pick up your prescriptions once you get a bill from the doctor you can write in your number on the bill and send that in going into the dentist you can use your card so it works similar to an FSA but it's a little easier because it's tied automatically to your medical claims account through your my signal page okay let's pause there you've seen both the plan options the next several slides are really the focus and education on the HSA and the high deductible and how that can work for you and your family any questions before I move forward yes it rolls over the great thing about an HSA it is way more flexible than a flexible spending account so FSA is something you're used to right now with a health savings account the money is truly yours it's a savings account in your name if you ever left the college any funds in that go with you wherever you go you I would also encourage if you open up the health savings account that you also make those pre-tax contributions so you're getting fifty dollars from the college maybe you take that difference that you're saving in premiums and you put that money in so its pre-tax you're lowering your taxable income at the end of the year plus your funding that account to build it up quicker to pay for those claims that may come through in the year good question but it rolls over so it's not a use it or lose it it just continues to carry over carry over and you can continue to grow it it just comes with you and that a savings account so let's say you go to another employer and they offer a high deductible health plan you can roll that into a new HSA and just continue contributing to it then you're allowed to spend those dollars you can't contribute to an HSA unless you're on that high deductible health plan but a lot of people once they reach 65 they go on Medicare they have all this HSA money sitting there you can use that money than to pay for your Medicare premiums you can use it for any additional qualified medical expenses even if you're not on a low deductible or a high deductible health plan going forward yep yes sure your husband so you'll be on the same HSA account so again that's why I encourage you make some additional contributions to it but you can both get a debit card so as you have funds if he goes to the pharmacy to pick something up he has a card he can pay for it right there yep okay it's the separate account I had one at a previous employer and when I moved over I was having to pay the account maintenance fees on my previous employers because they weren't paying for me anymore so I decided to take that money and roll it into my new cigna HSA so now all my money and ends up being in one place so I can just use one debit card your banks will be able to do that if you want to an HSA bank that's the bank that we use they can help you they give you the forms they can get all the money transferred in if you just want to have the one but you can continue to use your separate ones as well yep it's yes exactly exactly yep and you can only make contributions to an HSA if you're on that qualified high deductible health plan so that's really the stipulation that the IRS puts in there that you cannot be on a low deductible health plan and also putting pre-tax dollars into that HSA it's got to be on one of those qualified high deductible health plans and that's what this says here so it's combining that high deductible plan with that savings account to offer you that tax advantage plan any other questions great questions guys yes exactly so you can't have a flexible spending account and an HSA so it's one or the other however you are also offered a dependent care flexible spending you can still have a flexible spending dependent care account and the HSA very very tax advantage there because you can put up to the five thousand dollars in the flex spending for dependent care and then you can max out your HSA as well and get the biggest tax break in the long run with that but you can't have that regular flex spending and use that for the medical and dental you would just have to open the HSA and you can use that for medical dental and vision expenses as well yes yep so the question is can you make changes to how much you're contributing and when do you have to make that election so you're going to get the deposits from the college starting in January it's once a month you're going to get that fifty dollars and you can maybe you elect right off the bat when you sign up during open enrollment that you also want to contribute twenty five dollars per month maybe then during out throughout the year you realize oh well I can contribute a little bit more you can make a change to how much you're adding to that HSA whenever you want there are certain guidelines that you can't go over and we'll get to that in a couple of slides but you can make changes to how much you're putting in on your own to that HSA any time throughout the year again that's the flexibility with an HSA so a lot of individuals who are coming on to an HSA maybe they know they're having a big procedure coming up in let's say April you could put the max amount in the first four months of the year front-load that HSA so that when that surgery or whatever it has happened you have those pre-tax dollars already setting aside set aside in that account and you can use that to pay for those expenses or you could just do a standard fifty dollars a month throughout the entire year you're going to add six hundred dollars the college has six hundred dollars twelve hundred dollars right there that you've built up into that HSA in just a year yep you can turn off your contributions as well the colleges will continue all 12 months of the year but if you decide ok little tight for money right now I don't want to contribute anymore or you just feel like you have enough built up you can also change your election to zero dollars contribution for that yes part of I'm sorry yes you elect a beneficiary then if something were to happen and that money then goes to whoever you've elected for that yes so dependent day care essentially so what are those day camps that they can go to anybody any provider with a tax ID that you can claim and then submit through your taxes in return yep eldercare is a part of that as well yep alright so one thing I want to point out on this slide is the choice plan is an open access plus network that's what both of your plans right now the HTML look alike and the ppl look like you're on Cygnus open access plus plan or network that is thickness largest network this is where you ha
e care in all 50 states that is not changing on either plan so regardless of whether you stay with the choice plan or you go or the core plan or you go with the high deductible plan you have the exact same access to care and doctors that you do right now so none of that is changing for you I know that was a lot of questions that I had yesterday but the network will remain exactly the same yes and if you call the ones that are listed on Sigma directory yep some of the mirna longer in town and others of them no longer Jane Cena how yeah is there a mechanism for getting more providers absolutely we have a provider relations team that cut down and they work with the provider network looking at adequacy making sure that there's the appropriate amount of providers based on the population of Cigna members if you have a specific name of someone you know is not in network that you would like to see them get in network with cigna what I can do afterwards is take their name and have our provider team actually reach directly out to them so we do that on an ongoing basis to make sure that you all have access to the providers that you need so definitely see me afterwards I'm happy to take a name down all right so a couple of things on who's eligible to participate in this high deductible health plan with the HSA you have to be on that qualified plan which the college plan that they're offering is a qualified IRS plan that's considered high deductible and you cannot have coverage health coverage in any other capacity so you cannot be on Medicare any form a b or d or c a b or d you can't be on TRICARE you cannot be on another flexible spending account so there's some of you that this plan you won't be able to be on it just because the IRS states that you can so if you're on Medicare Part A you're gonna probably stick with the core plan because you can't open the health savings account now you could still choose to go on the cigna high deductible health plan if you want to pay that lower premium and have a little bit more risk in terms of that deductible but you don't get that tax advantage plan of the HSA you can't open that and you can't contribute to it you can still pick this plan if you want but you're losing that tax advantage so I I would not recommend that but it's it's up there it's offered up to anybody so questions on eligibility yes nope made it pretty easy for you yep no veterans benefits at all so any additional coverage unfortunately the IRS and the government don't like us to be able to double dip and get an extra tax break and these are the rules and the guidelines that they've set forth these yes so do you mean is this plan going to go away and this time next year I highly highly highly doubt it I I don't work for the college but I would say that typically when an employer puts in a high deductible health plan this is for the long haul because I've been on an HSA now for a couple years I'm slowly but surely building up that fund and I have opportunities to invest that I have opportunities to use that as additional retirement so as you start to build up that nest egg in the HSA people really do enjoy and find that these plans work very very well for them and their families so I would say no the plan will probably be here for the long haul cherry this is this is what everyone likes this is what he has when working well we finally found a good fit that's working well all right ok it's a big change it is absolutely big change well we know the signal network is working well for the majority of our employees because we've gone through cross we walked on through a presbyterian we are now with Sigma and I've gotten the least number of complaints about the network not being adequate or not covering things with cigna so this one's this one's working I'm sorry see me right it's unfortunate because of those specific stipulations that the IRS has set in place so I completely agree with you on that as you all know health care is on the rise you've heard this probably a year over year over year over year every time someone comes in here to do an open enrollment presentation it is unfortunately the lay of the land and we have to find ways to better control costs a big part of that is us taking care of ourselves I know that seems very very cliche especially coming from a health insurance person but the better that the plan and the better that the employees are doing in terms of health the healthier that we are staying up on our preventive care taking medications so that we're compliant so we don't end up in the emergency room all of those things make a difference at the end of the year when we start looking at premiums for the next year it all really does matter if you take one thing away know that taking the high deductible health plan sort of takes you out of the big pool of petite potentially the people that are getting very very sick you're not funding them anymore you have your own plan your funding your own plan those are your health-care dollars to then use so again you have the two options the HSA may not be for everybody I won't stand up here and say that this works for every single individual in every single family but it could work for a lot of you so we're going to go through some claims examples I want to stop here on this slide though talk just a little bit about the maximums what you can contribute so as an individual you can put up to three thousand four hundred dollars into that HSA for the year so more than you could with your flexible spending account take into account that the six hundred dollars that the college is contributing also goes into that so 3400 minus the 600 that's how much you could contribute through your payroll deductions as a family six thousand seven hundred fifty dollars if you are over the age of 55 and you decide to open up the health savings account and join the high deductible health plan you get an additional one-thousand-dollar contribution if you want to do that as a catch-up period so you can put in an additional one thousand dollars making it 44 hundred dollars or 7754 your maximum annual yes nope just the first year just the first year yep good question Jerry all right questions on the maximums great yeah exactly so if you're let's say you're on Medicare Part A and you still want the high deductible health plan to have that lower premium you can still pick that plan you just can't have the HSA exactly come on okay couple claims examples here this is very very simplified but I just want to give you an idea of the two plans and how they'll work for you so this is carlos single mid 30s fairly healthy he has an occasional sports injury he is in the under 50k salary band so Carlos throughout the year he has his preventive care exam that's covered at a hundred percent so there's no cost to Carlos he visits the urgent care one time for an injury or an illness $50 co-pay on that choice plan core plan sorry key clinic choice core plan so he has fifty dollars in medical expenses for the year if you look at the green bar that is his total premium for the entire year so that was the number i showed you a few slides ago x 12 1612 dollars and 44 cents that's what he's paying in the year for the plan yearly out of pocket cost is 1662 dollars and 44 cents that is how much he is paying for the year to be on the insurance plan using the services that he needs throughout the year here is Carlos same scenario on the high deductible health plan so we start out again he went in for his preventive care he went in had an urgent care visit maybe had a prescription his total medical expenses were five hundred dollars now because he's on the high deductible health plan he has to pay that full five hundred dollars that counts towards his deductible but he has six hundred dollars that the college has given him in his HSA so he uses that so nothing came out of his actual pocket in that he's also left over with a hundred dollars to roll over into year two so he's a hundred dollars starting out in 2018 so the amount he paid in premiums for the year was 1444 dollars in 56 cents if you take into account the money he spent on his HSA it didn't come out of his pocket so we subtracted the six hundred dollars here so his actual out-of-pocket costs for the year was eight hundred and forty four dollars and fifty six cents so he was he saved eight hundred dollars by being on the high deductible health plan in this instance so again this is just an example you really have to think about the cost of the premiums and also the contribution that you're getting to the college because we have to look at the whole year obviously right up front on the high deductible health plan you're paying out of your pocket right up front you're going to go through the six hundred dollars potentially from the college and then let's say you have to have a prescription that's very high cost or you have an emergency room visit you need to be okay with knowing that that those first dollars are coming out truly coming out of your pocket financially and if you're okay through the rest of the year and you think about what you're saving in premiums those are the decisions you need to think about before you decide high deductible health plan or the core plan let's look at one more example here this is a husband and wife this is a family that hits that out-of-pocket maximum for the years so they both go in for their preventive care exam at zero dollars but the husband unfortunately is in a terrible accident he has physical therapy inpatient hospitalization surgeries follow-up visits doctor's visits his total medical bills for the year hundred thousand dollars so he has to do is he has to meet his deductible of $1,500 remaining cost is ninety eight thousand five hundred dollars from there the Smiths will pay twenty percent of all those bills until they reached the individual out-of-pocket maximum of fifty five hundred dollars so that's what they paid in medical expenses for the years the 5500 because the wife was pretty healthy she didn't have to use it outside of preventive care then you look at the premiums they paid 3630 dollars in premiums for the year their total cost out of pocket was nine thousand one hundred and thirty dollars and eighty four cents this is on the core plan so let's take a look on the high deductible plan there we go so on this one same instance hundred thousand dollars he asked mr. Smith has to meet his deductible of twenty six hundred dollars then they have 97 400 left over they pay twenty percent again till they reach that out-of-pocket maximum of fifty five hundred remember this is embedded so just mr. Smith has to meet that individual deductible and then the plan is paying out at a hundred percent so he paid the 5500 the premiums for the year were 3245 dollars we have to take into account that he can use the six hundred dollars from the HSA that the college funds so their total out-of-pocket costs for the year was eight thousand one hundred and forty five dollars so again if I flip back we have 81 45 verses 9100 so a thousand dollars they came out on top as far as the savings for that year so you might ask okay well who doesn't this work for them because both of these show that it works for my family situation potentially if you're a middle of the road kind of person maybe you have chronic illness like diabetes you're going in once a month or every quarter you have multiple visits you have medications that might not be the best plan the high deductible might not be the best plan for you what I would encourage you to do go to your my signet page under your manage claims and balances you can pull a health statement you can look for the entire year how much have we actually spent in medical costs get that total number figure out then okay if I have this many office visits I know I'm paying roughly three hundred dollars for each specialist that I see but right now i'm only paying a fifty-dollar copay figure out the true cost of what the plan is costing and what you're paying out and then side okay maybe the high deductible wouldn't be the best option because we'd be out a lot of money right up front and that's not something that our family is prepared to do but if you think about okay we have enough set aside we're going to contribute to the HSA will be able to stay in that first sort of quarter of the year and then we hit our deductible and we're only paying twenty percent on everything else so it's really going to be an individual situation I can't tell you yes or no what's going to work great for you however if you look at the numbers you take into account the premium and you take into account what the college is funding I think you'll be able to make a good decision that's going to be right for you and your family yes sir yeah so they'd have the eleven thousand dollars for the husband and wife if they both hit it let's say they both hit it eleven thousand dollars there plus the 3600 so you're looking at fourteen to fifteen thousand on that one and then on this one this one same thing 11,000 adding in the three you're looking at fourteen thousand dollars there so it's still going to be about a savings of a thousand to $1,500 on the high deductible health plan but yes upwards of eleven to fifteen thousand dollars depending on which plan you select and unfortunately how sick you are throughout the year most people do not hit their out-of-pocket maximum now you don't usually hit that it's there really from that financial protection so you're not paying that full one hundred thousand dollars in medical expenses for the year it's there to cap it out so that you once you hit it you're done for the year and the plan picks up the rest and that's the college plan picking it up when I say the plan that's the college yes so there's I couldn't tell you exactly what's not qualified so there's a full list if you just go to IRS gov it's called 213 d is the list 213 deism david and that tells you the full list so flexible spending those are all qualified expenses it matches that plus there's additional so again medical dental vision any lab work you're having done prescription services anything that you're getting picking up from the pharmacy as far as you know medications and all of that all of those are going to be qualified braces in orthodonture you can use the eight at the HSA for that as well yes yes you can you can pay for those over-the-counter medications with your HSA fund as well you don't need a prescription from your doctor on that again you don't you don't need to the account is linked with your eight year my signet page again always save your receipts come tax time if you get audited they may ask was this actually a medical expense that you needed to have here but you'll find it a lot simpler than the FSA you don't have to do all the substantiation that you have to submit those receipts also you have two options as far as accessing the money when it comes to the HSA so you have a debit card that you can just use when you're at the the point of service and you have two options one is auto claim forwarding which you can turn on that means as long as there's money in that account you go to the doctor Sigmund will automatically pay that provider the appropriated discounted amount and you don't have to do anything you know to do anything else however you can turn that off I have mine turned off I like to get the bill and the explanation of benefits and make sure that everybody's getting paid the appropriate amount so I turn mine off I wait for my explanation of benefits I wait for the bill from the doctor I make sure that the two match I want to make sure that that doctor ran the insurance the claim through the insurance plan and they got the discounted rate and then that's what I pay so then I write a check to my doctor or I put my debit card number in there and send my payment off that way so two options very simple if you like it simplified turn on auto claim forwarding if you don't turn it off you get to manage it a little bit more control so really quickly let's touch on pharmacy here um just some highlights of the additional resources you have from the pharmacy standpoint you have access to a pharmacist 24-7 via the 1-800 Cigna 24 number if you ever have an intera
