Using your HSA or HRA
Use the money Michaels gives you to pay for health care.
First – Use the money Michaels gives you to pay for care.
Michaels puts money into your HSA or HRA, depending on the plan you choose and who you cover. Use this money first to pay for covered services until the account balance reaches $0.
If you are a new hire and select the Choice HSA plan, Michaels HSA contribution is prorated based on when you join the plan. If you select the Kaiser HRA, you receive the full HRA contribution, no matter when you are hired.
Next – You use your money.
If you use up all the money Michaels contributed to your account, then you pay any remaining medical expenses out of your pocket until you meet your deductible.
Remember, in-network preventive care is paid at 100%.
Then – You and Michaels share costs.
After you meet your deductible, Michaels will pay a percentage of your care, and you pay the remainder of the cost. (This is called coinsurance).
Finally – Michaels has it from here.
If your health care expenses reach your out-of-pocket maximum, Michaels pays 100% of your eligible in-network costs for the rest of the plan year.
A Note About Deductibles
The way the deductibles work in the HRA plan versus the Choice HSA plan is different. With the HRA plan, if you have Family coverage, one person can meet the individual deductible before the plan will share costs (coinsurance). With the Choice HSA plan, if you have Family coverage, there is no individual deductible. The entire family deductible must be met before expenses are paid for any covered family member.