CIGNA CHOICE FUND® HEALTH SAVINGS ACCOUNT - Fairfax County, Virginia
CIGNA CHOICE FUND? HEALTH SAVINGS ACCOUNT
A health plan plus a health savings account
882121
Agenda
What is the Cigna Choice Fund HSA and how does it work? Benefits of an HSA Managing an HSA
Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. ? 2018 Cigna
2
HSA COMPONENTS AND RULES OF THE ROAD
Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. ? 2018 Cigna
3
What is the Cigna Choice Fund HSA?
Employer HSA
HSA Qualified Medical Plan
+
contribution
=
Participant HSA
contribution
HSA tax-advantaged
plan
An HSA qualified medical plan ? sometimes referred to as a High Deductible Health Plan (HDHP) ? plus a Health Savings Account (HSA), which allows
participants to contribute, save and use HSA dollars on a tax-advantaged basis.
Employer
Payroll withholding of employee HSA contributions
Employer contributions to employee HSA accounts
Participant
Post-tax deposits or transfers to the HSA account
Transfers from other HSA accounts
Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. ? 2018 Cigna
4
What is a qualified high deductible health plan (HDHP)?
Deductible minimums
The minimum deductible is $1,400 single and $2,800 family.
All expenses (medical/pharmacy) are subject to a common deductible before the plan begins to pay. (If the single deductible is less than $2,700, the family deductible must be collective)
Preventive care can be covered at 100% prior to deductible being met
Out-of-pocket maximums
For 2021, the sum of the plan's annual deductible and other annual out-ofpocket requirements (other than plan contributions/premiums) cannot exceed $4,500 single and $9,000 family.
100% coverage once out-ofpocket met
Once the out-of-pocket maximum is met, the plan pays 100% for covered medical/pharmacy expenses
Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. ? 2018 Cigna
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