Let’s compare HSA-based plans to Traditional plans
Listed below are some common claims scenarios for employees. The questionnaire illustrates how the HSA-based plan out performs the traditional Silver plan.
To see the details of this comparison, read the article by Robert Hopper, Ph.D. titled “The Case for HSAs; or why nearly everyone can benefit from owning a health savings account,“
Claim Scenarios |
HSA-Qualified Plan
|
Traditional Plan
|
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---|---|---|---|---|
Large medical bill ($30,000 to $500,000+) | X | |||
Healthy (less than $1000/year) | X | |||
Moderate claims ($2,000/year) | X | |||
Frequent doctor visits (10/year) | X | |||
Frequent prescriptions | X | |||
Generic (2 prescriptions) | X | |||
Brand (1-2 expensive medications) | X | X | ||
New Benefits to employees with HSA: | ||||
Plan and save for future expenses including retirement | X | |||
Improved benefits for healthy employees | X | |||
Eliminate financial risk in future | X | |||
Reward for good health | X | |||
Personal Wellness program | X | |||
Alternative healthcare | X | |||
Using out-of-network providers | X |
In general, the HSA-based plan will outperform the traditional plans in most claims scenarios. The most common reason for choosing a traditional plan will be for someone who takes one or more expensive non-formulary brand name prescriptions.
Important Note: The roughly 2/3 of employees have are in good health can leverage their good health and save money with an HSA. They will benefit substantially by building a pool of money for future claims.