18: Health Benefits
Overview
Your Benefits at a Glance
Magellan Learning Solutions offers health insurance plans to full-time employees after 30 days of employment.
VA employees only
- Silver plan with HSA Option (Higher deductible, lower premium)
- Gold plan (lower deductible, higher premium)
Employees located outside of VA
- Gold PPO Out of State Plan (it is a low deductible plan with no HSA option)
The company pays all or part of the employee’s premium based on salary. Spouse and dependent coverage is available, paid by the employee.
- $0-$60,000 yearly: 100% of Employee cost is covered by MLS.
- $6,0001 – 100,000 yearly: 90% of Employee cost is covered by MLS.
- $100,001 – Above yearly: 80% of Employee cost is covered by MLS.
HSA
A health savings account can be a wonderful financial tool for saving pre-tax dollars for medical expenses. This money can roll over from year to year and is yours if you leave the company. When you spend the money on qualifying expenses, that money remains untaxed.
Whether you are saving for emergencies, a planned medical expense, or even a retirement tool for eventual long-term care expenses, an HSA makes traditionally after-tax expenses a tax-saving event!
* For 2024, the contribution limit for a person under 55 years old is $4,150.
* An additional $1,000 in Catch Up contributions may be made by individuals 55 and older.
At this time, MLS does not contribute to employee HSA accounts.
You’re the master of your life, the captain of your ship. Steer it with intention. Will you skirt the coast from one safe harbor to the next? Or will you sail into the vast open blue? Every day you get to decide anew what course to chart.
In general, there are three times when you can enroll or change benefits: as an eligible new hire, during the open enrollment period, or after experiencing a qualifying life event.
Explore eligibility events:
Eligible New Hires
Full-time employees will be eligible for health coverage on the first of the month following 30 days of employment. Expect an email from HR with plan options and forms prior to that date.
Open Enrollment
Open Enrollment happens once a year and allows you to freely make changes to your plans and who is enrolled. For your company, this happens during the month of July each year for an effective date of September 1st.
Qualifying Events
Mid-year, you can make changes if one of these qualifying events occurs: Marriage, Birth of a child, Adoption, Involuntary loss of coverage from a qualified group plan, Divorce, Legal separation, Death of spouse or dependent child. Contact HR for an extended list of qualifying events.