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Are You Leaving Money on the Table? Michele Bell - Cigna August 22, 2012.

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Presentation on theme: "Are You Leaving Money on the Table? Michele Bell - Cigna August 22, 2012."— Presentation transcript:

1 Are You Leaving Money on the Table? Michele Bell - Cigna August 22, 2012

2 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 2 Are you making the most of your benefits? Benefits are an expensive investment Understand your plan and its provisions Utilize on-line tools Be aware of free resources Ask questions + = Use tools and free resources Understand your plan Save $$

3 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 3 Know your Limits!! 2012 H S A Contribution Limits Because HSAs offer special tax advantages, the IRS puts limits on the maximum amount that can be contributed to the account. These are total contributions, including any contributions you receive from Salient: Under age 55 and not enrolled in Medicare: (based on a 12-month period) –up to $3,100 individual coverage –up to $6,250 family coverage Age 55 or older: –Maximum contribution increases by $1,000 (considered a “catch-up” contribution) –up to $4,100 individual coverage –up to $7,250 family coverage To make the maximum contribution in a calendar year, individuals must: –Meet all requirements to be eligible for HSA contributions on January 1 –Remain qualified through December 1 –If these criteria are not met, maximum contribution is prorated = 1/12 maximum contribution for each month individual is qualified

4 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 4 Plan Ahead!! 2013 H S A Contribution Limits Because HSAs offer special tax advantages, the IRS puts limits on the maximum amount that can be contributed to the account. These are total contributions, including any contributions you receive from Salient: Under age 55 and not enrolled in Medicare: (based on a 12-month period) –up to $3,250 individual coverage –up to $6,450 family coverage Age 55 or older: –Maximum contribution increases by $1,000 (considered a “catch-up” contribution) –up to $4,250 individual coverage –up to $8,250 family coverage To make the maximum contribution in a calendar year, individuals must: –Meet all requirements to be eligible for HSA contributions on January 1 –Remain qualified through December 1 –If these criteria are not met, maximum contribution is prorated = 1/12 maximum contribution for each month individual is qualified

5 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 5 Are you Maximizing your Contributions to the Cigna Choice Fund HSA? Unscheduled Deposits to the HSA Account Transfers from other HSA Accounts Account HoldersEmployers Payroll withholding of Employee HSA contributions Employer Contributions to Employee HSA accounts Monies sent to JPMorgan Chase from the Employer Monies sent to JPMorgan Chase via Mail with Transaction Specific Deposit form EFT transfer from individual’s personal account

6 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 6 What Can Money in the HSA be Used For? The IRS determines what is a “qualified health expense” Qualified health expenses –Expenses eligible under the medical plan –Expenses incurred after the HSA account is established –Other expenses typically covered through an FSA: Medical, pharmacy including some over-the-counter medications*, vision and dental –A more comprehensive list is available on myCigna.com Use the HSA to pay for qualified health expenses for: –Employee –A spouse as recognized by the IRS –Dependents as recognized by the IRS –The HSA cannot be used for a domestic partner Domestic Partners and Dependents who are not recognized by the IRS –Can be covered through the HSA-qualified medical plan –However, since HSA cannot be used for these dependents, Automatic Claim Forwarding should NOT be elected if they are covered through the HSA-qualified medical plan *Purchases of most over-the-counter drugs and medicines on or after January 1, 2011, cannot be reimbursed without a doctor’s prescription and store receipt

7 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 7 Are you leaving money on the table? We know money doesn’t grow on trees, but did you know: Preventive care is available in-network at 100% coverage (for children AND adults)? H S A funds “roll over” so they’re available when you need them – this year or next? You deductible and out-of-pocket expenses will be lower when you use a Cigna in- network doctor/hospital/lab Many drugs are available in a generic form – which in most cases is much less expensive than the brand alternative – your doctor can help you determine if a generic may be right for you and/or your family You have FREE access to a nurse 24/7 with one simple phone call? You can access discounts through Healthy Rewards?

