11/02/2017
HSA plans can save you money through three basic steps:
- Save money every month by purchasing more affordable insurance (called a high deductible health plan or HDHP).
- Set aside all or a portion of your premium savings into an HSA account.
- Use HSA account to pay out-of-pocket costs associated with an HDHP plan.
HSA Example: In both scenarios, the participant spends less on healthcare by selecting the HSA Plan
|
Current Plan |
HSA Plan |
| Insurance premium |
$750/month or $9000 annually |
$450/month or $5400 annually |
| Deductible |
$250 |
$3,000 |
| Co-Insurance |
90% |
90% |
| Max out-of-pocket |
$3,000 |
$3,000 |
| HSA Contribution |
$0 |
$250/month or $3000 annually |
| EXAMPLE 1 |
$35,000 in Medical Expenses |
$35,000 in Medical Expenses |
| Insurance Pays |
$32,000 |
$32,000 |
| HSA Pays |
$0 |
$3,000 |
| Patient Balance |
$3,000 |
$0 |
|
|
|
| Premiums |
$9,000 |
$5,400 |
| HSA Contribution |
$0 |
$3,000 |
| Patient Balance |
$3,000 |
$0 |
| Total Annual Expenses |
$12,000 |
$8,400 |
|
|
|
| SAVINGS OVER CURRENT PLAN |
$0 |
$3,600 |
| REMAINING HSA FUNDS |
$0 |
$0 |
| EXAMPLE 2 |
$2000 in Medical Expenses |
$2,000 in Medical Expenses |
| Insurance Pays |
$1,575 |
$0 |
| HSA Pays |
$0 |
$2,000 |
| Patient Balance |
$425 |
$0 |
|
|
|
| Premiums |
$9,000 |
$5,400 |
| HSA Contribution |
$0 |
$3,000 |
| Patient Balance |
$425 |
$0 |
| Total Annual Expenses |
$9,425 |
$8,400 |
|
|
|
| SAVINGS OVER CURRENT PLAN |
$0 |
$1,025 |
| REMAINING HSA FUNDS |
$0 |
$1,000 |