The HSA plan is a great medical combo—a consumer-directed health plan coupled with a Health Savings Account (or HSA). This plan comes with good coverage at a lower cost than most associates are paying today. It allows you to save pre-tax dollars to pay for your care and you keep your leftover dollars to pay for care in future years or in retirement.
Sysco contributes $250 for individual and $500 for family coverage to your Health Savings Account in January to help you lower your out-of-pocket costs and save more. And, you can make pre-tax contributions from your paycheck to build your savings to pay for healthcare now or in the future.
The insurance portion of the plan is administered by BCBS and your HSA is managed by Fidelity.
To be eligible to open an HSA, the Internal Revenue Service requires you to be enrolled in a High Deductible Health Plan (HDHP). The Sysco HSA plan qualifies as an HDHP. In addition, you cannot:
Sysco’s contributions to your HSA, plus any contributions you make may not exceed the yearly maximum. Be sure to plan your contributions accordingly. Visit IRS.gov to see HSA contribution limits for the current year.
You may use your HSA to pay for medical expenses for your legal spouse or legal IRS dependents, even if they are not covered under your HDHP. The IRS defines legal dependents as those who are not yet age 23, in most cases. Please note this is a different age limit than the eligibility for other benefits.
Here are a few highlights of the HSA plan.
The HSA plan offers free preventive care. When you need other medical care, you can use your HSA dollars or pay out of pocket, so your savings can continue to invest as you direct. The deductible in the HSA plan works differently than it does in the other Sysco medical plans. You'll have either a deductible for Associate Only coverage or a deductible for Associate plus spouse/dependent coverage, and you must meet this deductible before the plan begins to pay for care. Once you’ve met your deductible, your coinsurance benefits begin. You’ll pay just 10% for your in-network covered medical services. If you reach your out-of-pocket maximum, you won’t pay anything for covered services for the rest of the year.
If you choose Associate Only coverage, you'll have a $2,000 in-network deductible. If you choose to cover dependents, everyone’s costs count toward the $4,000 in-network family deductible. Everyone pays 100% of their costs for care until the family deductible is met. In-network services do not apply to your out-of-network deductible and out-of-network services do not apply toward your in-network deductible.
The HSA medical option is sometimes overlooked because it is less familiar to associates than more traditional plans. You owe it to yourself and your family to understand how it works. On SyscoBenefits.com, check out the “Taste of HSA” video, which explains the plan in simple terms and the “Take Another Look at the HSA” video to bust some common myths about the HSA.
*In-network and out-of-network deductibles are separate. Only in-network services apply toward your in-network deductible, and only out-of-network services apply to your out-of-network deductible.
**If you (as a plan participant) receive a brand name drug in place of a generic in either of the situations below, the plan will only cover the cost of the generic drug, requiring you to pay the cost difference between the generic drug and the brand name drug: