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- #21
B
Briefcaseboy
Guest
Yagents,
Thanks for the link. You have been a great help.
Thanks for the link. You have been a great help.
- 4,707
I use an easy method to showing the advantages of a HSA account.
I take out a $1 bill and $.70 and place on my desk in front of the prospect.
"Which would you rather have?".
If I know the prospect is in a higher tax bracket, I replace the $.70 with $.60.
I take out a $1 bill and $.70 and place on my desk in front of the prospect.
"Which would you rather have?".
If I know the prospect is in a higher tax bracket, I replace the $.70 with $.60.
I don't get in to the intricacies of tax breaks but will mention it in passing. If someone wants to get into it in more detail I am prepared, but found early on it was more of a distraction than anything.
So now I say would you rather send your money to Washington or keep it in your HSA bank account?
So now I say would you rather send your money to Washington or keep it in your HSA bank account?
- 218
You are probably comparing deductibles and not out of pocket exposures.
HSAs are always a BETTER VALUE for families but sometimes it's tough show the value for individuals, especially younger ones.
The biggest advantages of the good hsa carriers, Humana, United and Assurant for families are there is only 1 deductible for the entire family and 100% coinsurance.
SO if I'm selling a $6,000 family HSA, that means it's $6,000 max out of pocket.
You can compare that to a janky BCBS copay plan with a $2,500 deductible, 80/20 coinsurance for another $3,000 and 3 deductibles for family.
If I'm an uneducated customer or agent (which appears to be in this case) and I compare $2,500 ded to $6,000 I'm not seeing the whole picture.
HSAs are always a BETTER VALUE for families but sometimes it's tough show the value for individuals, especially younger ones.
The biggest advantages of the good hsa carriers, Humana, United and Assurant for families are there is only 1 deductible for the entire family and 100% coinsurance.
SO if I'm selling a $6,000 family HSA, that means it's $6,000 max out of pocket.
You can compare that to a janky BCBS copay plan with a $2,500 deductible, 80/20 coinsurance for another $3,000 and 3 deductibles for family.
If I'm an uneducated customer or agent (which appears to be in this case) and I compare $2,500 ded to $6,000 I'm not seeing the whole picture.
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cosigned,
Tim Geithner
-------------
I personally use www.1hsa.com for my clients and I see they're on Yagents link. 1st HSA Bank also sends you a check for $10 with every new hsa client application for helping sign them up. Also get a live person on the phone everytime I need to call them.
Not that you'd ever want to give someone an HSA with coinsurance, but UHO and Assurant have HSAs with coinsurance in addition to their 100% plans.
NMB Katie
Expert
I have noticed a smaller difference in premium, if any difference at all, between an HSA and copay plan since 09/23. The fact still remains that the out of pocket risk associated with an HSA, in most cases, is less than that associated with a copay plan. Of course actual cost of medical care rendered will vary depening on how your client uses their insurance. Qualify!
Oh, and I never have a problem selling multiple products to shared leads. I sell 2 or more products on 8 of every 10 deals I close. It is all about the presentation.
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Amen! Too many people fail to account for the overall max out of pocket and just look at deduct. This is where we need to educate our prospects to know what to look for. They will appreciate you for this and lean on you for guidance. Then, they will be your client.
Oh, and I never have a problem selling multiple products to shared leads. I sell 2 or more products on 8 of every 10 deals I close. It is all about the presentation.
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Amen! Too many people fail to account for the overall max out of pocket and just look at deduct. This is where we need to educate our prospects to know what to look for. They will appreciate you for this and lean on you for guidance. Then, they will be your client.
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I was trying to compare a BS Savings $4000 HSA ($4000 deductible, $4000 OOP max, 100% coverage after $4000 OOP max, online non-underwritten quote $343/mo), versus BS Spectrum PPO $5000 ($5000 deductible, $7000 OOP max, 100% coverage after $7000 OOP max, online non-underwritten quote $371/mo).
That is a very tiny spread in monthly premium. Yet with the HSA the insurance company has to pay 100% of everything after $4000, versus 100% of everything after $7000. I am worried that the insurance company will be stricter (more denials of coverage) with the HSA $4000 plan. Or does the insurance company just think that it is better off not having ANY claims up to $4000?
I view insurance as being for catastrophes, not day to day expenses. For example, I have a $10,000 deductible on my homeowner's insurance policy. I can afford a high deductible. I am just worried about the health insurance company trying to deny claims, in the event of major losses, because its 100% share kicks in at such a low amount ($4000).
Also is there any risk of the HSA program being discontinued, resulting in discontinuation of the HSA $4000 plan? Ie, if the tax laws change, getting rid of HSAs, is it likely that the HSA $4000 insurance plan will be discontinued and/or closed to new business?
Frankly the $4000 OOP maximum would be great. And I could get some tax benefits along the way. I am just, perhaps irrationally, nervous about the HSA type plan.
Would appreciate any insight! Thanks.
That is a very tiny spread in monthly premium. Yet with the HSA the insurance company has to pay 100% of everything after $4000, versus 100% of everything after $7000. I am worried that the insurance company will be stricter (more denials of coverage) with the HSA $4000 plan. Or does the insurance company just think that it is better off not having ANY claims up to $4000?
I view insurance as being for catastrophes, not day to day expenses. For example, I have a $10,000 deductible on my homeowner's insurance policy. I can afford a high deductible. I am just worried about the health insurance company trying to deny claims, in the event of major losses, because its 100% share kicks in at such a low amount ($4000).
Also is there any risk of the HSA program being discontinued, resulting in discontinuation of the HSA $4000 plan? Ie, if the tax laws change, getting rid of HSAs, is it likely that the HSA $4000 insurance plan will be discontinued and/or closed to new business?
Frankly the $4000 OOP maximum would be great. And I could get some tax benefits along the way. I am just, perhaps irrationally, nervous about the HSA type plan.
Would appreciate any insight! Thanks.
- 4,132
You need to double check that the deductibles are included in the OPmax. Some plans include in their summary and some don't. That is why you rarely compare apples to apples.
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