After you meet the plan deductible, coinsurance kicks in to share the cost. Once you meet your out-of-pocket maximum, the plan pays 100 percent of eligible expenses for the remainder of the year.
The HSA feature of the Hess Medical Plan can help you pay for out-of-pocket costs. Each year you enroll for coverage, Hess puts $500 into your HSA if you have employee only coverage and $1,000 if you have employee + one or employee + family coverage. If you’re a new hire, these amounts are prorated based on the calendar quarter of your hire date.
You can also contribute up to $3,150 (employee only coverage) or $6,300 (employee + one or employee + family coverage) of your own tax-free* money into your HSA. (These amounts may be slightly higher for new hires due to the proration of the company contribution, but total contributions cannot exceed the 2022 annual IRS maximums of $3,650 for an individual or $7,300 for a family.) If you’re age 55 or older, you may contribute an additional $1,000 each year.
You can use the money in your HSA to pay out-of-pocket health care expenses now, or you can save it for later.
*Tax-free for federal tax purposes. State tax treatment may vary.