Medical Plan Options and Health Savings Account

You are first eligible for the medical  plan on the first of the month following one full calendar month of employment.  After you enroll, you may not make a change to your elections until the next annual enrollment period unless you have a qualified change in family status (see the employee handbook for more information on life status changes).

You have three medical plan options available to choose from through Aetna.

The Aetna PPO Plan is a traditional co-pay style medical plan with hospital services subject to a deductible and cost sharing.

The Aetna Consumer Choice (HSA) Plan is a plan that couples a high deductible health plan with a tax advantaged Health Savings Account (see below for more information on the Health Savings Account).

The Aetna Whole Health (ACO) Plan provides a lower cost option than the PPO, but requires use of a more limited provider network in order to access the highest level of benefit.

Questions for Aetna? Call the concierge services line listed on the back of your card 1-855-586-6963.

2016 medical, dental and vision plan contribution rates.

Medical Plan Summaries:

Other Aetna Medical Plan Information

A Health Savings Account, or HSA for short, is a tax advantaged account that both Bates and you can contribute to and it is owned by you.  You can use funds from your HSA to pay for current medical expenses (including dental and vision) for yourself and your tax dependents or save for future healthcare expenses.

Unlike our Healthcare Reimbursement Account option any contributions remaining in your HSA roll over from year to year and the account is yours when you leave Bates.  Watch this short video for an introduction to an HSA.

To learn more about Health Savings Accounts view and listen to a November 19th, 2014 lunch & learn (only change from 2015 to 2016 plan year is that the Family maximum HSA contribution increased to $6,750.  The video is still a good primer on how the HSA Account works).

Health Savings Accounts Reference Materials:

Investing funds in your Health Savings Account

Once you feel you have enough funds in your Health Savings Account to cover your medical needs you can begin investing in Mutual Funds for longer term growth (minimum balance of $1,000 in your Health Savings Account is required before you can invest in Mutual funds).  There is a $2.00 a month Investment Account Maintenance fee.

With an investment account you have:

Tour the “Financial Center” section of your Health Savings Account with PayFlex for more information.