Managing Your Employee Benefits Program

Flexible Spending Accounts—a Great Way to Set Aside Money for Certain Expenses

There are two types of FSAs:
1. Healthcare: For eligible medical, dental, and vision expenses, such as plan deductibles, copays, and coinsurance.
2. Dependent care: For eligible dependent care expenses, such as daycare for a child.

With an FSA, you:

  • Save on taxes: You can automatically deposit funds from your paycheck pre-tax into your FSA.
  • Pay for eligible expenses: These may include medical, dental, and vision care costs, copays, coinsurance, prescriptions, and some over-the-counter medications.

Paying for eligible expenses is simple

  • Use your healthcare payment card like you would a debit card to pay for qualified out-of-pocket medical costs.
  • Or pay with your own credit card, cash, or check. Then sign in at SIMON and file the claim for reimbursement by check or direct deposit.

Tip: To manage your FSA online, sign in at SIMON

Great news! All BHT members can take advantage of the tax-savings associated with a Flexible Spending Account. Our Administrator, Vimly, provides FSAs as an additional service. Contact bht@vimly.com.

 

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Common Health Plan Terms

Health plans can be confusing. But they make a lot more sense when you know a few basic terms.

Deductible
A deductible is the amount you pay each year for covered healthcare services before your health plan starts to pay. For example, if your plan has a $2,000 deductible: You pay the first $2,000 of covered services. After you meet the deductible, you and the plan each pay part of the cost of healthcare services. Your part of the cost is called either coinsurance or copayment.

Coinsurance
A coinsurance is the percentage of covered expenses you pay after you have paid your deductible. For example, if your health plan has a 20% coinsurance and the cost for an office visit is $100: You pay $20 and your health plan covers the rest.

Copayment/Copay
A copayment is a fixed amount you pay for each healthcare service. Copays can vary for different services, and they do not count toward meeting your deductible.

Out-of-pocket maximum
The out-of-pocket maximum is the most you would have to pay for covered services in a plan year. Your out-of-pocket maximum includes the amounts you spend on deductibles, coinsurance, and copayments. When you reach your out-of-pocket maximum, the plan pays 100% for the rest of the plan year.

Tip
You will generally pay less when you receive healthcare services from an in-network provider.

Communicating About Health Care Benefits With Your Employees Has Never Been Easier!

Premera’s communication center, B’link, provides information that supports your employees in getting the most out of their healthcare benefits. This convenient employer resource features ready-to-use, downloadable content that helps your employees better understand their health plan and costs.
How to get the most out of B’link
B’link offers on-demand content that best suits you and your employees’ needs throughout the year.

For each topic, we provide:

  • Flyers/poster that you can customize with your logo and plan details
  • Email templates – simply open and send
  • Content 3 ways: messages you can copy, paste, and share — long, medium, and, short versions are available 

Ready to get started?
Visit B’link today to find the right communications for your employees’ seasonal needs. Download your preferred materials (email, flyer, and/or messaging), and you are all set!