Traditional PPO Plan Compared To HSA PPO Plan
The following comparison was done for a family of four who was currently covered by a traditional PPO plan with Blue Cross Blue Shield of Arizona.
Blue Cross PPO plan
$2500 individual deductible
80/20% coinsurance
With this plan your family could have a maximum out of pocket of $17,000 not including any copays you incurred during the same year ($2500 deductible x 2/family members=$5000; 20% coinsurance with an individual maximum of $3000/member x 4 family members=$12000). Obviously this would be a worst case scenario if all of you maxed out the benefits in the same year.
United HealthOne/Golden Rule HSA 100 Plan
$5000 family deductible
100% coinsurance
With this plan your family could have a maximum out of pocket of $5,000 total because all of your expenses during the year count towards meeting your family deductible ($5000 family deductible=$5000; 100% coinsurance after that means your maximum out of pocket for the year cannot exceed the $5000 family deductible). With this plan the deductible can be met by one member of the family or by any combination of family members with claims totaling $5000.
As you can see from an out of pocket stand point there is no comparison between a traditional PPO plan with copays and an HSA plan. The next thing to compare would be the premium. Current plan with Blue Cross the premium is $850/month. The above HSA plan premium for your family would be $433/month saving you $417/month ($5004/year) of which you could contribute all or a part of to a health savings account to use for your out of pocket expenses.
In this example if you deposited all of the premium savings to a HSA you would have enough in the first year to cover your total out of pocket exposure on the HSA 100 plan.
In summary by making this change you would be reducing the out of pocket exposure by several thousand dollars per year ($12,000) and using the same dollars you are currently spending on premiums to not only pay premiums but also pay your out of pocket expenses for several years to come.
Get quotes for individual/family health insurance in Arizona here. Contact us today at 602-510-7507 to find out how an HSA can benefit you.
IQ Financial Group, llc. is a licensed insurance agency in the state of Arizona. We offer a complete selection of health insurance, term life insurance, disability insurance, long term care insurance and supplement plans to individuals, families, self-employed and small businesses throughout Arizona. We offer the best in Arizona Health Insurance.
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