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Optum Health Financial Overview
- 1. OptumHealth Financial Services – Carrier Neutral Solutions Dean Kissel Regional Sales Director
- 2. Our Organizational Structure Public and Senior Markets Group Commercial Markets Group Enterprise Services Group
- 3. Short History of OptumHealth HSAs, HRAs, FSAs, payables, cards, OptumHealth Bank, stop loss, COBRA Health and well-being services, care management, networks, Web services Mental health services, substance abuse treatment EAP, work/life Old Brand Portfolio
- 5. Who is OptumHealth Financial Services? Focuses exclusively on health care financial services and benefits administration Is one of the nation’s largest providers of health savings accounts Offers health care financial accounts for both active employees and current and future retirees Provides personalized service through a knowledgeable, professional benefits administration team Manages over 2.1 million consumer health care accounts Has over more than $1.3 billion in HSA assets under management Serves Over 27,000 private and public sector employers nationwide Has earned a 96% retention rate, supporting you every day, every step of the way Health Accounts and Benefits Administration – All In One Place
Hinweis der Redaktion
- Hello. Thank you for taking time to meet with me today. I’m here to help you explore a benefit option that (your employer / specify employer) is offering for next year’s enrollment. It’s a health savings account, or what I’ll call an HSA during my presentation.
- Story – we are part of the bigger family of UHG
- In 2007 we took a broad look at our portfolio of specialized care and financial services products. We realized that to make this story a compelling one in the marketplace, we needed to simplify and unite these services. (We have weaved all these into one brand – this is the suite of service that I bring to you - As you can see here, we reduced the brand portfolio from 10+ independent specialty brands into one consolidated brand. OptumHealth helps people navigate the health care system, finance their current and future health care needs and achieve their goals for health and well-being. We do this thruogh: Technology Clinical and financial expertise Compassion and understanding We work with: Employers Brokers and benefits consultants Public sector – as employers and benefits providers (e.g. Medicaid) Health plans – to expand their product set We help: Individuals Families Retirees Government benefits recipients
- All of these are part of the suite of services: What does the brand Optum mean to you?
- Key Points – we are ‘solely’ focused on
- As an employer, you will benefit from: Regardless of the size of the business you get a dedicated account manager (except HAS) HAS will have the BEST team – Broker and employer team Significant savings on defined contribution accounts. Tax advantages
- As I said, it’s important to make a smart choice when considering which company will hold your account. OptumHealth Bank focuses on health care banking. Because of this focus, OptumHealth Bank, Member FDIC, is a leading HSA administrator. Account holders and employers across the country count on OptumHealth Bank for their health care banking needs. OptumHealth Bank has more than $800 million in HSA savings and investments in nearly 500,000 accounts. Thousands of employers have elected to offer OptumHealth Bank HSAs to their employees. HSA deposit accounts in OptumHealth Bank are insured by the Federal Deposit Insurance Corporation to at least $250,000 for each depositor.
- Ask the question - Do you have these in this market? Need flexibility; we are very flexible! Flexible Spending Accounts are set up by employers to provide their employees with tax-free savings to be used toward qualified medical or dependent care expenses. They offer the advantage of reduced FICA taxes for both parties. Employees decide on their contribution based on what they believe their qualified, annual expenses will be. This contribution can be made easily through payroll deductions. The full amount of the annual contribution is available from the first day the Flexible Spending Account goes into effect for the medical FSA. For the dependent care FSA, however, only funds that have been contributed by the employees can be used for expense reimbursement. IRS regulations no longer mandate that funds not used by the end of the year be forfeited. Employers can now provide employees with time extensions before funds are forfeited, if they elect to do so. The extension period can be applied to both the medical and dependent care FSA. The IRS regulates that the dependent care FSA annual limit be capped at $5,000.
- Flexible Spending Accounts are set up by employers to provide their employees with tax-free savings to be used toward qualified medical or dependent care expenses. They offer the advantage of reduced FICA taxes for both parties. Employees decide on their contribution based on what they believe their qualified, annual expenses will be. This contribution can be made easily through payroll deductions. The full amount of the annual contribution is available from the first day the Flexible Spending Account goes into effect for the medical FSA. For the dependent care FSA, however, only funds that have been contributed by the employees can be used for expense reimbursement. IRS regulations no longer mandate that funds not used by the end of the year be forfeited. Employers can now provide employees with time extensions before funds are forfeited, if they elect to do so. The extension period can be applied to both the medical and dependent care FSA. The IRS regulates that the dependent care FSA annual limit be capped at $5,000. Stand-alone or bundled – HRA plan designs are unique. HRA and FSA – together – more people are usually the HRA and then the FSA is the second account you are charged just $1 on. An HRA if someone is 25 – we give you $1,000 –$800 would toll into retirement if you only used $200 that year; so this does roll-over. Keeps building just like HSA. When you are young this is great. – move to a consumer driven system like and HSA? HRA – health reimbursement ‘arrangement’ not ‘account’ if the employer changes the HRA / you can have – both HSA. If you want a lot of control – the HRA is all ‘employer’ money and more defined. The FSA allows the employer to participate. FSA – flexibility AND Engagement – ER can do some seeding as well. Packaging an LPFSA with the other – Whether HRA, HSA, FSA we have the expertise to administer one, both or all – we are the industry source; Our participant call center
- Same idea but is unique to a ‘retire’ account for a ‘public’ sector. HRAOur Funded Health Reimbursement Account (FHRA) is an employer funded defined contribution retiree health care plan designed specifically to help public sector employers gain control over their plan costs and take advantage of GASB 45’s more favorable accounting treatment of funded liabilities. Key Benefits for Employers: Tax-free — Your contributions to an FHRA grow tax-free and are never subject to taxation if funds are used to reimburse participants’ future qualified health care premiums and/or out-of-pocket health care expenses. Manage OPEB liabilities — Reduce or eliminate reported health care benefit liabilities (OPEB) for future retirees. An FHRA offers a tax-effective method to pre-fund some or all of the costs associated with providing a retiree health care plan. Full service and easy administration — An FHRA may be structured as part of a fully integrated health care program for your employees with minimum administrative effort required by you. Plan design flexibility — Design an FHRA plan to best fi t the needs of your employee groups, including collective bargaining units. Inflation protection — Your financial exposure to future medical inflation is significantly reduced or eliminated by moving to a defined contribution or hybrid plan design. Protection & security — Assets are sheltered in a Trust and may only be used by qualified persons for qualified medical expenses. FICA savings — Contributions made to an FHRA are exempt from FICA taxation. Unused sick and vacation — An FHRA provides you with additional flexibility in the payout of accrued vacation, sick or other leave. You may structure an FHRA to reward the responsible use of a sick and vacation leave program and discourage its abuse. Debt rating — An FHRA can reduce or eliminate the impact of retiree health benefits on your debt rating. Retention — An FHRA can help you attract and retain valued employees.
- HRA in disguise to reward someone for the proper behavior.
- Tax deductible – Contributions to the HSA are tax deductible (up to the legal limit), similar to an IRA. Tax-free – Distributions used to pay for qualified medical expenses are never taxed. Tax-deferred – Interest earnings accumulate tax-deferred. If used to pay qualified medical expenses, they are tax free. With our Health Savings Account, funds are tax-deductible and can earn tax-free interest and investment income. • No “use it or lose it” policy. The money is always there for your employees, year after year. • Flexible funding allows anyone to fund the account: employers, accountholders, and/or any other person, through tax-deductible contributions. Contributions made by others can be claimed as an “above-the-line deduction” to reduce the account holder’s taxable income.
- Jake