How does the HIP Plus Power account benefit members at the end of the annual benefit period?

Members benefit from the HIP Plus Power account at the end of the annual benefit period by having funds that can lower their contributions for the next year. The HIP Plus Power account is designed to encourage members to stay engaged with their health care while also promoting cost savings. If members do not use all the funds in their account, they can carry over the savings, which can then be utilized to offset contribution costs in the following year. This mechanism not only incentivizes cost-effective health care use but also helps members manage their out-of-pocket expenses more effectively in subsequent years.

Other options present different types of benefits, but they do not accurately reflect how the HIP Plus Power account specifically operates regarding member contributions in the subsequent year. For instance, a bonus payment or cash withdrawal does not align with the structure of the account, while rolling funds over into a retirement account is not the intended purpose of the HIP Plus Power account, which centers on immediate health care cost management rather than long-term retirement savings.