The Saver HSA option is a “pay as you go” Health
Plan option, and qualifies as a High Deductible
Health Plan (HDHP). It has a lower premium, a higher
deductible and the opportunity to open a portable
Health Savings Account (HSA) that offers triple-tax
advantages.
With this option, your annual deductible includes
both medical and prescription drug expenses, and you
pay all your medical and prescription drug costs in
until you reach that amount (with the exception of
preventive care and certain generic preventive
medications). After you meet the annual deductible,
the Saver HSA option pays 80% of your eligible
expenses for care received in-network. If you reach
the out-of-pocket maximum, the Health Plan will pay
100% of your medical and prescription drug costs.
To help offset the higher deductibles in the Saver
HSA option, the Company will contribute $500 for
Employee Only coverage or $1,000 for Employee +
Dependents coverage to a Health Savings Account when
you enroll in this option and open an account. See
the “Health Savings Account (HSA)” section for details. The Company contribution
will be paid in equal installments based on the
number of pay periods you are a participant in the
HSA. You must be a participant all 26 pay periods in
order to receive the full Company contribution.
Employees who enroll in the Saver HSA are eligible
to participate in a Limited Purpose Flexible
Spending Account. This account is limited to paying
for eligible dental and vision expenses. As with the
Flexible Spending Account, you can elect from $120
to $3,200 for your anticipated dental and/or vision
expenses in 2024. Eligible expenses must be incurred
by December 31, 2024 and claims must be submitted by
May 31, 2025. You may carry over up to $640 into
2025. Once you have met your deductible, it can also
be used for medical and prescription drug expenses.
But first, make sure you let Inspira Financial know
you met your deductible. You will receive a debit
card, pre-loaded with the amount of your annual
election. The same Flexible Spending Account expense
deadlines apply.