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Are you interested in
reining in the costs of your medical expenses? If so, you might consider
switching your health plan to a consumer-driven health plan (CDHP) for 2014.
A CDHP is an excellent
option and a very effective tool for monitoring health care costs. A CDHP is a
health insurance plan that pays for covered services after the deductible is
met. Most employees save money with a CDHP, but only you can determine what
health plan best meets your need.
Don’t forget to take advantage of 100% first dollar
preventive care services. It is important to visit a primary care physician for
an annual physical which includes screenings for high cholesterol and diabetes,
the two most prevalent conditions among our plan members. Preventive services
are a smart way to invest in your well-being.
The state of Indiana
offers two CDHPs – CDHP 1 and CDHP 2. Both
plans cover the same services and the two can be compared by closely examining
the premiums, deductibles and out-of-pocket maximums.
The
premium rates for CDHPs are considerably less expensive than those of a
Traditional PPO plan. For CDHP 1, the premiums are the least expensive of all
three health plans offered by the state. They start as low as $11.94 biweekly
for single coverage and $38.16 for family coverage
STATE CONTRIBUTIONS TO HSA BENEFIT YOUR CDHP
An attractive partner to
the CDHP, a health savings account (HSA) can be opened to put money aside to invest
in your future out-of-pocket expenses. If you are eligible for an HSA the state
makes the following contributions:
There are federal
guidelines for HSAs, including contribution limits. For 2014, the maximum that
can be contributed to an HSA is $3,300 for single coverage and $6,550 for
family coverage. This includes contributions made by the employee and the
state. For account holders 55 years of age and older, an additional $1,000 can
be contributed.
Before you make your
selections for open enrollment, invest a little time to determine which plan is
right for you. Look at your health care costs over this past year so you know
what your expenses have been. Then review the information on the three health
care plans available for 2014. Input that information into the Benefits
Calculator (www.in.gov/spd/2527.htm) and then make an informed, educated decision.
If you have further
questions, attend one of the town hall meetings or webinars or talk to a
Benefits Specialist.
*All examples in this
email reflect participation in the non-tobacco use incentive.
CONTACT THE SPD BENEFITS HOTLINE
2014 Open Enrollment website: www.in.gov/spd/openenrollment
Benefits Hotline: 7:30 a.m. to 5 p.m. Monday through
Friday, Eastern Standard Time
-
317-232-1167 within Indianapolis area
- 1-877-248-0007 toll-free outside Indianapolis
Email: SPDBenefits@spd.in.gov
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