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To accomplish this, we’ll be adding coinsurance and out-of-pocket maximums to both plans to keep them compliant with the IRS:
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Coinsurance is the percent amount of the bill paid by the employee after the deductible is met, up to the out-of-pocket maximum. The coinsurance rate for in-network services will be 10% which is better than the market benchmark of 20%.
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The out-of-pocket maximum is the maximum amount of money you’ll pay for covered services in the plan year, including your deductible. We have set the amount of the embedded out-of-pocket maximums significantly below the IRS requirements and favorable compared to market benchmark.
Adding these features allows us to offer health and wellness plans designed to provide you with great benefits you can use in the moments you need them. What hasn’t changed is how we create these plans: We thoroughly research and evaluate options while maintaining our high standards for your care.
The result is a benefits package designed to support the lives and families of our people – physically, emotionally and financially.
Ready to start planning? Here are a few ways to explore and select the right benefits for you and your loved ones.
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