Did you do a double take on page 4 of the Benefits Guide?
Third column down on both Value and Buy-Up Plans reads Annual Out-of-Pocket $6,350 for an Individual and $12,700 for a Family. Gee didn't that say "none" in 2013? Don't be alarmed by the number ... It's not that there were no out-of-pocket expenses for in-system copays in 2013 it's just that there was no requirement for specified maximums. Due to Healthcare Reform in 2014, maximum out-of-pocket expenses now must now be specified. $6,350 is the maximum out-of-pocket you can spend on your in-system copays for yourself and $12,700 is the maximum you can spend on your in-system copays for your family.
Who Figures This Stuff Out?
Rest assured these figures were derived by Actuaries, not the Benefits Team. Actuaries analyze the financial cost of risk and uncertainty. They use mathematics, statistics and financial theory to assess the risk that an event will occur and help businesses develop policies that minimize the cost of that risk.
There! Don't you feel better knowing that?
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