TCD - HSA Med. Insurance

Tim was self-employed for a brief stint and so I did a ton of research on medical insurance. Historically, private health insurance has been extremely costly and I was concerned about finding a reasonably priced medical plan that had good coverage. I found all that and something even better - a tax deduction.

Here is a brief overview of HSA plans work: https://www.mylifepath.com/bsc/findaplan/hsa/

Here is more detailed into on how it works: http://www.wfhbs.com/shieldca/

Compare the cost of an HSA vs PPO

Type	Monthly Premium	Annual Premium	Annual Out of Pocket Limit	Min Annual Cost (premium)	Max Annual Cost (premium + out of pocket limit)	Lifetime Maximum
Blue Cross PPO Share 500	$713	$8,556	$10,000	$8,556	$18,556	$5,000,000
Blue Shield HSA Shield Spectrum	$261	$3,132	$5,800	$3,132	$8,932	$6,000,000
Savings with HSA Plan	$452	$5,424	$4,200	$5,424	$9,624

Compare the benefits

Shield Spectrum Savings 4800 Family	In-Network	Out-Of-Network	Blue Cross PPO Share 500	In-Network	Out-Of-Network
Annual Deductible	Family: $4,800	Family: $4,800	Annual Deductible	$500 Individual / $1,000 Family	$500 Individual / $1,000 Family
Annual Out-Of-Pocket Limit	Family: $5,800	Family: $5,800	Annual Out-Of-Pocket Limit	$5,000 Individual / $10,000 Family	$5,000 Individual / $10,000 Family
Lifetime Maximum	$6,000,000	$6,000,000	Lifetime Maximum	$5,000,000	$5,000,000
Office Visits	30%	50%	Office Visits	30% - Deductible Waived	50% - Deductible Waived
Prescription Drugs	30%	30%	Prescription Drugs	$10 Generic $30 Brand with $250 Annual Brand Deductible	50% Generic 50% Brand with $250 Annual Brand Deductible
Laboratory and Radiology	30%	50%	Laboratory and Radiology	30% After Deductible	50% After Deductible
Annual Physical Exam	$35	Not Covered	Annual Physical Exam	30% - Deductible Waived	30% - Deductible Waived
Annual OB-GYN Exam	$35	Not Covered	Annual OB-GYN Exam	30% - Deductible Waived	50% After Deductible
Well Baby Care	$35	Not Covered	Well Baby Care	40% - Deductible Waived	40% - Deductible Waived
Outpatient Surgery	30%	50% ($300 maximum benefit per day)	Outpatient Surgery	30% After Deductible	All Charges Except $380 per Day
Emergency Room	$75 (waived if admitted), then 30%	$75 (waived if admitted), then 30%	Emergency Room	$100 Co-Pay + 30% After Deductible	$100 Co-Pay + 30% After Deductible then 100% over $650/day*
Ambulance	30%	30%	Ambulance	30% After Deductible	50% After Deductible
Home Health Care	30% (90 visits per year)	Not Covered	Home Health Care	Awaiting Approval from DOI	Awaiting Approval from DOI
Mental Health Services	30% (20 visits per year)	Not Covered	Mental Health Services	See benefits contract	See benefits contract
Chiropractic Care	50% up to $25 (maximum benefit $25, 12 visits per year)	Not Covered	Chiropractic Care	30% After Deductible (Max 12 per Year)	Blue Cross Pays $25 (Max 12 per Year)
Acupuncture / Acupressure	25% MyLifePath Discount	Not Covered	Acupuncture / Acupressure	Blue Cross Pays $25 (Max 24 per Year)	Blue Cross Pays $25 After Deductible (Max 24 per Year)
Inpatient Co-payment:	30%	50% ($300 maximum benefit per day)	Inpatient Co-payment:	30% After Deductible	All Charges Except $650 per Day
Maternity Care	30%	50% ($300 maximum benefit per day)	Maternity Care	30% After Deductible	All Charges Except $650 per Day
Mental Health	30%	50% ($300 maximum benefit per day)	Mental Health	See benefits contract	See benefits contract
Chemical Dependency	30%	50% ($300 maximum benefit per day)	Chemical Dependency	All Charges Except $175 per Day (Detox)	All Charges Except $175 per Day (Detox)

Details on a Blue Shield HSA medical insurance plan.

As you can see, with a HSA plan you get more coverage, for less money because you take on a higher annual deductible, but your annual maximum out of pocket costs are lower, and you get a tax deduction as well as be able to invest money tax-free in our HSA account.

Find and compare HSA-eligible insurance plans