Members have an opportunity to lower premium costs, save on federal taxes, increase freedom of choice and utilize health care services more efficiently. Thanks to Health Savings Accounts (HSAs), members have a new way to help save for qualified medical and retiree health expenses on a tax-free basis. Among the HSA advantages are:
- Contributions to the account are tax deductible up to the size of the HDHP deductible. In 2013, individuals may contribute up to $3,250; with family coverage you may contribute up to $6,450 (indexed for inflation annually).
- Contributions may be made by an individual, an employer or both
- Amounts in an HSA belong to the individual and are fully portable
- Amounts in an HSA earn tax free interest
- Unused amounts in the account at year end rollover for future years
- Distributions are not taxed if used for qualifying medical expenses
- Individuals between the ages of 55-64, can make additional “catch up” contributions. An extra $1,000 can be contributed to the above amounts.
In order to qualify for a health savings account, an individual must be covered under a qualifying high deductible health plan (HDHP).
Oxford has arranged for members to open their Health Savings Accounts with OptumHealthBank. Click here to go to www.OptumHealthBank.com and open your HSA today!
Or, consider the Freedom Plan MetroSM, designed to reduce health insurance expenses for you, your dependents and your employees without having to sacrifice your choice of physicians. With the Freedom Plan Metro, you have access to Oxford’s extensive network of over 65,000 physicians. However, you pay for more of your care as you receive it, through higher co-payments rather than through higher premiums, regardless of whether or not you use medical services.
Exclusive Provider Organizations (EPOs) – These plans provide in-network benefits only utilizing the Oxford Freedom Plan network of physicians, hospitals and other healthcare providers. No benefits are provided if you use out-of-network providers. Premiums are lower with in-network benefit plan designs comparable to your current in-network benefits.
Health Maintenance Organization (HMO) – This plan provides in-network benefits only at generally lower premiums.
Premiums for all options are based on the New York borough or county your firm is located in.