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.
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.
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?
|2019 HSA Contribution||Boston Scientific Contribution1||Your Maximum 2020 Contribution2||IRS Maximum Contribution2|
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.
Once your HSA balance reaches $2,000, you can invest in a number of investment options. Learn more by visiting HealthEquity.
With all your prescription and medical invoices automatically loaded into the HealthEquity system, paying bills directly from your HSA is quick and simple.
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.
|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
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.
Flexible Spending Accounts (FSAs) allow you to use pre-tax dollars for certain health care and dependent day care expenses. You get the benefit of lowering your taxable income when you contribute to these accounts. Boston Scientific offers two separate accounts: