How the cgcsc hdhp and hsa work together
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How the CGCSC HDHP and HSA Work Together. Center Grove Community School Corporation October 30, 2013. Dr. Paul Gabriel, CFO. Introduction. Let’s talk about our new HDHP/HSA Plan You should first watch these videos: Why You Should Consider an HDHP/HSA Plan What is an HSA?

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How the CGCSC HDHP and HSA Work Together

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How the CGCSC HDHP and HSA Work Together

Center Grove Community

School Corporation

October 30, 2013

Dr. Paul Gabriel, CFO


Introduction

  • Let’s talk about our new HDHP/HSA Plan

  • You should first watch these videos:

    • Why You Should Consider an HDHP/HSA Plan

    • What is an HSA?

  • Go to our website for more info:www.centergrove.k12.in.us/HSA


Let’s Define Some Terms

  • High Deductible Health Plan (HDHP) – Our new health plan with a $3,000-single and $6,000-family deductible

  • Health Savings Account (HSA) – A bank account you can use to pay health expenses

  • HDHP/HSA – The two in combination


Should you choose the HDHP/HSA?

  • Q1: What are you paying now?

  • Q2: What will your health care costs be in 2014?

  • Q3: What would you pay with the HDHP/HSA?

  • Every employee’s situation is different, so you will have to decide for you and your family

  • We are going to run through a few examples


Example #1 - Single

  • Single employee, with ongoing health issues

  • On the single plan and reaches $1,000 out-of-pocket max

  • How does the HDHP/HSA compare?


Example #1 Summary

  • If 2014 is exactly as predicted, you save $296.

  • If 2014 is better than predicted and your health costs are less, you still save $296 and you will have some money left in your HSA at the end of the year.

  • If 2014 is worse than predicted and your health costs are very high, you still save $296 and your HSA account will be zero at the end of the year


Example #2 – Employee+1

  • Married employee (no children), with few health issues

  • On the family plan and uses the clinic to avoid most expenses

  • How does the HDHP/HSA compare?


Example #2 Summary

  • If 2014 is exactly as predicted, you save $2,120 and have $2,527 in your HSA at the end of the year.

  • If 2014 is better than predicted and your health costs are less, you still save $2,120 and you will have more than $2,527 in your HSA at the end of the year.

  • If 2014 is worse than predicted and your health costs are very high, you will have to spend an additional $1,353, and your HSA account will be zero at the end of the year.


Example #3 - Family

  • Married employee (with kids)

  • On the family plan with moderate annual health expenses

  • Has an auto accident with major injury in 2014

  • How does the HDHP/HSA compare?


Example #3 Summary

  • This is a worst case example, with very high health care costs in one year. You will still save $285, but will have nothing in your HSA at the end of the year.


Rates That You Need to Know


What Should You Do Now?

  • Attend one of the meetings:

    • Oct. 30, 6:30 pm at ESC

    • Nov. 11, 4:15 at MGES

    • Nov. 12, 4:15 at MSC

    • Nov. 12, 6:30pm at ESC

    • Nov. 14, 4:15 at MSN

  • Attend the open house for personal help:

    • Nov. 20, 11:00 am to 7:00 pm in the High Tech room at ESC

  • Get more info from our website:www.centergrove.k12.in.us/HSA

  • Contact us with questions:

    • Jessica Clayton - 260.427.7123 jessica.clayton@theHSAauthority.com

    • Paul Gabriel – 881-9326 gabrielp@centergrove.k12.in.us

    • Glennda Watson – 881-9326 watsong@centergrove.k12.in.us


2014 Enrollment Form


Thank You !

How Do You Sign Up?

  • Fill out the health insurance election form and return it to Glennda

    • - Everyone must do this, even if they choose to not make any change - Forms will be handed out at every meeting, or

    • - Print one from: www.centergrove.k12.in.us/HSA under “Next Steps”

  • Go online to enroll in an HSA account if you choose that option:

    • - Follow the link at www.centergrove.k12.in.us/HSA under “Next Steps”


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