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.
© IQ Financial Group, llc.
Arizona Department Of Economic Security (DES)
The Arizona Department of Economic Security (DES) in coordination with Arizona Health Care Cost Containment System (AHCCCS) offers several programs to assist individuals and families in Arizona with their healthcare needs. Click to be directed to AZDES.
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.
© IQ Financial Group, llc.
Arizona Department Of Insurance
The mission of the Arizona Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and encourages economic development. Click to be directed to AZDOI.
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.
© IQ Financial Group, llc.
Arizona Health Care Cost Containment System (AHCCCS)
Arizona Health Care Cost Containment System (AHCCCS) is Arizona’s Medicaid agency that offers health care programs to serve Arizona residents. Individuals must meet certain income and other requirements to obtain services. Click here for more information about AHCCCS.
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.
© IQ Financial Group, llc.
My Health Reform
Humana has put together My Health Reform to provide information and a place for you to make your voice heard. There are some great easy to understand videos and other information on the topic. Check it out!
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.
© IQ Financial Group, llc.
Why Am I Getting A Rate Increase?
The fact is rates on health insurance policies increase. Even if you have not had any claims the rates on your individual/family insurance policy can increase. Insurance carriers increase rates based on the claims experience of the entire block of policies underwritten at the time your coverage began.
If the block of policies you are a part of has had above average claims over the previous 12 months you will receive an above average rate increase. If the block of policies you are a part of has had average to below average claims over the previous 12 months your increase will be lower than average to no increase at all.
At IQ HSA we assist our clients with the appropriate way of handling the increases they receive and managing their plan from year to year.
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.
© IQ Financial Group, llc.
Healthcare Blue Book
The Healthcare Blue Book offers a number of free resources to help you learn how to be an informed consumer, and enable you to make good decisions for your health and pocketbook. You may choose to learn more about how to understand and document your medical needs, how to use the Healthcare Blue Book to find a fair price, how to ask your healthcare provider about getting the best possible price or how to understand and use your insurance benefits.
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. © IQ Financial Group, llc.
Change:healthcare Tool
Change:healthcare is a progressive company that helps people save money on their healthcare by becoming smarter consumers of healthcare. Dedicated to transparency, they assist consumers, in leveraging healthcare experiences in a way that both engages and aids them in choosing more cost-effective healthcare for themselves and their families.
Change:healthcare is dedicated to educating healthcare consumers with the understanding that if people know the price, they can save money. Their unique internet-based solutions are available directly to consumers interested in controlling their healthcare costs through true consumerism. Click here to be directed to their website to get started on better managing your healthcare.
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.
© IQ Financial Group, llc.
When Visiting the doctor
When you do have to visit a doctor or other health care professional, make sure you talk with him or her about how to make the most of your HSA and keep these tips in mind:
- Always present your medical plan identification card.
- Be sure to notify the provider’s office that you do not have a co-payment.
- Discuss your plan with your doctor so he or she knows you are making health-wise and cost-conscious choices for your health care.
- If your plan covers preventive care at 100% or a copay, remind the office so they code your visit correctly when submitting the claim.
© IQ Financial Group, llc.
Health Savings Accounts Win Over Owners
Health savings account (HSA) owners are overwhelmingly satisfied with their accounts, and 91% believe such accounts should remain an option for Americans, according to a nationwide survey released by OptumHealth Inc. More than 80% of respondents cite their ability to save for future health-care expenses as the primary reason for opening and depositing money into their HSAs.
“HSAs have very strong support across a broad range of income levels and are helping people be better health-care consumers,” said Chad Wilkins, chief executive officer for OptumHealth Financial Services.
OptumHealth’s survey found:
- 82% of HSA owners are satisfied with their accounts.
- 78% believe the continued availability of HSAs should be part of any health-care
reform that may occur. - 74% agreed they would recommend an HSA to a friend or family member.
- 30% or respondents said that they wouldn’t have health insurance if it were not for
their HSAs. - 70% of HSA participants make $75,000 a year or less in income.
The study also showed that HSA owners are engaged in their financial and physical well-being. For example, 64% of the respondents said they inquired about generic options for medication and 47% indicated they asked their care providers about charges.
HSA owners also agree that people need to become more engaged in their health care. The survey found that 83% of respondents agreed people should research health-care options and try to get the best price – just like they do for other major consumer purchases. 72% of respondents said that individuals should be responsible for helping to manage their own health-care costs.
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.
© IQ Financial Group, llc.