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HSA This is how you do it. You can Save 10-50% per month, per employee and still have the same or better coverage… Health Insurance Costs Too High? Health Savings Account Copyright © 2008, DYB Marketing. All rights reserved.
What’s Happening Now… Americans spent $2.0 trillion dollars on health care last year, this represents 15% of the U.S. gross national product. It’s time for a better way. Today’s Health Insurance Market is in an Affordability Crisis Copyright © 2008, DYB Marketing. All rights reserved.
Is accepting traditional expensive insurance plans. The consumer has been insulated from the true cost of healthcare by low deductibles and co-pays. What’s Happening Now… The Most Common Health Insurance Mistake. Copyright © 2008, DYB Marketing. All rights reserved.
The Purpose of Insurance What’s Happening Now… To protect people from financial hardship due to unforeseen, catastrophic illness and injury. Copyright © 2008, DYB Marketing. All rights reserved.
Catastrophic Health Situation! Unforeseen Health Injury! Copyright © 2008, DYB Marketing. All rights reserved.
What’s Happening Now… 80% of insureds have claims < $3,000 annually 70% of insureds have claims < $2,000 annually 55% of insureds have claims < $1,000 annually Insured Claims Experience Families and Individuals 2006 Copyright © 2008, DYB Marketing. All rights reserved.
Are You Getting the Best Health Insurance Policy for Your Situation? OR The One Your Insurance Agent Makes the Most Money On! With That Said… Copyright © 2008, DYB Marketing. All rights reserved.
Choose The Right Agent… The Truth is with insurance regulations and standards, every agent receives the same price structure to offer clients. The difference is asking the right questions to make sure you and your fellow employees get the best insurance coverage for your situation. The Truth Copyright © 2008, DYB Marketing. All rights reserved.
The Three Most Dangerous Words You Could Say To Your Insurance Agent: “You’re The Expert.” Choose The Right Agent… 80% of Insurance Agents don’t specialize in health insurance. That means you may not be dealing with an expert. Make sure your health care professional is truly an expert in HSA insurance options. Copyright © 2008, DYB Marketing. All rights reserved.
Do You Understand The High Cost Of Health Care Today? Choose The Right Plan… The consumer must have greater financial responsibility for healthcare purchases to serve as an incentive to make prudent health decisions. Greater financial responsibility includes: Understanding high deductible policies. Eliminating co-pays. Using Health Savings Accounts (HSA). Copyright © 2008, DYB Marketing. All rights reserved.
Choose The Right Plan… Has the most affordable monthly premium. A deductible that makes sense. A pre-tax savings plan for your business and employees. At Last… A Health Insurance Plan that: Copyright © 2008, DYB Marketing. All rights reserved.
Choose HSA A Health Savings Account (HSA) is a tax-favored savings account designed to allow for the accumulation of funds to pay for qualified healthcare expenses and to save for future expenses. The HSA works with a high deductible health insurance plan. Together they provide: Premium Savings Tax Advantages Investment Opportunities What is a HSA? Copyright © 2008, DYB Marketing. All rights reserved.
The HSA is the newest and most innovative approach to financing health care since the early 1960s. HSAs are part of a permanent, federally approved program effective January 1, 2004. The U.S. Congressional Committee estimates that 40 Million HSA policies will be written in the next 6-9 years. What Is A HSA… Copyright © 2008, DYB Marketing. All rights reserved.
What Is A HSA… How Does It Work? Copyright © 2008, DYB Marketing. All rights reserved.
Single Family $1,100 - $2,900 $2,200 - $5,800 Low premium – High deductible. Select deductible to maximize monthly premium savings. Common Family Deductible Everyone in family shares one deductible. Gives you less out of pocket expense risk. Deductible Choices Choose Major Medical Insurance Policy Copyright © 2008, DYB Marketing. All rights reserved.
