Boston Scientific provides resources to help you keep more money in your wallet, and get the most value out of your health care dollars. Be sure you consider these programs before you enroll in your 2020 benefits. Don’t forget, beginning January 1, MyQHealth will be an important resource in understanding the cost of health care services and how to get the most out of your benefits.

Consider the Health Savings Account (HSA)

The Consumer HDHP Plan is paired with an HSA—an account you can use to pay for medical expenses—during the plan year, or in the future. You can also invest money in the HSA, like a 401(k), and build your savings for the future.

  • Lower your taxes while saving for health care expenses. The HSA is a tax-advantaged account you can use to pay for eligible expenses (e.g., medical, dental, prescription drug, vision services), today or in the future. The Consumer HDHP Plan (with HSA) participants who meet the eligibility requirements are automatically enrolled in an HSA through HealthEquity, our HSA administrator.
  • The company contributes—and you can, too. You get free money through Boston Scientific’s contribution to your HSA. Of course, the only way to maximize your savings is to also contribute to your account on a pre-tax basis. How much?

    As much as you can but, ideally, at least up to the amount of your annual deductible. Read more.Read less.

    Remember: Whatever you save in your account will roll over to use in the future, including during retirement—when having extra money on hand to put toward health care expenses will come in handy. Here’s how much the IRS will allow you and Boston Scientific to contribute to your account for 2020:
    2019 HSA Contribution Boston Scientific Contribution1 Your Maximum 2020 Contribution2 IRS Maximum Contribution2
    Individual $500 $3,050 $3,550
    Family $1,000 $6,100 $7,100
    1 Made in January
    2 Adjusted annually for inflation

     

  • Take advantage of the HSA. There are several powerful reasons to contribute to an HSA. Read more.Read less.
    1. You save on taxes. Read more.Read less.
      1. Pre-tax contributions. Money that goes into your account (your and Boston Scientific’s contributions) isn’t taxed as income. For example, at a 24% federal income tax rate, every $1,000 contributed to the HSA reduces your federal income taxes by $240.
      2. Tax-free earnings. Interest and investment earnings on your account aren’t taxed.
      3. Tax-free distribution. Money used to pay for eligible medical expenses isn’t taxed.
    2. You’re in control.  Read more.Read less.

      You decide how much to contribute and when to spend (or save) your HSA dollars. Any unused money in your account at the end of the plan year rolls over for you to use now or save for the future. Protect your HSA balance by naming a beneficiary using the HealthEquity website or mobile app.

    3. You can invest the money to help it grow. Read more.Read less.

      Once your HSA balance reaches $2,000, you can invest in a number of investment options. Learn more by visiting HealthEquity.

    4. Making payments is easy. Read more.Read less.

      With all your prescription and medical invoices automatically loaded into the HealthEquity system, paying bills directly from your HSA is quick and simple.

    5. You can take it with you. Read more.Read less.

      If you leave Boston Scientific, or retire, you take your HSA funds with you to use for qualified health care expenses—it’s immediately yours to keep.

  • Invest in both the 401(k) and the HSA. We all have a limited amount of money. As a participant in the Consumer HDHP Plan with HSA, you have the opportunity to invest in your future by making your money—as well as company contributions—work for you. Here are a couple of tips to help you get started. Read more.Read less.
    Tip #1: Meet the company match in the 401(k). Contribute enough to the 401(k) to get the full company match; that company contribution is free money—take advantage of it.
    Tip #2:   Contribute to the HSA. A good rule of thumb is to contribute at least enough to the HSA to cover your annual deductible. Begin by taking what you save in lower premiums and put it in your HSA. And, don’t forget about Boston Scientific’s contribution. Since you can update your contribution at any time throughout the plan year, add to the HSA when you can to ensure you have your annual deductible covered. Any remaining funds in your account at the end of the plan year will automatically carry over to the next year, earning interest along the way.

    Plus, once your account balance reaches $2,000, you can invest that money in mutual funds to potentially earn more money—which could make a big difference over time. Learn more.

Age 55 or Older?

If you are age 55 or older, save even more in your HSA. You can make additional “catch-up” contributions of up to $1,000 for 2020.

UMR Will Be the Administrator of the Consumer HDHP Plan (formerly BCBS Consumer Choice Plan)

Remember, UMR is replacing BCBS as administrator of the plan. Learn more.