UL - 2023-24 Benefits Guide (FINAL 11.1.2023) SP
4 • 2023 Gerresheimer Salary Benefits Bulletin
HEALTH PLAN OPTIONS
HDHP & HEALTH SAVINGS ACCOUNTS
When you enroll for the HDHP, you will also automatically be enrolled in a con nected Health Savings Account. And, the Company will contribute to that account
What if you’re not quite that healthy and use more medical services? You should perform an estimated analysis of your expected costs in 2023 under the HDHP/ HSA scenario against the alternative plan. You might be surprised to find savings where you didn’t expect them. * When diagnosis of a condition stems from preventive care, the charges are no longer considered preventive by the medical community. on your behalf each pay date. You can use the funds in the account to help with those higher medical expenses that could become your responsibility. If you think the Company contribution to your ac count won’t cover the expenses you are likely to incur, you can contribute more to the account yourself – on a pre-tax basis too! And best of all, if you don’t use all the funds in your account, the balance always rolls over to the next year or goes with you when you leave the Company. You generally access the funds in your account through ATM machines and although you aren’t required to prove the funds are being used for medical reimbursements to the HSA vendor, you should save receipts for the expenses in the event you are ever audited by the IRS. Is the HDHP/HSA combination right for you? Only you can know that. But this ex ample below of something to think about when considering it bears repeating.
HEALTH SAVINGS ACCOUNT The amounts to the right represent the “per paycheck” contribution the Company will make to a Health Savings Account on your be half if you are enrolled for the High Deductible Healthcare Plan. You may also contribute to the account, but you are not required to con tribute to be eligible for the Company funds. YOU MUST RE-ENROLL ANNUALLY for any contribution you wish to make. Your own prior year contribution level, if any, will NOT carry forward. Only the Company contribution continues automatically. Let’s assume you are generally healthy and visit a physician or urgent care center once or twice per year for an ear infection or other minor condition. Two visits may cost you $150 each. Drugs prescribed during these visits may cost you another $100. Your annual physical is free because it’s preventive care*. The Company, over the course of a year, contributed $900 to your HSA (if you had Employee only coverage). The High Deductible Healthcare Plan (HDHP) functions just like the other pro gram offered, the Gold Plan, which is a Preferred Provider Organization (PPO). That is, not only does the HDHP provide appropriate preventive care without any charge at all, you still get to choose to use in-network or out-of-network pro viders each time you need service. With the HDHP, however, your deductible, the amount you have to pay before the Plan pays any expenses other than preventive care, is much higher. Additionally, the por tion of the expenses the plan pays there after is somewhat lower. But like the PPO, there is an overall limit to how much you might possibly need to pay in a calendar year so you are protected from financial ruin in the event of serious illness. If you enroll in the HDHP, meeting that high deductible or covering the addi tional share of expenses you may have thereafter doesn’t have to be so difficult.
HIGH DEDUCTIBLE HEALTHCARE PLAN: THINK ABOUT THIS
You also paid a lower monthly premium for this plan than for another offered. So even though you put out $400, you are still ahead $500 in the HSA. And that doesn’t even count the premium savings you had over the other plan option. If you made pre-tax contributions to the HSA yourself that you didn’t use up – well, your savings would be even higher as they roll over for use another time and are never forfeited!
Per pay Company Contribution based on tier elected:
EMPLOYEE + ONE DEPENDENT
FAMILY
EMPLOYEE ONLY
$37.50
$56.25
$75.00
Per pay Employee Contribution Limits based on 2022 IRS guidelines:
EMPLOYEE ONLY
EMPLOYEE + ONE DEPENDENT
AGE 55+ “CATCH UP”
FAMILY
$122.92
$266.67
$247.92
$41.66
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