Choose HSA Contribution Annual contribution limits for 2008 are capped at the lower amount of either the insurance policy deductible or $2,900 for individuals and $5,800 for family. Catch-up Contributions – Those 55 and older can make additional annual contributions. Amount allowed is $900 in 2008. Maximum Contributions Copyright © 2008 DYB Marketing. All rights reserved.
HSA Savings Example Current Policy Quoted Policy HSA Account Extra Savings Month 1$700.00$300.00 $100.00 Month 2700.00300.00 100.00 Month 3700.00300.00 100.00 Month 4700.00300.00 100.00 Month 5700.00300.00 100.00 Month 6700.00300.00 100.00 Month 7700.00300.00 100.00 Month 8700.00300.00 100.00 Month 9700.00300.00 100.00 Month 10700.00300.00 100.00 Month 11700.00300.00 100.00 Month 12700.00300.00 100.00 One Year Totals$8,400.00$3,600.00 $1,200.00 Copyright © 2008, DYB Marketing. All rights reserved.
Qualified HSA Withdrawals Eligible medical expenses as defined under Section 213 (d) of the IRS Code. Examples include: Medically necessary services Deductibles and co-insurance payments Eye care, glasses Dental Qualified Long-Term Care Premiums COBRA Continuation Premiums Medicare Premiums Copyright © 2008, DYB Marketing. All rights reserved.
Non-Qualified HSA Withdrawals Under age 65 Non-qualified withdrawal is taxed as ordinary income plus 10% penalty. 65 or Older Subject to income tax but likely at a lower rate; just like a non-qualified 401k withdrawal. No penalty Copyright © 2008, DYB Marketing. All rights reserved.
HSA Tax Advantages Contributions are either tax deductible or can be paid with pre-tax dollars through a cafeteria plan. Investment income is tax-free. Qualified withdrawals are tax-free. Accrue savings from year to year and build a tax-sheltered nest egg for future long-term healthcare. “That makes HSA tax benefits SUPERIOR even to IRAs. With IRAs the money is taxed either before it goes into the account or as it is taken out.” USA Today Copyright © 2008, DYB Marketing. All rights reserved.
Investment Opportunity Save money TAX-FREE for future medical expenses. Unused funds accumulate from year to year giving you the power of compound interest in the investment option of your choice. Investment option examples: Money market funds Stocks and bonds Mutual funds Savings Accounts Copyright © 2008, DYB Marketing. All rights reserved.
Stop & Think! Don’t send in little claims for the insurance company will cancel your policy or raise your premium astronomically. Do you think health insurance is any different? If not…have your insurance representative explain why they use “insurance riders”! What Have You Learned From Your Home & Auto Insurance? Copyright © 2008, DYB Marketing. All rights reserved.
Save With HSA Here’s a little secret: Great Doctors are willing to charge much less for their service if you pay CASH! And you may even get preferential treatment. Suggested Steps to Take: Advise your doctor you’ll pay cash for their services at the time of your visit; Request a cash discount; Pay your bill and collect a receipt at the Doctor’s office before you leave; Do not send your doctor visit expenses to your insurance. Pay yourself back your qualified doctor expenses, up to your deductible amount, at the end of the year with your HSA account. This will allow you to receive a discount price on your doctor visit AND keep your HSA money fully invested longer so you can give your money more time to accumulate interest. For more information on paying doctors with cash: Ask me for the report on “Fundamentals of HSAs”. You are better off paying cash for little claims that are less than your deductible. Copyright © 2008, DYB Marketing. All rights reserved.
What To Do Next Invest 11 minutes and receive the best priced quote for your situation. Learn how to save tax free money in your HSA. Learn how to find health care providers that give cash discounts. Copyright © 2008, DYB Marketing. All rights reserved.
Bottom Line… If you’re not participating in a HDHP/HSA Plan, you’re probably paying too much. Evaluate Your Health Insurance Today! Accept my offer for your FREE quote! [Agent Name] My Promise: You’ll receive the best priced quote for your situation. Copyright © 2008, DYB Marketing. All rights reserved.
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