The monthly premium is lower because you pay for the full cost of care until you reach your deductible.
Preventive care, including vaccinations, is covered at 100%.
All other services, labs, and prescriptions (at the negotiated BCBS or SmithRx negotiated rates) are paid for by you until your deductible is met ($1,650 for employee coverage, $3,300 combined for employee +1 and family coverage).
After you meet your deductible, you only pay co-pays for prescriptions and ER visits.
You may contribute to an HSA only if you have a High Deductible Health Plan (HDHP) – The PPO Saver Plan.
Much like an FSA, an HSA can be used to pay for qualified medical expenses. However, you can only spend up to your current balance from employee and employer contributions (no borrowing the full annual election as in the FSA).
Annual maximums can be found on the Spending Accounts page. You can start or change your election at any time.
The College contributes $500 for employee coverage and $1,000 for employee +1 and family coverage. 50% is contributed in January and 50% is contributed in July.
You own your HSA account – they are portable and can grow over your lifetime. Funds automatically roll over from year to year.
HSA contributions and earned interest are tax-free! HSA with a minimum balance of $1,000 can be invested in mutual funds.