All About HDHPs

What is an HDHP and how does it work?
Did you know that the company offers a High Deductible Health Plan (HDHP)? The HDHP Aetna Select Open Access medical plan may actually lower your health care costs and help you save for future medical expenses. The plan has a higher deductible than your other plan options. You pay the full cost of services until you reach the deductible**—then the plan begins to share the cost of eligible services. Preventive care is 100% covered by the plan (even if you have not met the deductible).

Does the HDHP have lower premiums?
Premiums—your portion of the cost for coverage that is deducted from your pay on a biweekly basis—are typically lower for an HDHP. The trade-off is that you may pay more out of your pocket when you need care** (until you reach the deductible).

To offset the amount you would normally pay toward your annual deductible, the company pairs the HDHP with a Health Reimbursement Account (HRA) to help you pay for qualified medical expenses. Artcraft will contribute $2,500 for single and $5,000 for those with dependents towards your HRA. The HRA can only be used for eligible services associated with the medical plan.

The company also offers a physical incentive. Anyone covered under the medical plan that receives a physical must submit proof to Innovative Benefit Planning to receive additional funding on their HRA account. Once proof is verified employees will receive an additional $500. Those enrolled with dependents will receive an additional $1,000 once proof of physical is verified/submitted for all dependents that are over the age of 18.

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