Meet Holly, Jose, and Bill and find out why they chose the Healthy Savings Choice Plan.

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Meet Bill

Bill and his wife Janie have two children. Their primary health care needs are for preventive care, but with two young children—Mary, age 8, and Robb, age 6—they want to be prepared for the unexpected. Mary recently broke her arm in a playground accident and may need an MRI early next year.

What Bill Considers

Bill is always looking for ways to reduce his current taxable income. He’s eager to start making pre-tax contributions to a Health Savings Account (HSA). He likes that Timken will contribute $1,000, which can help him cover unexpected expenses. He also likes having the flexibility to decide how the account can be used. There are several other advantages to having an HSA:

  1. He can take the account with him should he leave Timken;
  2. He can invest his HSA money in one of several investment options; and
  3. Any interest earned will be added to his HSA balance.

What Bill Decides and Why

Bill elects the Healthy Savings Choice plan option.

This plan provides Bill and his family with comprehensive coverage for illness or injury. Although this plan has the highest annual deductible, it will allow Bill to pay the lowest monthly access fees. As with all Timken medical options, in-network preventive care will be covered at 100 percent.

Bill uses chewing tobacco and occasionally smokes cigars, so he’ll have to pay an additional $125 per month in access fees this year. He’s considering enrolling in the Timken sponsored tobacco-cessation program. Once he completes the program or remains tobacco-free for 90 days, he’ll qualify for the non-tobacco-user discount and receive a discount on his access fees. He’s definitely hoping to make that happen this year!

 

 

 

Meet Bill

  • Gender: Male
  • Age: 30–49
  • Coverage for: Associate + Spouse + 2 Children
  • Estimated Health Care Needs: High