tion maybe you have a kiddo you're not sure if you can give them something call a pharmacist they're always happy to talk to you that's in addition to the 24-hour health information line which is the 24 hour access to the nurse both resources that are free to you as the college employees numbers on the back of your insurance card you can also get refill reminders so this is a text message or an email sent to you when your home delivery medication should be running out sort of saying hey Kelly I think your singular is getting low maybe go online and get it refilled works great for me I travel a lot so I see that it's low I fill it when I'm on the road and it's waiting for me when I get home so just an added convenience to that we talked about this so let's talk about the core plan you have five dollar generics this has gone down from ten dollars from the current year so five dollars for your generic medications on the core plan $35 first thing to preferred $55 for the non-preferred and then you have yourself injectable those specialty medications they are covered you pay twenty percent to a maximum of four hundred dollars per prescription that's for the retail 30-day supply you also have home delivery everything matches now to co-pays gives you 90 days of medications so we changed the middle tier the cigna preferred brand it was 88 right now it's gone down to 70 on this one so just a nice change on that over on the height of high deductible health plan this is deductible coinsurance just like the rest of the plan is so if I go in and I have to fill let's say cingular that's a medication that I take the retail cost of that is roughly one hundred and eighty dollars I have to pay the 180 to start with pay that until I hit my deductible that I'm paying twenty percent of that 180 so when someone signs up and goes on to the high deductible health plan typically the first place they feel it is at the pharmacy if you are on a high-cost medication the first time you go into the pharmacy in the new year they're going to say you owe one thousand dollars and you think well why do I have insurance it didn't pay anything it didn't because you haven't hit your deductible yet and that is how that high deductible health plan is set up that's why we say fund that health savings account on your own build up some money there so that when you go to the pharmacy you can use some of those funds to help offset that cost now with the college they're giving you six hundred dollars over the course of the year so let's say you have to go to the urgent care right off the bat in February you only have fifty or a hundred dollars in your HSA and your bills three hundred dollars at the end of the year when you have that full six hundred dollars built up you can go to an ATM put your debit card in from the HSA draw out those three hundred dollars and pay yourself back so you can reimburse yourself for medical expenses if the funds are not there at that time so it's still those pre-tax dollars that you're reimbursing yourself on that all right yes no it does not include insulin good question alright so with the HSA you will automatically get that account open for you once you sign up for that plan so it comes through to cigna on the eligibility that you submit when you make your elections the account will automatically be opened in your name and then you'll have that deposit from the college starting in January you're going to get a debit card in the mail you can order additional cards for dependents and spouses that you have on the plan with you as well so everybody can have a card if they're going to the pharmacy you're picking things up you can order as many cards as you want on the debit for the debit cards for the HSA as well we already talked about the claims process again with that high deductible health plan you're not giving your provider money at that time of service you're letting them run everything through the plan on your ID cards it will just say no copay coinsurance is at twenty percent or whatever it would be and then you're not paying anything upfront for your care you wait until it's run through the plan to make sure you're getting that in-network discounted rate with that provider and then you'll get that explanation of benefits dating exactly how much you owe up here in that top right-hand corner that online health statement that's on my signal that's what i was talking about to get an idea of how much you've spent so far this year on medical expenses as well as pharmacy you can break it out by family member if you have one person that uses the plan and you want to pull just their claims and figure out how much they're costing or you want to do the whole family you have a lot of flexibility and how you can access this information and then HSA access it's linked right to your my Sigma page it's also on the mobile app if you have that on the mobile app when you log in the first thing it will show you is your HSA account so how much money do I have in there right now if I know I'm going in to fill a prescription swipe that card I'm good to go also you'll be able to have single sign-on when you get your health savings account there's a little blue line there that tells how savings account takes you right to HSA bank it takes you right into your health savings account you can see deposits anything that you've used as far as a transaction as well so it's very simple to manage last big point as far as the HSA goes you have options to potentially use this as an additional retirement fund and invest these dollars as well pre-tax dollars into different stock options and fund options so you have to have a minimum balance of two thousand dollars once you reach that you can invest that full amount and we use devenir and TD Ameritrade you can work with a specific a broker that you get aligned to and you can invest in different stock options you get a lot of choice and flexibility I'm fairly young still and I have a health savings account I'm using this as an additional retirement I don't get a pension or anything else like that I may not even get social security who knows so I'm using my HSA in the long run that's why I've stayed on an HSA now for two and a half going on three years to hopefully help supplement my 401k when I do hit retirement so again so much more flexibility with a health savings account them with that flexible spending account the green brochures have more information on