TL;DR: Providence supports your health, finances, and future through a robust benefits package.
Main points:
- Comprehensive health, dental, and vision insurance
- Mental health and wellness programs
- Health Savings (HSA) and Flexible Spending Accounts (FSA)
- Retirement plans with employer match
- Financial planning support through expert advisors
Providence offers employees more than just a paycheck. You a strong focus on health, well-being, and long-term financial stability, its benefits package supports every stage of your career, and your life after work.
From Providence employee health insurance to the Providence health retirement plan, these benefits help you stay healthy, reduce costs, and plan for the future. This guide explains how Providence health benefits for employees support both your present needs and your retirement goals.
Providence Employee Health Insurance Coverage
Providence offers comprehensive medical, dental, and vision coverage. Plans are available to both full-time and part-time employees. Coverage extends to spouses, children, and eligible dependents.
Employees can choose from several medical plans, depending on their location and job role. Most plans include low-cost preventive care, 24/7 virtual visits, and access to the Providence network of doctors and hospitals.
Providence employee health insurance also includes:
- Mental health support through Lyra
- Pharmacy benefits with cost-saving tools
- Access to care managers and wellness coaches
- One Pass Select™ for gym memberships and fitness support
- Optional identity protection and pet insurance
Dental and vision plans include basic exams and services, with options to add more coverage if needed. Employees can manage everything in one place through the myProvidence portal.
Preventive care services are often covered at 100%. Skipping these can mean paying more later for avoidable conditions.
Providence Health Saving Accounts (HSAs) and Flexible Savings Accounts (FSAs)
Providence has Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) to help you manage healthcare costs. Both accounts lower taxable income because contributions are made pre-tax.
An HSA is available if you're enrolled in a high-deductible health plan. You can use the money for qualified medical expenses, now or in the future. Unused funds roll over year to year and can be invested. They can also be invested, making them a powerful tool for Providence retirement planning.
Providence partners with HealthEquity to manage these accounts. Employees benefit from:
- Low fees
- Investment options
- Easy account access online
Contributing $3,000 to an HSA could save about $700 in taxes if you’re in the 22% tax bracket. If invested, those funds could grow significantly by retirement.
FSAs are also available. These work like HSAs but with a use-it-or-lose-it rule. You must use the money by the end of each plan year. FSAs cover medical, dental, vision, and dependent care expenses.
Retirement Savings Plans at Providence
Providence helps employees build long-term financial security through two retirement plans. Both provide employer contributions, tax advantages, and the chance to grow savings over time.
Providence Health and Services: 403b Value Plan
This plan covers most employees across the Providence system. It allows you to contribute pre-tax or Roth (after-tax) dollars. Features include:
- Automatic enrollment and contribution escalation
- Employer match based on your contributions
- Self-directed investment options
- Roth 403b and traditional 403b choices
Providence Health Care Retirement Savings Plan
This plan is for smaller facilities and affiliated entities. It offers:
- Voluntary contributions
- Employer match up to a percentage of your contributions
- Standard 403b investment choices
Wellbeing Coverages and Benefits for Employees
Health along doesn’t only cover your physical health. Providence has additional perks to help employee wellbeing. Employees can choose from extra programs that support both everyday wellness and long-term security. All of these can be accessed and customized through the myProvidence portal.
Mental health, support, and general wellbeing benefits are:
- Caregiver Assistance Program through Lyra
- Confidential counseling services
- Online therapy and virtual care options
- Coaching for fitness, nutrition, and stress management
- Gym discounts through One Pass Select™
- Preventive screenings and health programs
- Short- and long-term disability plans
Providence health plan add-ons include:
- Fertility care with Progyny
- Virtual behavioral health services for teens and young adults
- Prescription savings tools for lower medication costs
How to Use These Providence Health Benefits for Employees Effectively
Understanding your benefits is the first step to making the most of your Providence Health System retirement plan. Using them wisely can make a big difference—both now and in retirement planning.
1. Take Full Advantage of the HSA
If you're in a high-deductible health plan, an HSA is one of the best tools you have. Contributions are tax-deductible, earnings grow tax-free, and withdrawals for medical expenses are also tax-free. Start contributing early, even small amounts.
Over time, unused funds can grow and be used for future medical costs, including in retirement. Employees can use this as a second retirement account.
2. Contribute Enough to Get the Employer Match
Providence offers a match on your retirement contributions. This is free money that adds up over time.
For example, contributing just $100 a month could earn you an additional $20 or more, depending on your plan. If you skip the match, you’re leaving money behind. Make sure you know how much you need to contribute to get the full match and aim to meet it.
3. Review Your Plan Each Year
Open enrollment is your chance to update your benefits. Don’t skip it. Review changes to medical plans, check for new perks, and adjust your FSA or HSA contributions if needed.
Providence may add or improves offerings, like fertility support, new mental health tools, or prescription discounts. A quick check could save you money and give you better coverage. Also, your needs change. You might need to make adjustments to better suite where you are in life.
4. Avoid Common Mistakes
It’s easy to fall into the trap of not taking advantage of the available benefits. Avoid making these common mistakes:
- Not opening an HSA when eligible
- Skipping preventive care
- Ignoring employer matches
- Forgetting to use FSA dollars before year-end
Building Your Future with Providence Benefits and Expert Guidance
Even with these programs, coordinating them with outside accounts, like IRAs or taxable investments, can be complex. That’s where Asset Preservation Wealth and Tax comes in. Their advisors specialize in aligning employer benefits, HSAs, and retirement accounts with your overall financial plan.
Get your free portfolio review today!
Stewart Willis is the founder and president of Asset Preservation Wealth & Tax, a financial planning firm in Phoenix, Arizona. Investment advisory services offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser.
The commentary on this blog reflects the personal opinions, viewpoints and analyses of the author, Stewart Willis, and should not be regarded as a description of advisory services provided by Foundations Investment Advisors, LLC (“Foundations”), or performance returns of any Foundations client. The views reflected in the commentary are subject to change at any time without notice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security, or any security. Foundations manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Foundations deems reliable any statistical data or information obtained from or prepared by third party sources that is included in any commentary, but in no way guarantees its accuracy or completeness.