8 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 8 Preventive Care is Covered at 100% Savings Tip! Your health plan focuses on helping to keep you well, rather than just providing coverage for covered illness or injury. Your plan includes coverage for wellness services for women, men and children. Your doctor will determine the tests that are right for you based on your age, gender and family history. Always discuss your preventive care needs with your doctor. Ask you doctor to code your preventive care visits as such, not a regular office visit

9 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 9 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2010 Cigna 99 Health care professionals can generate accurate, personalized pre-care estimates of a patient’s anticipated costs – to help facilitate financial discussions and set expectations. Explanation of Estimate  Generated by health care professional/facility, and specific to their services  Based on a real-time snapshot of the patient’s coverage  Illustrates “the math” and helps educate patients about how their coverage influences what they can expect to owe Estimated total cost for treatment Estimated out-of- pocket costs Estimate of what a patient will owe, based on his/her plan Know Before You Go! Cost of Care Estimator

10 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 10 Explanation of Benefits (EOB) Available in print or online at myCigna.com Choose if you would like EOBs mailed to your home, or go paperless and receive alerts after each claim is processed and posted to myCigna.com Clearly shows how and when claims were paid, and by which plan and/or account(s) Quarterly Health Statement Available online at myCigna.com You will be alerted by after each statement is posted to myCigna.com Shows year-to-date deductibles, all claim activity and out-of-pocket expenses for that quarter Are you confirming that you’re not paying more than you should?

11 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 11 Track Year-To-Date Expenses  Summarizes value of coverage based on cost/quality decisions  Includes year-to-date accumulator information, including deductible, out-of- pocket, etc.  Design consistent with Explanation of Estimate and Explanation of Benefits for easy comparisons Quarterly Health Statement

12 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 12 24/7 online health account management Review personalized plan coverage Check available balances Track claims and payments Get HSA bank account information Manage investment accounts via link to JPMorgan Chase One Website to Manage Cigna Choice Fund HSA Medical Plan and Bank Account At-A-Glance Account Summary

13 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 13 Copyright © 2007 JPMorgan Chase & Co. All rights reserved. At-A-Glance Account Summary At-A-Glance Account Summary Karen Smith myCigna.com Links Directly into JPMorgan Chase

14 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 14 “Going Green” can save you money! More environmentally-friendly options available for how you choose to receive information about your Cigna Choice Fund® Health Savings Account (HSA) You will be prompted to review and accept the "Online Service E-Sign Disclosure and Consent" when you log in to the secure HSA accountholder site for the first time after March 17th, 2012 If you accept the terms, information will be provided to you electronically Want to continue to receive your information on paper?? You can certainly do that, but a paper statement fee will apply More information is available when you log in on-line

15 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 15 Account Fees Paper Statement Fee, if activated$1.25 per statement ATM TransactionsNo charge, when using a JPMorgan Chase or Washington Mutual ATM Order of 25 Checks$10.65 per order of 25 checks Checks Returned$20.00 per returned check Check Stop Payment Service$20.00 per stopped check Duplicate Check$10.00 per copy Debit Card Transactions at MerchantNo charge, without limitation Replace Lost or Stolen Debit Card$15.00 per occurrence Returned Deposit Check or EFT$10.00 per occurrence Foreign Currency Conversion2.5% of purchase amount Account Closing$20.00 per account Investment Account Fee$2.50 per month

16 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 16 Tax Form 1099-SA – HSA Distributions Reports calendar year distributions from the HSA –ATM withdrawals –Debit card purchases –Cash advances made at bank branches –HSA checks paid –Automatic claim payments –Mailed in late January –If no distributions during the year, 1099-SA will not be sent

17 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 17 Tax Form 5498-SA – HSA Contributions & Transfers Reports Fair Market Value (FMV) as of December 31 of the tax year Contributions can be made until April 15 of the next tax year, so the 5498-SA is mailed in late January and again in May Interest is not a contribution; it is included in the FMV Incoming rollovers or trustee-to-trustee transfers Incoming individual rollovers are reported separately on the form

18 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 18 What Are My HSA Savings and Investment Options? $2,000 minimum in HSA to invest Once the investment account is opened, no minimum balance applies Ten mutual funds from which to choose Investments can be allocated into one fund or multiple funds No minimum deposit for any fund Tax-free growth of interest or investment earnings Monthly fees apply Online trading – no fees apply Track your balance online or with convenient monthly statements

19 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 19 myCigna.com – One Stop for Great Information

20 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 20 Treatment Decision Support

21 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna Hour Health Information Line Toll free, 24 hours a day, 7 days a week Convenient access to registered nurses Health and wellness audio library Find a nearby provider any time - day or night –General health information –Specific health information about an illness or condition –Location of an appropriate level of care

22 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 22 Right Care – Right Place – Right Time Physician’s Office Convenience Care Center Urgent Care Facility Emergency Room

23 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 23 Convenience Care Center Sample Treatments Available –Allergies –Bladder infection –Bronchitis –Common Cold/Flu –Ear infections –Strep Throat –Minor burns, rashes or skin infections –Pink eye and styes –Vaccines: Influenza, Hepatitis, Polio, Meningitis, Pneumonia, etc.

