High Deductible Health Plans
Why Consider High Deductible Health Plans?
Naperville 203 staff members enrolled in the Broad or Limited High Deductible Health Plans realize savings throughout the year when compared to cost of the district's Platinum plans. While employees may initially pay more out-of-pocket to meet their deductible, the benefits of the High Deductible Health Plans help to offset those costs. Two of the plan's main cost-saving benefits are outlined below:
- Staff members enrolled in the Broad or Limited High Deductible Health Plans pay a significantly lower monthly cost (premium), compared to the Platinum plans.
- Monthly costs of $60.20-$72.52 for single and $180.07-$216.95 for family, compared to $113.75/$340.29 on the Platinum PPO Broad Network plan.
- Staff members enrolled in the High Deductible Health Plans receive an annual contribution from Naperville 203 toward their Health Savings Account (HSA).
- Employees will receive a contribution of $2,500 (family) or $1,250 (single), for the 2023 plan year. This is an increase of $500/$250 from last year.
- Unused funds roll over each year.
Hear From Colleagues Who Switched From A Platinum To A High Deductible Plan ...
Open Enrollment Runs From October 12-27
How Does The Deductible Work On The High Deductible Health Plans?
A deductible is the amount you pay for covered health care services before your insurance plan starts to pay. With a $3,000 deductible, for example, you pay the first $3,000 of covered services yourself. After your deductible is met, eligible medical expenses will be covered at 100%.
What Is A Health Savings Account (HSA)?
A Health Savings Account (HSA) is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified healthcare expenses. By using pre-tax dollars in an HSA to pay for deductibles and qualified out-of-pocket medical, dental or vision expenses, you may be able to lower your overall health care costs.
Employees can contribute pre-tax dollars up to IRS limits to an HSA (limit includes Naperville 203 annual contribution). HSAs stay with you for life and are tax free when used for your eligible healthcare expenses. You can even use it to cover healthcare expenses in retirement, as you can access all of it, penalty free, after age 65.
Previous Health Benefits Communication
Don't Forget To Sign Up For Your Wellness Screening!
Again this year, CHC Wellness is partnering with Naperville 203 to administer Wellness Screenings. The screenings are open to all employees, spouses, and retirees. Employees and spouses on the district insurance are encouraged to participate. If you need assistance or have registration questions, please contact CHC Wellbeing directly at (866) 373-4242.
Program Code: 5512Nap125