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A ll B usiness I nsurance S ervices Were All About Your Business Consumer Driven Major Medical Insurance Presented by Don Loper President All Business.

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Presentation on theme: "A ll B usiness I nsurance S ervices Were All About Your Business Consumer Driven Major Medical Insurance Presented by Don Loper President All Business."— Presentation transcript:

1 A ll B usiness I nsurance S ervices Were All About Your Business Consumer Driven Major Medical Insurance Presented by Don Loper President All Business Insurance Services Registered Representative Multi-State Licensed Broker Click on screen to advance Call Now for Your Free Consultation Toll Free

2 What you are about to learn about traditional doctor copay plans Vs IRS qualified HDHP (High Deductible Health Plan) a.ka. HSA (Health Savings Account) Definitely will change the way you purchase Medical Insurance for your family! Tip: Did you know accidental injuries are covered on first dollar bases or deductible is waived with some HASs ? Call Now for Your Free Consultation Toll Free

3 What is an IRS Qualified High Deductible Health Plan? A QHDHP meets the federal government IRS plan Design Specifications: No copays for services (except for wellness visits) Predefined range of out of pocket exposure Family deductible is accumulative Under an QHDHP, all benefits are subject to a Deductible: Except coverage for preventative care The QHDHP still utilizes a PPO network A network manages healthcare costs Federal HSA Legislation Signed into Law December 2003 Federal Law (IRS) establishes deductibles amount and Max out of pocket expenses Call Now for Your Free Consultation Toll Free

4 The Q ualified H igh - D eductible H ealth (QHDHP) Major Medical Insurance Plan providing Protection the insurance HSA tax deferred interest bearing Account than can be used to pay for out of pocket healthcare expenses There are 2 components of an HSA Satisfied All Business Insurance Client ! Call Now for Your Free Consultation Toll Free

5 Traditional Doctor Copay Plans Important Terms explained Question Do you know how many family members must Pay their individual deductible for your plan? 1 - A deductible is the amount of out-of-pocket expenses you have to pay each year before your health plan kicks in and starts paying for services. 2 – Co-insurance is a temporary sharing of costs between you and Insurance company over the next $10,000 or $15,000 in medical bills. Co-Insurance Example: 80/20/$10,000 After your deductible is met, the next $10,000 in bills the insurance company will pay 80% or $8,000, and you agree to pay 20% or $2,000. Call Now for Your Free Consultation Toll Free

6 Did you Know… Your health insurance Copay Plan requires 2 or more family members to pay the individual deductible to reach the family deductible limit. (Check your policy brochure or contract.) Some companies even require x 3 family members. 99% of Insurance Companies require x 2 or more family individual deductibles be met, some even require x 3 members pay. So how do you arrive at your families Total or Maximum Out of Pocket expense? Call Now for Your Free Consultation Toll Free

7 Total or Maximum Out of pocket cost including your Co-insurance! (Example using Coinsurance plan of 80/20/10 = $2,000 per person x 2) Max Out of Pocket Individual Deductible x 2 $2,500 x 2 = $5,000 $3,500 x 2 = $7,000 $5,000 x 2 = $10,000 $7,000 x 2 = $14,000 Individual Co-insurance x 2 $2,000 x 2 = $4,000 += = = = = $ 9,000 $11,000 $14,000 $18,000 Remember if your Individual Deductible quoted you is $3,500 Your family Max out of Pocket is $11,000 Call Now for Your Free Consultation Toll Free

8 SURPRISED ? Maximum out of pocket costs are RARELY ever discussed by agent to their clients. Or the agents themselves have no idea. Now consider if you were sold a x 3 Individual deductible Policy! *Yes they are rampant and exist and sold as low premium plans, and why not? Since consumer will pay tens of thousand in the end! Individual Deductible x 3 $2,500 x 3 = $7,500 $3,500 x 3 = $10,500 $5,000 x 3 = $15,000 $7,000 x 3 = $21,000 Individual Co-insurance x 3 $2,000 x 3 = $6,000 += = = = = $13,500 $16,500 $21,000 $27,000 Max Out of Pocket How can an HSA help ? Call Now for Your Free Consultation Toll Free

9 HSA or HDHP = An affordable health solution for you. Now that you know how to calculate your Maximum out of pocket expense, lets see how different the HSA plan works to reduce your risk of catastrophic expenses ! All IRS HDHP plan Family Deductibles have a common or aggregate benefit or an Embedded feature. Common – meaning all family members chip away at one common family deductible Embedded – meaning benefits are paid by insurance company once any one member reaches ½ (half) of the family deductible. Tip: Did you know 82% of Americans pay less than $1,000 per year in health expenses? Call Now for Your Free Consultation Toll Free

10 Traditional Copay vs HSA = Total Out of Pocket comparison. Traditional 80/20/$10,000 coinsurance Plan Individual Deductible + Coinsurance x 2 $5,000 Ind Ded x 2 …..= $10,000 $2,000 Co-Ins x 2 ……= $ 4,000 Total ……………….. = $14,000 HSA (Common) 100 % Plan Family (common)Deductible $5,000……= $5,000 n/a……….. = $0 Total ……...= $5,000 *Premium = $448.24Premium = $ *Premium based on actual husband (44 –smoker) & Wife (43-non smoker) in IL. Rates will vary from state to state. Contact us for individual comparison for you. Call Now for Your Free Consultation Toll Free

11 Traditional Copay vs HSA = Total Out of Pocket comparison. *Annual savings can be used to FUND the tax deferred, interest bearing HSA account. Savings for this Husband & Wife: $ $ = $ mo. Annual ……………= $1, Yr. Reduction in Maximum Out of Pocket Expenses: $14,000 - $5,000 = $9,000 savings They get to keep more of their money ! Traditional 80/20/$10,000 coinsurance Plan Individual Deductible + Coinsurance x 2 $5,000 Ind Ded x 2 …..= $10,000 $2,000 Co-Ins x 2 ……= $ 4,000 Total ………………….. = $14,000 HSA (Common) 100 % Plan Family (common)Deductible $5,000……= $5,000 n/a……….. = $0 Total ……...= $5,000 *Premium = $ Premium = $ Call Now for Your Free Consultation Toll Free

12 Isnt it time you look into an HSA? See IRS Publication 502 for complete list of eligible expenses. Agents who dont discuss the benefits of an HSA with consumersdo not have the training or knowledge of how they work. When given all their options, consumers overwhelmingly choose not to pay higher premiums, and more than $6,000 to $8,000 more out of pocket to insurance companies for the exact same benefits HSAs provide. Don Loper Multi-State Licensed Health Insurance Broker Call Now for Your Free Consultation Toll Free

13 Tax Deductions: Premium is deducted annually, and any money placed in HSA is another tax deduction against income ! HSAs Work Investment in future healthcare expenses Unused HSA funds can be used as a retirement account after 65 Establishes incentive to save for medical expenses Puts Consumers in control of their money Click your browser back button when finished. Call Now for Your Free Consultation Toll Free


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