24 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 24 How Do I Find A Convenience Care Clinic Near Me? Log on to mycigna.com Click on “Find A Doctor Or Service” Under “Find A Place”, Click “Specialty Center” Then Click On:

25 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 25 More Ways to Save Money… –Talk to your doctor about your benefits, and ask for the best care for the best price. The care decisions you make with your doctor can make a big difference in your out of pocket costs. For prescription drugs, your doctor often has more than one drug to choose from to treat your condition or illness. Though similar in effect, these drugs can vary greatly in terms of your out of pocket expenses. By sharing your specific benefits, your doctor can determine whether there are any alternatives that can get you the care you need while protecting your wallet. –Use in-network doctors, hospitals and facilities. Health plans negotiate rates with certain doctors, hospitals and facilities (such as radiology centers). When you use these “in-network” providers, you can save a lot. When you don’t, you may have to pay higher deductibles or coinsurance. Additionally, you may have to pay any difference between your health plan’s maximum reimbursement amount and your doctor’s charges. It’s important to know that the “in-network” concept doesn’t just apply to doctors. So if your doctor recommends that you visit a specialist, or sends you for a test or a hospital visit, you’ll want to make sure that the facility or hospital you go to is in your health plan’s network. You can find out which doctors and facilities are in-network by calling your health plan or checking their website.

26 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 26 And a Few More Ways to Save… Let Your Fingers Do The Walking (or Driving) –There may be times when you can avoid the hassle and expense of an in-person office visit with your doctor, while still getting the support you need. Medication adjustments If you are taking prescription medications and want to switch to mail order or generic, often providers will write and fax new prescriptions directly to your pharmacy and/or mail order pharmacy without requiring you to spend the time, energy and money associated with a scheduled office visit. Lab follow-ups Doctors are often willing to have a brief phone call to discuss results of common lab tests such as a cholesterol screening. If the results are good, you may save yourself the co-pay and time. If the results require further treatment, you can then schedule an appointment as needed.

27 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 27 Having a Baby? Healthy Babies - First Steps to a Healthy Pregnancy Toll free, 24 hours a day, 7 days a week Features educational information from the March of Dimes Prenatal care information and resources Depression, Stress and Dental Care during pregnancy Free to all Salient Cigna members

28 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 28 Find Docs & Services with Cost and Quality Transparency Your search results are personalized according to your health plan. Don’t know your doctor’s specialty? No problem. myCigna.com will help you find the right doctor without confusing medical titles. Too many doctors to choose from? Refine your search according to the criteria that’s important to you. Quality distinctions and cost-efficiency ratings of doctors with every result Compare out-of-pocket estimates – specific to your coverage plan – for actual treatment and procedure costs. And, out-of- pocket estimates calculate your deductible, the percentage you pay (coinsurance) and any account balances on that given day. Estimates show both doctor and facility fees in one place, allowing you to more accurately compare total costs of treatment before choosing your doctor and where to receive care.

29 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2011 Cigna 29 Free Resources to Consider Healthy Rewards –Provides discounts on many non-covered health related services such as: Massage Therapy Health related DVDs/Videos/Books Discounted Magazine Subscriptions Weight Management and Nutrition Fitness Center Discounts Lifestyle Management Programs –Stress Management –Tobacco Cessation –Weight Management On-line Health Assessment Limeade Challenges

30 "Cigna", “Cigna HealthCare”, "myCigna.com" and the "Tree of Life" logo are registered service marks of Cigna Intellectual Property, Inc., licensed for use by Cigna Corporation and its operating subsidiaries. All products and services are provided exclusively by such operating subsidiaries and not by Cigna Corporation. Such operating subsidiaries include Connecticut General Life Insurance Company (CGLIC), Cigna Health and Life Insurance Company (CHLIC), Tel-Drug, Inc. and its affiliates, Cigna Behavioral Health, Inc., Intracorp, and HMO or service company subsidiaries of Cigna Health Corporation and Cigna Dental Health, Inc. In Arizona, HMO plans are offered by Cigna HealthCare of Arizona, Inc. In California, HMO plans are offered by Cigna HealthCare of California, Inc. In Connecticut, HMO plans are offered by Cigna HealthCare of Connecticut, Inc. In North Carolina, HMO plans are offered by Cigna HealthCare of North Carolina, Inc. All other medical plans in these states are insured or administered by CGLIC or CHLIC. All models are used for illustrative purposes only a 08/10 © 2010 Cigna Some content provided under license. QUESTIONS?


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