advantageThe Boeing’s new health care plan could help employees save money By Alex Wilson For Ryan Malawy, life is moving fast. open as a participant in the Advantage+ in 2013, Stephens explained, the Advan-Compared with the other plans offeredswitched to the Advantage+ health plan.to much of the $600 Boeing will put into arelated Health Savings Account that he can-An economics major at University of California, San Diego, Malawy started at Boeing two weeks after gradua- health plan—money that will roll over from tage+ health plan has a higher deductible, tion. Since then he has earned a master’s year to year if it is not used. When that but that is partially offset by the money degree in business administration from the money exceeds $2,000, Malawy can invest Boeing provides to eligible employees via University of Southern California and married. in select mutual funds and build a fund for a Health Savings Account—$600 for those With new responsibilities, the 26-year- future medical expenses. with employee-only coverage and $1,200 old financial analyst for Boeing Research & With his employee-only coverage for those with family coverage. That money Technology in Seal Beach, Calif., is taking a under the Advantage+ health plan, Malawy covers roughly half of the Advantage+ close look at his 2013 health care options. can also contribute an additional $2,650 health plan’s annual deductible, which is Boeing is making a number of changes into his Health Savings Account on a pre- $1,250 for employee-only coverage and to nonunion employee medical plans. tax basis, which can help build his medical $2,500 for family coverage. Although Boeing offers market-leading expense fund. The plan will also provide a triple tax ad- health care benefits, it is emphasizing For employees in similar situations, vantage, Stephens said: no federal taxes on well-being and personal responsibility the choice may be fairly easy. But many contributions to the Health Savings Account, among employees to reduce health care employees with higher expenses also may on interest or any earnings in the account, costs and maintain Boeing’s competitive benefit from the new plan, according to or on withdrawals for qualified medical edge in the global economy, according to Stephens. That’s because the company expenses. In most cases, state taxes also Rick Stephens, senior vice president of will fund nearly half the annual deductible do not apply. Human Resources and Administration. through its contribution to the Health Savings Stephens highlighted four criteria that For 2013, Boeing will offer the Advan- Account, and the plan has lower paycheck employees should consider for their own tage+ health plan, the lowest-cost option contributions than any other plan. personal plan: their prior-year of any offered, and Malawy believes this “We designed the Advantage+ health personal health plan will be right for him. plan to work for a wide range of employ- care expenses, “I was in a study about a few of ees,” Stephens said. “With the optional their projected Boeing’s health care plans,” Malawy said, Health Savings Account and the low payroll expenses for next referring to the focus groups held at several contributions, the cost of coverage com- year, understanding Boeing sites across the country in July. pares favorably with other plans offered.” health care plan “And it sounds like the Advantage+ health Stephens demonstrated his point terminology, and the plan could be beneficial.” through companywide analysis of Boeing differences of the plans. A self-described “financially focused” health care claims in 2011. Using that “Boeing has provided person, Malawy anticipates he won’t have data, the company’s benefits team several tools and opportu- many expenses for the next few years. He projected that in 2013, 55 percent of nities for employees to learn and his wife, who has insurance through singles and 83 percent of families now about the plans and choose her employer, aren’t planning to have in the Traditional Medical Plan would the right one,” Stephens said. children for a few years, and he hasn’t save $500 to $1,000 or more with the “My advice is to take advantage had many medical expenses since he Advantage+ health plan. The majority of them.” n started at Boeing five years ago. of HMO participants—57 percent of alexander.m.wilson@boeing.com He doesn’t anticipate medical expenses singles and 69 percent of families— next year, either, so he expects to hang on would save similar amounts if they 14 BOEING FRONTIERS / OCTOBER 2012
Frontiers October 2012 Issue
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