Is Your Current Medical Plan Right for You?

With Open Enrollment right around the corner, now is a great time to consider how well your current medical plan is working for you. [SPOILER ALERT! Open Enrollment begins November 1]

Are you getting the most out of your current medical plan?

Some important things to consider when evaluating whether you are getting the most out of your medical plan are:

• Are you always reaching your deductible? Never reaching it?
• Are you paying more each pay period for coverage than you are spending in healthcare each year (hint: if you are, then the Cigna HDHP may be a good choice for you)
• How often are you utilizing your plan? Are you only participating in preventative care?
• Are you interested in a tax-savings vehicle that will let you grow an account that you can use to offset medical costs now and in retirement? (Hint: This is a Health Savings Account, which you have access to when enrolling in the Cigna HDHP)
• Do you or your dependents regularly need to see specialists within a particular network?

Medical plans can often be underutilized, and you may be paying more for coverage than you really need. Take some time to reflect on the past year and see how many times you and your family needed medical services, what you spent out-of-pocket and how much coverage cost you from your paycheck.

What are the differences between Snowflake’s health plans?

Snowflake offers three different health plans: Cigna OAP High Deductible Health Plan with an HSA, Cigna OAP PPO, and Kaiser HMO (CA only)

Cigna OAP High Deductible Health Plan with HSA: has a higher deductible as compared to the PPO, but premium costs to cover yourself and dependents are lower. The Cigna HDHP also comes with access to a Health Savings Account (HSA), a tax-advantaged account that allows you to set aside pre-tax dollars each pay period and use that money tax-free to cover qualified medical, dental, and vision expenses. And, unlike Flexible Spending Accounts, money in an HSA never expires – there is no use-it-or-lose-it rule.

Cigna OAP PPO: This plan has a lower deductible than the HDHP, and most services are subject to a co-payment. The PPO does not have access to a Health Savings Account and the biweekly payroll deductions are higher than they are for the HDHP.

**Both Cigna plans give you the flexibility to see in- and out-of-network providers, but you will pay more when you go out-of-network as Cigna does not have negotiated discounts with those providers.

Kaiser HMO: This plan is available only to CA residents. The Kaiser HMO plan only covers in-network providers at a Kaiser facility. (except in the case of emergencies) and you pay a copay for most services. There is no deductible for this plan, and you have to select a primary care physician to manage routine care, referrals, and hospital stays.

If you need additional help to select the right medical plan, we’ve got resources!

ALEX – If you need a refresher on how each plan works, or guidance in selecting which plan, you can “talk” to ALEX. ALEX is our online benefits advisor and will make personal recommendations based on your answers to his questions.

Our benefits website is available to you and your family members at any time. On this site we have dedicated pages to each of our benefit programs, a resource section where plan documents are housed, and a contacts section that gives you each plan’s ID, phone number, and web address.

Benefit Advocates – Reach out to our benefits advocate team with any benefit, eligibility, or coverage question you have. They offer confidential assistance and in-depth knowledge of your plans. Call (925) 378-6485 or email snowflake@alliant.com

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