Author: Lisa Kim
Whether you are a PayPal user or not, you should stay up-to-date with the latest benefits and updates of the finance giant benefits.
For more than two decades, PayPal has been at the center of the digital payment revolution. PayPal enables 429 million consumers and merchants to join and thrive in the global economy by leveraging technology to make financial services and commerce more secure, affordable and convenient.
PayPal is constantly adding new features and benefits for users, and 2022 is shaping up to be no different.
This year, PayPal will cover the increase in medical, dental, and vision costs. This means that unless you change your plan during Annual Enrollment, your coverage payments will remain the same in 2022.
Progyny fertility benefits (available to UHC plan participants), as well as enhanced adoption and surrogacy assistance benefits, are still intact to PayPal beneficiaries.
Moving forward, some changes will be made to your UnitedHealthcare (UHC) prescription medication coverage. The pharmacy benefit provider will remain CVS Caremark; however, the pharmaceutical coverage list has changed.
PayPal will stop the following perks due to poor utilization: meQuilibrium and Real Appeal. Don’t worry, your PayPal benefits well-being package has been supplemented with mindfulness and weight loss therapy, powered by Calm.
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Drug Prescription Coverage
PayPal benefit covers prescribed medications and a formulary list of medications. The formulary list includes the following:
Medications that are prescribed by plan’s pharmacy benefit
Medications available for certain ailments with cost levels or tiers.
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Updates on Healthcare
UnitedHealthcare (UHC) intends to go into contracts with its network of doctors, hospitals, and providers. You have two choices, each with its own set of yearly deductibles, and out-of-pocket expenses. No matter the plans you choose, you will always pay less when you deal with providers who are part of the UHC network.
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Health Savings Accounts
A Health Savings Account (HSA) is a savings account that lets you save money for medical expenses before taxes. It is available to members of the UnitedHealthcare Consumer Directed Health Plan (CDHP).
When you sign up for the CDHP, HealthEquity will send you a welcome kit that includes your debit card and HSA information.
You can set your Health Savings Account to cover approved medical bills, such as deductibles and copays, or save it for future expenses.
Furthermore, contributions to the HSA are tax-free. You may choose your contribution amount when you register, and it will be subtracted pre-tax from your paycheck.
PayPal also contributes — $500 for employee-only coverage or $1,000 for employee + family coverage. If you enrolled in the UnitedHealthcare CDHP, you can save up to $3,650 if you have employee-only coverage and family coverage in your HSA.
Also, if you are 55 and above, you can contribute up to $1,000 in catch-up contributions.
You can use the money to pay for eligible medical bills, save for future bills, or invest money in your account – all tax-free.
Conclusion
When dealing with prescribed drugs and medical savings, PayPal benefits can be a life-saver. If you work at least 20 hours per week, you are eligible for PayPal’s benefits, sign up today to get the assistance you require.
1 comment
Awesome