The SavingsPlus HSA is designed to provide you with lower monthly contributions and more control of your health care spending. It works like this:
Due to IRS requirements, if you are in the SavingsPlus HSA and use the Bridgewater Premise onsite health clinic, you will pay $35 for non-preventive care. Preventive care will continue to be at no cost to you. Traditional PPO participants will continue to pay $0.
Don’t forget about other important benefits that supplement your medical coverage by providing cash payments to cover out-of-pocket expenses in the event that a covered incident occurs:
While they are a good addition to any medical coverage, these benefits are an especially good complement to the SavingsPlus HSA. They provide enhanced financial protection when you need it while allowing you to take advantage of the SavingsPlus HSA’s lower monthly payroll deductions and Sanofi-funded Health Savings Account (HSA).
Under the SavingsPlus HSA plan, prescription drugs are subject to the deductible and coinsurance, including Sanofi drugs, for which you pay the full cost until the deductible is met. (Once the deductible is met, you pay $0 for Sanofi drugs.)
The exception is for preventive drugs on the preventive drug list, which you’ll receive at no cost before the deductible is met. See the Prescription Drug section for more details.
Watch this short video to see how the HSA works.
Important note about the Healthcare FSA and the SavingsPlus HSA option
If you elect the SavingsPlus HSA option for your medical coverage, you will no longer be able to use the Healthcare FSA. You’ll still have a 2.5-month grace period, meaning you can incur new claims against your account through March 15. Funds remaining in your account after the claim submission deadline will be forfeited. However, until your FSA is closed, you will not be able to open an HSA or receive Sanofi contributions to your HSA. However, once you do open the HSA the full company contribution will still be made.
The claims submission deadline for 2020 claims is December 31, 2021. The claims submission deadline for 2021 claims is December 31, 2022. The claims submission deadline for 2022 claims will be June 30, 2023. The claims submission deadline is different from the date you can incur new claims against your account, which is March 15 of each year.
Consumer-Driven Health Plan – A high deductible health plan that is combined with a health savings account (HSA), allowing you to pay for certain medical expenses with money free from federal taxes.
High deductible health plan – A medical plan in which you typically pay less in monthly premiums but have a larger deductible when compared to a traditional medical plan.