Individual Major Medical Insurance and the New Health Savings Account Plans
We have many types of major medical plans to offer you from well-known companies. We also have the new Health Savings Account/High Deductible major medical plans. The new health savings account plans offer tax advantaged savings to you, tax free use of your funds for medical purposes as defined by the IRS and a great way to accumulate funds for future medical needs including in retirement. Use the chart below to select a plan. Please note that some plans vary by state.
COPAY PLANS
If you want a plan with a higher level of benefit, consider the Copay plans available.
A Copay plan may be a good fit for you if:
- You want more predictable doctor's office visit costs: These plans have copays for illness and injury doctor's office visit- either an unlimited or a set number per year.
- You want precription drug coverage: Many of our Copay plans have prescription drug coverage.
How you can customize your Copay plan:*
- Choose your doctor's office visit coverage: You can select plans that have copays for a set number of doctor's visits per year- or an "enhanced" plan that doesn't have a set number.
- Choose your prescription deductible: You can lower your prescription drug deductible for an additional cost.
- Choose your coinsurance level: These plans pay either 70 or 80 percent for covered in-network services after the deductible.
- Choose your optional benefits: Options include dental, and supplemental accident. Other optional benefits are also available.
These plans include an initial 12-month rate guarantee as long as you stay in the same area and keep the same benefits.
100% AFTER DEDUCTIBLE PLANS
If you want a health plan that pays 100 percent for covered expenses after the deductible is met-- and offers a variety of deductible choices-- consider the 100% After Deductible plans available to you.
The 100% After Deductible plan may be a good fit for you if:
- You want more predictable total annual costs: With this plan, you'll know what you could pay out-of-pocket for covered in-network medical services each year-- your deductible amount. Once you meet the deductible, the plan pays 100 percent for those services.
- You want the widest choice of deductible options: A wide range of medical and family deductibles.
How you can customize your 100% After Deductible plan:
- Choose your deductible: We offer a range of options, so you can select the deductible level that fits your budget.
- Some Major Medical plans have obtained benefits available: Options include dental, and supplemental accident. Other optional benefits are also available. These benefits are available for an additional cost.
These plans include an initial 12-month rate guarantee as long as you stay in the same area and keep the same benefits. Some 100% After Deductible plans are compatible with a Health Savings Account (HSA).
Looking for affordable, catastrophic coverage?
Consider a Catastrophic Plan-- which is one of our 100% After Deductible options. These plans have our highest deductibles, but some preventitive services are covered before the deductible. That means you have coverage for services that help you stay healthy, plus a safety net in case of a serious illness or injury.
The Catastrophic Plan is a great fit for value-conscious shoppers who:
- Prefer to use health insurance for major expenses-- not everday healthcare costs
- Want coverage at the lowest premium due to budget reasons
- Some plans have deductible carry over credit included which is available on selected plans in selected states.
HEALTH SAVINGS ACCOUNT PLANS
If you want coverage for many of the same services as a Copay plan or 100% After Deductible plan-- plus the ability to have a healthcare spending account-- consider our HSA-Qualified High Deductible Health Plan.
This plan may be a good fit for you if:
- You want lower premiums: With this plan, you could save nearly 25 percent or more on monthly health plan premiums.**
- You want to open a Health Savings Account (HSA): The HSA could be tax-free*** way to budget and pay for your deductible and other qualified medical expenses.
- You want a simple plan design: Once you meet your deductible, the plan pays most in-network covered expenses at 100%.
- Other options include deductible plans with co-insurance amounts before 100% coverage.
How you can customize your HSA plan:
- Some plans offer prescription coverage.
- Choose how you want to use your HSA dollars for service you need (Click here to download the IRS Guidlines): HSA funds grow your dollars while in the account. If you need this for a "qualified" IRS allowable expense, simple use the HSA Bank code or write an HSA check.
- Here is a chart of the maximum contribution you can make in a physical year to reduce your taxes and state saving. Check with us if your state has any special terms.
These plans include an initial 12-month rate guarantee as long as you stay in the same area and keep the same benefits.
For more detailed information on changes in HSA law, visit the U.S. Department of Treasury website at www.ustreas.gov or talk with your tax advisor.
Why put money in a HSA?
In genergal, the HSA could provide a "triple tax benefit"-- meaning you could save money three ways:
- Contributions to a HSA are tax deductible in most states, similar to an Individual Retirement Account (IRA).*** Deduct your contributions from your federal income tax return.
- Earnings on the balance in your account accumulate tax-deferred.***
- Withdrawals on savings, including earned interest, are tax-free if used for qualified medical expenses such as your health plan deductible, dental care, an vision care.****
** Savings based on switching from a health plan with a lower annual deductible to a higher deductible.
***Varies by state; please contact your tax advisor for tax deductibility.
****For a complete list of qualified medical services, consult IRS publication 502: "Medical and Dental Expenses" on the IRS Website at www.irs.gov. Individuals are responsible for compliance to HSA spending regulations.
*Disclaimer: These plans are subject to individual state department of insurance regulation, deductibles, co-insurances and specific copays and benefits.