MEDICAL INSURANCE

Ask Gary

For more information about OBL employee benefits programs, contact Gary Sutter.

 

The OBBT provides a variety of medical insurance plans that range from comprehensive PPO’s to the latest industry options such as High Deductible Health Plans that include both Health Reimbursement Accounts (HRA) and Health Savings Accounts (HSA’s). PPO options include a variety of deductible and coinsurance levels. The OBBT currently offers eight different PPO options from which to choose.

Choice

In response to the demand for consumer-driven health plans, in which members are more involved in the financial aspect of their health care, the OBBT offers HDHP Plans that include both HRA and HSA options to its member banks. These  options include a PPO network to help the members maximize their health care dollars by accessing preferred pricing. In addition, the OBBT provides additional support through the transparency tools found on Anthem’s web site. Anthem’s Engage mobile app allows a simple and convenient way to view your benefits, find a doctor, check your claims and download your ID card. 

While most medical plans include prescription drug benefits, OBBT's plan includes an enhanced preventative drugs list for Diabetes and Cholesterol medicines as well as Asthma and High Blood Pressure at no cost to the insured. For additional savings and the convenience of receiving medications at home, maintenance drugs can be filled through the mail order pharmacy. 

Manage Costs

One of the goals set by the OBBT for its medical plans is to provide member banks with the tools to enable them to effectively manage the rising costs of health care. As part of the wellness program, we encourage each bank to schedule a free on-site biometric  screening so that it is convenient for the employees to take an active role in their own health. Alyfe Wellbeing Strategies conducts the testing and reports the results immediately to the participant after the screening.  The results are also provided to Anthem so that the participant’s Personal Health Record may be populated. In addition, online Health Risk Assessments are available for members to complete in order to obtain valuable insights into the risk factors that they themselves have the ability to modify and control in order to improve their overall health. The OBBT is committed to making an impact on the health of the employees of its member banks. Therefore, every employee and spouse enrolled in one of the OBBT’s medical plans may receive a biometric screening at no cost.

Active enrollees in any of the OBBT medical plans can view claims status and paid claim details as well as EOBs (Explanation of Benefits) online through Anthem's secure, web-based personalized member portal. Members may also estimate cost of care, access various discount programs, participate in online wellness and disease management programs, maintain a personal health record, and much more.

HSAs 

A Health Savings Account is a tax-advantaged medical savings account available for those enrolled in a qualified High Deductible Plan. An HSA is owned by the participant. The participant and/or the employer may contribute funds into the HSA. Funds may be used to pay for qualified medical expenses at any time, tax free. Funds roll over and accumulate year after year, if not spent. HSAs provide a triple tax advantage—contributions, interest and earnings, and amounts distributed for qualified medical expenses are all exempt from federal income tax, Social Security/Medicare tax and most state income taxes. Due to an HSA’s potential tax savings, federal tax law includes strict rules for HSAs, including limits on annual contributions and HDHP cost sharing.


HSA holders receive medical coverage through an employer-sponsored high deductible healthcare plan and defers HSA contributions through payroll deductions via an IRS section 125 cafeteria plan, any income tax-deductible contributions made by the holder to the HSA are also free of FICA (and other) taxes, just as any contributions made by an employer on behalf of the account holder are also free of such taxes.  


Contribution and Out-of-Pocket Limits
for Health Savings Accounts and High-Deductible Health Plans

2020

2019

HSA contribution limit(employer + employee)

Self-only: $3,550
Family: $7,100

Self-only: $3,500
Family: $7,000

HSA catch-up contributions(age 55 or older)

$1,000

$1,000

HDHP minimum deductibles

Self-only: $1,400
Family: $2,800

Self-only: $1,350
Family: $2,700

HDHP maximum out-of-pocket amounts(deductibles, co-payments and other amounts, but not premiums)

Self-only: $6,900
Family: $13,800

Self-only: $6,750
Family: $13,500

Source: IRS, Revenue Procedure 2019-25.

 

Health savings accounts (HSAs) are a popular type of tax-advantaged medical savings account available to individuals enrolled in high deductible health plans (HDHPs). Individuals can use their HSAs to pay for expenses covered under the HDHP until their deductible has been met, or they can use their HSAs to pay for qualified medical expenses that are not covered under the HDHP, such as dental or vision expenses. HSAs provide a triple tax advantage—contributions, interest and earnings, and amounts distributed for qualified medical expenses are all exempt from federal income tax, Social Security/Medicare tax and most state income taxes. Due to an HSA’s potential tax savings, federal tax law includes strict rules for HSAs, including limits on annual contributions and HDHP cost sharing.

HSA holders receive medical coverage through an employer-sponsored high deductible healthcare plan and defers HSA contributions through payroll deductions via an IRS section 125 cafeteria plan, any income tax-deductible contributions made by the holder to the HSA are also free of FICA (and other) taxes, just as any contributions made by an employer on behalf of the account holder are also free of such taxes.

Health savings accounts (HSAs) are a popular type of tax-advantaged medical savings account available to individuals enrolled in high deductible health plans (HDHPs). Individuals can use their HSAs to pay for expenses covered under the HDHP until their deductible has been met, or they can use their HSAs to pay for qualified medical expenses that are not covered under the HDHP, such as dental or vision expenses. HSAs provide a triple tax advantage—contributions, interest and earnings, and amounts distributed for qualified medical expenses are all exempt from federal income tax, Social Security/Medicare tax and most state income taxes. Due to an HSA’s potential tax savings, federal tax law includes strict rules for HSAs, including limits on annual contributions and HDHP cost sharing.

HSA holders receive medical coverage through an employer-sponsored high deductible healthcare plan and defers HSA contributions through payroll deductions via an IRS section 125 cafeteria plan, any income tax-deductible contributions made by the holder to the HSA are also free of FICA (and other) taxes, just as any contributions made by an employer on behalf of the account holder are also free of such taxes.