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

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Meet Jose

Jose is divorced and has custody of his two boys, ages 5 and 3. The family is healthy and enjoys spending time together by playing outdoor sports.

What Jose Considers

Jose knows that there’s always a risk that his young, active boys may be injured at some point during the year, but right now they use mostly routine health care services. He is willing to assume a higher annual deductible in return for the lowest available access fees. He’s set aside $2,000 in an emergency fund, and he’s interested in setting up a Health Savings Account to build more savings.

What Jose Decides and Why

Jose decides on the Healthy Savings Choice plan because it has the lowest access fees. He likes the fact that Timken will contribute $1,000 to his Health Savings Account (HSA)—which he’ll use to offset any out-of-pocket costs that come up during the year.

Jose has also elected to utilize Timken’s Dependent Care Flexible Savings Account (FSA). The Dependent Care FSA allows Jose to set aside pre-tax dollars to pay for expenses associated with care for his children. Jose is able to set aside up to $3,500 annually to pay for his children’s day care and other expenses. Timken is also providing a company match of up to $1,500 on Dependent Care FSA. He knows that his Dependent Care FSA balance won’t roll over at the end of the year like his HSA, but he is confident that he will spend the full tax advantaged amount on child care.

Because Jose and his boys occasionally take prescription medications, he takes special note of the way the Healthy Savings Choice plan covers prescriptions. Under this plan, some prescription drugs are subject to the overall annual deductible, same as medical expenses. That’s okay with Jose because he and his boys don’t need many prescriptions and always choose generic medications because they cost less and are just as effective. On top of that, he can use the Timken-provided HSA dollars to cover the costs. He does make note that some preventive medications are included on the Preventive Drug List and are not subject to the deductible.

Jose decides to supplement his coverage by purchasing MetLife’s Critical Illness Insurance (CII). This plan pays a lump-sum benefit if he experiences a critical illness like cancer and certain other conditions. He also selects the benefit for his children to help keep his family finances on track in case of a covered illness. This gives him added protection to reduce his financial exposure if the unexpected occurs. Plus, he’s able to pay for the added coverage with the savings he realizes from lower medical access fees.

Meet Jose