Click or hover on the different elements throughout this interactive guide to reveal additional information.
Explore MoreLet’s face it, health care can be confusing. Here’s a quick explanation of some common terms you’ll see as you learn more about your Capital One medical plan options. Hover over each tile to see the definition.
When comparing medical plans, think about your total costs: what you pay for coverage from your paycheck and what you pay for the health care you receive.
It’s called a “consumer-driven” health plan because a CDHP + HSA gives you more flexibility over your spending and your savings compared to a Preferred Provider Organization (PPO) plan. Hover over each card below to reveal more information.
Low-cost coverage with a higher deductible
Like with a PPO, the CDHP always covers 100% of the cost of preventive care, such as checkups, screenings, and vaccines.
For non-preventive care — like treatment for an illness or accident — you’ll want to plan ahead so you’re prepared to cover your costs until you meet your deductible ($2,000 individual/$3,200 family). The plan doesn’t cover any costs until your deductible is met.
Tax-free savings account that’s yours to keep
A Health Savings Account (HSA) is a tax-free savings account only available to associates who enroll in a CDHP. Unlike Flexible Spending Accounts (FSA), there is no “use-it-or-lose-it” rule — any year-end balance is always yours to keep. Use your HSA to accumulate tax-free money you can spend on eligible medical, prescription, dental, and vision expenses anytime — even in retirement.
Capital One will contribute to your HSA, too, to help you grow your money faster. Each year, you automatically receive $500 if you enroll in individual coverage or $1,000 if you cover any dependents.* HSA contributions are made on a per-paycheck basis and you can use the funds as they are available. For 2024, you and Capital One can make combined annual HSA contributions up to $4,150 for individual coverage or $8,300 if you cover dependents. If you’ll be 55 or older in 2024, you can contribute an additional $1,000 in catch-up contributions to your HSA.
Keep more of your paycheck and build tax-free savings
This plan is designed to give you more flexibility over your health care dollars. Unlike a PPO, you do not pay a co-pay for non-preventive medical care or prescriptions. Instead, you are responsible for the full cost of the provider’s charges until you reach your deductible. Then, you will be responsible for a percentage of the costs (coinsurance) until you reach the out-of-pocket maximum. And, your HSA lets you use tax-free money to help cover those costs and/or save for future medical expenses.
If you’re looking to take on a more active role as a health care consumer, the CDHP + HSA combination might be right for you.
You may want to consider a CDHP + HSA if... you prefer low per paycheck costs and can pay more if and when you need to receive most types of medical care, if you want to benefit from the tax savings or long-term savings potential of the HSA, if you are generally healthy and expect low costs next year, or if you know you will reach your out-of-pocket maximum and can afford to pay for your medical expenses until your HSA funds build up.
Looking for a more predictable approach? With our Preferred Provider Organization (PPO) plans, you’ll pay a co-pay for office visits and prescriptions, which allows you consistency and predictability in your medical costs. You’ll pay the same (Basic PPO) or higher (Enhanced PPO) per paycheck, and instead of an HSA, you can contribute tax-free money to a Health Care Flexible Spending Account (Health Care FSA), which lets you carry over a set amount — up to $610 each year. Learn more about the PPOs + Health Care FSAs. Then, take a look at a side-by-side comparison of the CDHP and PPO plans to see how the plans cover expenses. Lastly, review a side-by-side comparison of the HSA and Health Care FSA to see how the savings and spending accounts differ.
*Contributions are prorated for mid-year enrollments. While enrolled in the FSA and/or HSA, Capital One will contribute $19.23 per pay period ($38.46 per pay period for HSA when covering dependents).
Consider contributing as much as you can to your HSA — it’s completely tax free. Your HSA money goes in tax free, grows earnings tax free, and comes out tax free when spent on eligible expenses.
You can stay healthy — and lower your medical bills — by keeping up with your preventive care.
It’s free as long as you stay in-network, so there’s no excuse to skip it. Hover over each tile for examples of services that are considered preventive care.
See a full list of fully covered preventive care services for adults and children or review the preventive prescription drugs covered under the CDHP.
The HSA offers greater flexibility than the Health Care FSA, but does require planning ahead. The HSA works more like a bank account — you can only spend what’s actually been deposited — whereas the Health Care FSA gives you access to your entire annual contribution at the beginning of the year. However, you can change your HSA contribution amount at any time, which gives you flexibility if your situation changes. This can’t be done with the Health Care FSA.
Click on each person to see how the HSA will work for them.
Covering everyday health expenses
Saving for a pricey procedure
Preparing for the unexpected
See more Real Life Examples with a side-by-side comparison of how the three medical plan options cover everyday health care expenses, emergencies, and a chronic condition with a planned procedure. The PPO + Health Care FSA Interactive Guide also has some real life examples.
What can you spend HSA money on? See a list of eligible expenses.
Similar to how a Health Care FSA is used, many people spend from their HSA in the same year they contribute to it. But unlike a Health Care FSA, you can treat your HSA as a long-term savings account — leaving the money untouched so it builds up for the future, which isn’t a bad idea, since a couple may need to have as much as $363,000* in savings to cover their health care expenses in retirement.
This hypothetical example assumes that an individual contributed the maximum amount allowed by the IRS each year, made no withdrawals, and earned a 5% rate of return. It does not include any company contributions from Capital One.
Source: EBRI.org. Assumes a 5% rate of return, the maximum contribution each year, and no withdrawals. This rate of growth may not be reflective of actual investment returns earned by your account.
*Employee Benefit Research Institute, 2019 data.
In retirement, you can spend HSA money on eligible health expenses, Medicare premiums, nursing home care, long-term care, and much more.
Along with your HSA’s triple-tax advantage come a few rules. Knowing them will help you take full advantage of your account, now and in retirement. Click on the arrows to reveal the answers.
If you are enrolled in a qualified consumer-driven health plan, like the Capital One CDHP, you may contribute up the annual IRS limits. You also receive a contribution from Capital One: $500 if you enroll in individual coverage or $1,000 if you enroll in family coverage.* For 2024, you and Capital One can make combined HSA contributions up to $4,150 for individual coverage or $8,300 if you cover dependents.
If you’ll be 55 or older in 2024, you can contribute an additional $1,000 in catch-up contributions to your HSA.
You cannot contribute to your HSA once you turn age 65.
The same things that are eligible before age 65, plus:
You pay ordinary income tax plus a 20% penalty on the amount withdrawn.
No penalty — you’ll just pay ordinary income tax on the amount withdrawn.
Learn more: Get more details on how you contribute to, and manage your HSA on the MyBeWell Benefits site.
*Contributions are prorated for mid-year enrollments. While enrolled in the FSA and/or HSA, Capital One will contribute $19.23 per pay period ($38.46 per pay period for HSA when covering dependents).
Your money will roll over each year and you own the account, so you’ll always have access to your money, even if you leave Capital One.
Why overpay for health care and prescriptions? You’ll keep more money in your HSA if you know how to make cost-conscious health care decisions. Take charge of your spending with these money-saving tips.
Click on each tile to access money-saving tips.
when you need medical attention
to save on medical expenses
