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Andrews University. Employee Benefits Plan Year 2005/2006 February, 2005. *Deductible Applies ** Note: Andrews HSA Bank contributions per month are as follows: Employee Only: $50 Employee + 1: $100 Employee + 2 or more: $100. What is a HDHP/HSA?. High Deductible Health Plan

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andrews university

Andrews University

Employee Benefits

Plan Year 2005/2006

February, 2005

slide2

*Deductible Applies

** Note: Andrews HSA Bank contributions per month are as follows:

Employee Only: $50 Employee + 1: $100 Employee + 2 or more: $100

what is a hdhp hsa
What is a HDHP/HSA?
  • High Deductible Health Plan
    • A healthcare plan meeting IRS plan design requirements
    • All benefits subject to the deductible with the exception of wellness benefits
  • HSA Healthcare Savings Account
    • Eligibility
      • Can not be enrolled in Medicare
      • Can not be covered under another group health plan
    • An account owned by the employee
    • Can be funded with employer and employee funds on a pre-tax basis
    • Balance rolls over year after year (portable)
    • May accrue interest
    • Withdrawals must be for qualified medical expenses
wellness incentives
Wellness Incentives
  • Employees can help reduce plan costs by staying healthy
  • The plan is considering financial incentives for participating in the Health Fair
  • Incentives will be reductions to employee contributions
  • Amount of incentive is currently under review
andrews university8
Andrews University
  • Bank selection
    • March, 2005
  • Employee “town hall” meetings
    • March, 2005
    • Detailed plan review (3 benefit summaries will be provided)
    • Plan Option Pricing
andrews university9
Andrews University
  • April, 2005 - Enrollment packet will be mailed to employees and will include:
    • Medical plan summaries
    • Medical plan pricing
    • Enrollment form
    • HSA set-up forms
    • Flexible Spending Account enrollment materials
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Andrews University
  • Enrollment
    • To be completed/returned by May, 2005
  • Plan effective date: July 1, 2005