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.
Medical Plan Summaries:
- Aetna PPO Plan Summary
- Aetna Whole Health (ACO) Plan Summary
- Aetna Whole Health Member brochure
- Aetna Consumer Choice (HSA) Plan Summary
- Side by side quick plan comparison
- Aetna Preventive Medicine List for the Aetna Consumer Choice (HSA) Plan
(paid at 100% – not subject to the deductible)
Other Aetna Medical Plan Information
- Whole Health Provider Summary
- Whole Health Full Provider Directory (pdf) most current listing is found online
- Whole Health Searchable Directory as of 11-13-15 (excel)
- Instructions on how to find if a doctor is in Aetna’s PPO/HSA or Whole Health (ACO) network
- Prescription Drug Listing (4-tier)
- Your personalized Aetna Navigator Account
- Aetna Required Information on your Medical Plan
- Aetna Concierge Service
- Aetna’s Mobile App
- Aetna’s Discount Program
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:
- Health Savings Account Quick Overview (1 Page)
- Health Savings Account Quick Reference Guide
- Payflex Flyer
- Health Savings Accounts Frequently Asked Questions (4 Pages)
- Health Savings Account Rules of the Road (18 pages)
- HSA Account Fee Schedule
- Health Savings Account Payroll Deduction Form
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:
- Access to a diversified group of mutual funds, each professionally managed by an investment adviser (note: see Payflex website for most up-to-date listing of funds available)
- integration with Morningstar research data
- 403(b)-like investment capabilities with no transaction fees for trading
- Tax-free growth
Tour the “Financial Center” section of your Health Savings Account with PayFlex for more information.