Overview
Medical insurance can protect you from paying the full cost of medical services. Your choice of a medical plan should be carefully considered based on your anticipated needs. For 2024, STG Electric offers eligible employees three different medical plans. All three plans include the same national PPO network, Cigna Open Access Plus:
- Base Plan: $3,000 Deductible ($6,000 for family)
- Buy-Up Plan: $1,000 Deductible ($2,000 for family)
- H.S.A. Plan: $3,200 Deductible ($6,400 for family)
Which Plan Should I Choose?
The differences between the three medical plan options are the per-pay cost and the annual deductible.
Base Plan: $3,000 Deductible with Cigna's Open Access Plus network
This medical plan option offers the security of copayments and other benefits of a PPO for those who may not feel comfortable with the Health Savings Account (HSA) plan but don't want to pay the per-pay costs for the Buy-Up plan. This plan has per-pay costs that are lower than the Buy-Up Plan but higher than the H.S.A. option. Employees who enroll in the Base Plan are not eligible for a Health Savings Account (HSA).
Buy-Up Plan: $1,000 Deductible with Cigna's Open Access Plus network
This medical plan option offers a very low annual deductible but higher per-pay costs than the Base Plan option. Families with frequent care needs and known chronic conditions sometimes choose a lower deductible plan to limit their out-of-pocket costs. This plan most closely aligns with the previous STG Electric plan offered through Anthem. Employees who enroll in the Base Plan are not eligible for a Health Savings Account (HSA).
HSA Plan: $3,200 Deductible Plan with Cigna's Open Access Plus network
This medical plan option offers the lowest per-pay costs of STG Electric's three medical plan options but also the highest annual deductible. Those who are comfortable paying the first $3,200 in medical expenses ($6,400 per family) each year sometimes choose a higher deductible plan to save on their per-pay insurance premium. Employees who enroll in the $3,200 Deductible plan are also eligible for a Health Savings Account (HSA).