Anthem and Medical Mutual High Deductible Health Plans
What is a deductible?
A deductible is the amount of money that you must pay before the insurance company will begin to pay it's portion of the medical services.
What is a medical premium?
A premium is a monthly charge that is paid for an insurance policy.
What is a High Deductible Health Plan (HDHP)?
An insurance plan, also called a consumer-directed health plan, that has a higher deductible and a lower monthly premium than a traditional health plan. View the HDHP information video.
What is a Health Savings Account (HSA)?
A health savings account is a type of savings account that is designed to be a place where you can set aside pre-taxed money that can be used for medical expenses that go above and beyond insurance coverage such as co-pays, deductibles and other non-covered medical expenses. The funds in an HSA roll over from year to year, unlike a flexible spending account. The money that is put into this account can also be used for investment opportunities. However, it is important to be aware that the funds from this type of account that are not used for medical purposes is liable for taxation. View the HSA video from PNC Bank about health savings account for more information.
What is a Flexible Spending Account (FSA)?
A flexible spending account (FSA) is type of savings account that allows employees to pay for "out-of-pocket" expenses for eligible medical and/or daycare expenses at a tax-free advantage. Unlike a health savings account, a flexible spending account is a "use it or lose it" plan in which funds that are set aside for that calendar year will be lost if funds have not been used by March 15 of the following year. View the FSA video from PNC Bank about flexible spending accounts for more information.
Who administers Kent State's HSA and FSA accounts?
The administrator for Kent State's health savings account (HSA) and flexible spending account (FSA) is PNC Bank.