More Frequently Asked Questions on the New High Deductible Health Plan (HDHP) with a Health Savings Account (HSA) option.
Employees are encouraged to review all of FAQs and other information on the website at http://modot.org/newsandinfo/benefits.htm and attend one of the workshops being held in the districts and central office to see if this new plan would be beneficial for you. You can also contact employee benefits staff at 877-863-9406.
Q. Is there a separate prescription drug deductible such as in the traditional PPO plan?
A. No, the prescription and the medical deductibles are shared.
Q. If I have accumulated over $2,000 in the HSA account and elect to invest those funds over the $2,000, what happens if my account goes below $2,000 because
I have claimed qualified expenses?
A. You would have to liquidate some of the money invested in order to get back to the $2,000 level.
Q. If I have a claim in February for $1,000 but only have $250 in my HSA, can I collect the fully $1,000 to pay my claim?
A. No, you cannot exceed the balance in your account as it is a debit card and would reject? Your available balance will always show on the Health Equity web portal.
Q. Can you contribute a check to Health Equity mid-year after you realize you did not set your monthly deductions high enough to take care of the expenses you incurred?
A. Yes, as long as you stay below the IRS annual limit.
Q. How do you realize a tax savings when you are making your contribution on-line or sending the deposit to Health Equity?
A. You would not realize the tax savings until you file your taxes the next year.