the stock options in the trading and investing it in there as well all right last couple slides here just the additional resources through your my Sigma page if you haven't done it I encourage everyone go in there register for my significant and then go in and take your online health assessment it gives you resourcing resources and connects you to coaches you have lifestyle as well as chronic condition coaching this is a one-on-one coaching service with registered nurses there's dietitians exercise physiologists I worked with a coach because I have asthma it's been the same coach for two years that I've been on Cigna she calls me once a month we talk about my allergies are my symptoms okay and do you have everything that you need also we work on stress management and getting good sleep and all of the other things that are important to me so if you have something that you want to work with a coach on give the number on the back of your car to call and you'll get paired up with a health coach that can meet your needs so really just a great free resource for you as well and then 24 hour a day seven days a week access customer service is always open and available to speak with you also my signet calm is a great place to go your plan information is loaded again your deductibles your co-payments everything in your plan makes it very easy for you to keep track of and know what you're going to be paying throughout the year any questions on any of this all right yes so Tom you might have to keep me honest on this one we can if you open up the HSA you cannot have the contributions from the college until that grace period is timed up so I don't know what is it through 30 60 days 75 days something like that we'd have to talk to Cherie but there's a way that we can you can use the rest of those FSA dollars you can't open up the health savings account though until after that waiting period is done so once that money is gone Jan Tom did I keep okay thank you what's that so there will be a period of time that you have to spend it by and then after that then that money's gone your best cooking for six hundred dollars from the college or is it 40 Reagan do you guys know we'll find out on that one good question okay last slide here this is your open enrollment season again this is one one time of year this is an active enrollment everybody has to do something nothing that you have right now is going to carry into next year everybody needs to log in all of the instructions are going to be coming in an additional email it's the online portal that you used last year to sign up for your benefits everybody needs to make their elections if you're staying on the core plan you need to make your FSA elections and all of that and then if you are joining the high deductible health plan with the effort the HSA you'll want to decide if you're going to make a contribution to that one as well so deadline is December second the actual benefits site will open up on November 14th so you have some time between now and then to really think about it pull the claims down what we are also doing I think my slide is in here there is a website that will be launching a help at the end of this week we will send out a communication it's called my signal plans what it does is it has loaded both the plans that you have options for first 2017 into this website as well as the premiums what you can do is create your own individual family situation so if you cover yourself and three other dependents you put them in do they have any health conditions how many times on average do you go to the emergency room to the urgent care to a doctor's visit put all of that in we will average out those claims costs based on national averages and tell you from a true tax advantage as well as a financial advantage which plan if you had that situation would be less expensive for you for up throughout the year this will be very very useful if you're on the fence and you just want to see okay I'm kind of middle of the road I have a few doctors visits put those in there create your scenario and it'll tell you the HSA plan is going to cost you more or it's going to cost you less it'll actually give you a dollar amount based on those national averages it'll helpfully help hopefully help you make some decisions on that as well so we will have an email go out with some instructions on how to enter and login on this site as well so hopefully you'll find this to be very very useful that is it for me does anybody have any other final questions comments yes sir yeah the coordination of it so your VA is VA primary or secondary VA would be primary sitting away be secondary yeah so they're paying first then they submit to cigna that's going towards your out-of-pocket maximum as we pay secondary probably exactly unless there's something that you needed to have done that the VA wasn't going to cover then you have cigna that's going to pick up they'll cover it everything anybody else have questions yes sir yep it's a one-year thing for some reason you could change it this time next year to be effective for january first 2018 it goes with you still so let's say you then moved yourself to the core plan in 2018 and you had six hundred dollars sitting on an HSA you could use that HSA until it's gone on that core plan you just can't contribute to it yep exactly yes correct you you can't know because you have to have the HSA plan with a high deductible to start and open that account but then if after your you decide I don't want to be on the high deductible health plan but you have dollars left over in the HSA you switch to a lower deductible plan you can use the dollars up you just can't add to them anybody else well I really appreciate everybody's time thank you so much for coming today we'll all be here afterwards if you have a question other than that have a great day
