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Frontiers November 2013 Issue

senior vice president of Human Resources and Administration. “Misconceptions about this new plan may be causing some to overlook the potential benefits,” Parasida said. “The plan does have a higher deductible, but that should not cause employees to reject it out of hand.” Parasida explained that the deductible is offset by several factors, including a lower paycheck contribution and, for eli-gible employees, Boeing contributions to a separate tax-advantaged health savings account that can be used to pay current or future medical expenses. Employees own their health savings account and can take it with them when they leave Boeing for any reason. Fumito Kobayashi, a Boeing Defense, Space & Security electrical engineer in Huntington Beach, Calif., also opted for the Advantage+ health plan in 2013, in large part because of the health savings account. While his medical costs are typically low, he likes having money in his health savings account for possible medical expenses. “My plan,” Kobayashi said, “is to contribute as much as I can afford to my health savings account and let it grow tax-free. Then, I’ll have a larger nest egg to draw from for medical-related expenses in the years to come.” Eligible employees can also add their own pretax contributions to the health savings account, up to federal limits. Almost one year in, according to Boeing, analysis of medical claims data shows that about 70 percent of eligible employees would have saved at least $500 or more in out-of-pocket expenses in 2013 with the Advantage+ health plan than their current plan, and nearly half of eligible employees would have saved $1,000 or more had they selected the Advantage+ health plan. Employees should compare plans during enrollment and decide the best option for them and their families, Parasida said. Kobayashi and Wright plan to stay with the Advantage+ health plan in 2014. “I’ve been happy with the services. I’ve been really pleased,” Wright said. “I’ve found it to be an effective way to maintain health care coverage and save for the future.” n karen.k.lareau@boeing.com susan.e.dalexander@boeing.com “My plan is to contribute as much as I can afford to my health savings account and let it grow tax-free.” – Fumito Kobayashi PHOTO: BOB FERGUSON/BOEING BOEING FRONTIERS / NOVEMBER 2013 15


Frontiers November 2013 Issue
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