As we move into the autumn season, it is once again time to focus on our employee benefit plan options.

For the upcoming benefit plan year starting Jan. 1, 2010, CUA faculty and staff will have additional options when choosing their benefits for the new year. One of those new benefit options is a Health Savings Account (HSA) health insurance plan. Participating in an HSA plan can help you take control of your health care dollars.

How does it work? Health Savings Accounts combine a lower-cost, high-deductible health insurance plan with a tax-favored savings account. HSAs allow you to deposit the money you save on insurance premiums into your tax-favored savings account subject to IRS limits. Savings in your account are used to pay your qualified health care expenses until you meet your plan deductible. Once your deductible is met, your insurance pays all covered expenses. If you do not need to use your HSA savings, the unspent savings roll over year after year and earn interest.

HSA plans are not for everyone, but they may be right for you if you want more control over how your health care dollars are spent; lower monthly insurance premiums; and tax savings.

For those who may not be interested in this new plan, United Healthcare will continue to offer three other health insurance plan choices very similar to our current plans.

Aside from health insurance options, CUA employees will have the following new options to consider and choose:

• New and improved dental insurance options
  
  
• Supplemental life insurance options — a first-time offering for CUA employees
  
  
• Legal services plan — a new offering for CUA employees
  
  
• Pet insurance — another new offering for CUA employees