WHAT TO KNOW
With medical you’ve got two choices. Both plans cover the same illnesses, symptoms, and procedures so the question boils down to…how do you want to pay for your healthcare over the next 12 months?
HIGH DEDUCTIBLE PLAN
The High Deductible Plan has a $1,500 deductible in your enroll as an individual, and a $3,000 deductible if you enroll with dependents. This plan has a lower premium than the Copay Plan. This plan allows you to participate in a Health Savings Account. Also with this plan, after you meet your deductible, there are no further out-of-pocket costs except for prescriptions and telemedicine.
The Copay Plan has no deductible but high premium cost, which is the amount that is deducted from your pay. This plan has copays for things like doctor visits and lab tests, which you would continue to pay after the deductible has been met.
It can be confusing to understand the differences between the plans. Take a look at this plan comparison to see examples of how both plans would cover expenses.
COMPARE MEDICAL PLANS
The Medical plans are administered by Independence Administrators.
Click the image below to see plan details.
Interested in viewing the details of your medical plans, as well as your rights as a participant?
HSA - HEALTH SAVINGS ACCOUNT
A Health Savings Account (HSA) combines high deductible health insurance with a tax-favored savings account. Money in the savings account can help pay the deductible. And money left in the savings account earns interest and is yours to keep.
For 2020 you can contribute up to $3,550 if you enroll as a single in the medical plan, or up to $7,100 if you enroll as a family. Additionally, if you are age 55 or older, you are eligible to make a catch-up contribution of $1,000.
These amounts include Living Branches' contribution. You may elect to change your contribution amount at any time throughout the year!
If you enroll in the High Deductible Plan and contribute at least $15 per pay to your Health Savings Account, Living Branches will also give you $15 per pay. That’s $390 of FREE money!
FSA - FLEXIBLE SPENDING ACCOUNT
HEALTH CARE FSA – Available with the Copay Plan
A health care FSA lets you save taxes on money you spend for certain health care expenses. You can use your health care FSA to pay for eligible health care expenses such as co-payments or items not covered by any other plan.
The amount you choose to contribute to your health care FSA is deducted on a before-tax basis from each paycheck and set aside in your account. When you incur an eligible health care expense, submit a claim and the money is reimbursed to you tax-free. There is an annual maximum election of $2,500 for the health care FSA. You can rollover up to $500 of unused funds into the following year.
DEPENDENT CARE FSA – Available with Both Plans
A dependent care FSA lets you save taxes on money you spend for certain dependent care expenses. You can use your dependent care FSA to pay eligible expenses for the care of a child under the age of 13 (or a disabled dependent of any age) while you work. The amount you choose to contribute to your dependent care FSA is deducted in equal amounts from each paycheck and set aside in your account. When you incur an eligible expense, you can submit a claim and the money is reimbursed to you, tax-free.
Unlike the health care FSA, the dependent care FSA only allows you to be reimbursed up to the balance in your account at the time the claim is submitted. However, you can submit claims at any time. There is an annual maximum election of $5,000 for the dependent care FSA.
401(K) RETIREMENT PLAN
We care about your future plans and are happy to be able to offer a matching 401(k) retirement program of up to 7% of your base pay. Read on below for more information.
With our 401(k) plan, there is a three-part contribution:
There is a dollar for dollar employer match up to 2% of an employee’s wages. This will be contributed every pay and is fully vested right away. So if an employee is able to save even 2% of their wages, they will get another 2% from Living Branches. Even if someone has to leave our employment, the vesting means they will get this money. Eligibility for the employer match begins after 1 year of service, and at least 1,000 hours worked during that year of service.
The second part is an elective contribution of 2%. This is elective and depends upon the financial status of the organization at the end of the plan year, but it is our intention to be able to fund this. This portion follows a vesting schedule.
The third part, a Safe Harbor Contribution, has the potential of another 3%. This is also an elective contribution, but one that is fully intended to be given by the company. This is also fully vested right away.
Combined, that is an up to 7% employer contribution. Visit your Benefits Highlights for more information!
Now let’s talk about the extras. Whether you want to think about insurance to take care of your family,
or to cover some expenses if you're out of work, we’ve got options for you.
PASSPORT TO HEALTH
Earn points to save money on your healthcare.
Our wellness program, Passport to Health, allows you to save money on your healthcare by participating in healthy activities.
Here are the highlights of the program.
GET STARTED -
If you are new to Living Branches, get started by watching the Wellness Introduction Video and then filing out the New Enrollee Personal Health Survey and returning it to Attentive Health by email at email@example.com. You'll be able to save $30/pay for the year!
KEEP GOING -
Complete the program requirements and earn 100 points to continue your savings of $30/pay for next year (beginning July 2021)!
LACHER WILL HELP
We have great news for all employees who have chosen to enroll in our healthcare & benefits program. As our benefits consultants, Lacher can help you get the most from your healthcare and benefits program.
LACHER WILL HELP YOU OR A MEMBER OF YOUR FAMILY WITH
Any claims that you believe haven’t been properly paid
Questions regarding a bill sent by a doctor, dentist, lab or hospital
Further clarification on any insurance matters
Questions about your healthcare benefits
We have a dedicated Employee Advocate who is ready to help you deal with any situation in a discreet, confidential manner.
Our Advocate is:
Direct line: 215-660-0367