Read more belowīased on strong evidence from the literature, we expect that increased cost sharing will result in reductions in health spending. Lower spending observed in HDHPs may be the result of favorable selection, that is, may attract a higher proportion of healthier enrollees.Health savings accounts in conjunction with HDHPs may blunt the decreases in health spending associated with higher cost sharing in health plans.Multiple studies confirm that individuals use less health care when faced with health plans requiring higher cost sharing, such as HDHPs.Based on strong evidence from the literature, we expect that increased cost sharing will result in some reductions in health spending.Increased cost sharing by employees will reduce health care spending: These are the nine performance dimensions against which we measured High Deductible Health Plans: Many such plans are accompanied by a savings option that allows people to set aside pretax dollars to be used to meet out-of-pocket health care expenses up to their deductible. * Note: MSPTA-represented (T01) employees and Other Eligible Adult Individuals (OEAIs) and their dependents are not eligible for this benefit.A fee-for-service insurance plan with a deductible that is larger than the deductible for more standard indemnity plans (in 2009 the federal standard is $1,150 per year or more for single coverage $2,300 or more for families). Review plan materials carefully to understand the advantages and risks associated with the plan. You're eligible for an HSA if you enroll in the State HDHP and have no other non-HDHP health care coverage, including coverage through your spouse or any other person, and you are not claimed as a dependent on another person’s tax return. Earnings on an HSA fund balance are tax-free, and you can withdraw your money tax-free anytime, as long as you use it for qualified medical expenses for yourself or your tax dependents. You keep what you don’t spend on medical expenses, even if you retire or leave state employment. The HSA balance belongs to the employee and can be carried over from year to year. Employees can also make pre-tax HSA contributions by payroll deductions. This contribution will be prorated for employees who enroll mid-year. The state will make an annual HSA contribution of $750 for an eligible individual employee enrolled in the State HDHP or $1,500 for an eligible employee who enrolls with one or more eligible dependents in the State HDHP,* effective January 1.
Identified standard preventive services are covered at 100%, but most other services have a 20% in-network coinsurance after meeting the deductible.Įnrollment in the State HDHP will also provide access to an HSA, which is a tax-advantaged savings account that can be used to pay only eligible health, prescription, dental, and vision-related expenses incurred for services not covered by insurance (e.g., deductibles, copays, and coinsurance). An HDHP offers a lower biweekly premium in exchange for higher deductibles and out-of-pocket limits. The State High Deductible Health Plan (HDHP) with Health Savings Account (HSA) provides a different way for employees to cover health care costs while still being able to access the entire BCBSM PPO network. HealthEquity HSA Member Investment Guide.State HDHP with HSA Benefits-at-a-Glance.
State High Deductible Health Plan (HDHP) with Health Savings Account (HSA) - HDHP a dministered by Blue Cross Blue Shield of Michigan (BCBSM), HSA a dministered by HealthEquity
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