Men and women who retired as members of the Ohio Public Employees Retirement System, commonly called OPERS, need to be aware of a change that may affect their healthcare coverage.
OPERS retirees who are not of Medicare age will need to opt in during an upcoming open enrollment period in order to receive monthly payments to purchase health coverage. This is required, as the current OPERS group healthcare plan will be terminated at the end of the year.
Health Savings Accounts (HSAs) are a type of medical savings account that allows eligible individuals to make deductible contributions and withdraw tax-free disbursements for the payment of eligible medical expenses. Each year the IRS evaluates the limitation amounts on HSA deductions based for inflation.
Taxpayers who have healthcare coverage under a High Deductible Health Plan (HDHP) may qualify for tax relief from the Internal Revenue Service.
HDHPs, health insurance plans with lower premiums and higher deductibles than a traditional health plan, are a requirement for having a health savings account.
