Consumer Health 80 and Consumer Health 90 plans include a Health Savings Account through Fidelity. As of 2015, Eaton contributes $800 for Employee + Others Coverage and $400 for Employee Only Coverage, both of which are triple-tax-advantaged, states Eaton.Continue Reading
The money in an employee’s HSA helps offset their deductible, and it is theirs to keep. The two Consumer Health options outlined by Eaton provide flexibility for an employee’s health care dollars and better responsibility for their upfront costs due to lower monthly contributions. These two options also provide an employee with a tax-advantaged plan to pay for one’s medical costs as they save for future health care expenses through the HSA.
It is up to the employees to decide when to use the HSA pay for out-of-pocket health care expenses, explains Eaton. The account is used for eligible expenses as they come up, or the balance is invested and left to grow. Even if an employee leaves Eaton, the account is his to keep.
With these two options, Eaton pays 100 percent for eligible select generic preventive medications and in-network preventive care, notes Eaton. The amount paid by Eaton does not include any deductibles. Employee pays 100 percent of the discounted rate specified by Eaton for non-preventive care until they meet their annual deductibles. Eaton then pays a percentage of covered expenses, which is 90 percent for the Consumer Health 90 option and 80 percent for the Consumer Health 80 option. It is only under these two options that all charges stop once an employee reaches his out-of-pocket maximum.Learn more about Investing