“Which health insurance plan do you have?” That is the question I’m asked about every few weeks. And I certainly understand why clients want to know. After all, I can choose any plan with any Ohio carrier. And there are a lot of great choices here in Ohio. Anthem. UnitedHealthcare (they market Golden Rule plans). Aetna. And don’t forget Medical Mutual, which is a non-profit company.
Well…here’s our situation. I’m 54, my wife is 39 (I thought she’s 51, but she claims she’s 39) and we have two children (both teenagers). Fortunately, we are a very healthy family with no existing conditions or ongoing medications. We live in Springboro, which is located between Dayton and Cincinnati. And most of the carriers offer very competitive rates.
The perfect fit for us is the Anthem Lumenos Health Savings Account (HSA). An HSA works best when there are not many (or any) office visits or prescriptions and insuring against the catastrophic loss is the most important objective. Preventative coverages (physicals, OBGYN visits, mammograms and pap tests) are not subject to our $6,000 family deductible.
Also, with an Ohio HSA, covered out of pocket expenses that we pay (such as non-preventative office visits) receive a “negotiated discount” since Anthem enjoys exceptional leverage in negotiating fees with Network providers. Lab and X-ray fees receive substantial discounts. For example, if one of us needed an x-ray and the retail charge was $150, our out of pocket cost would be about $25-$40. That’s not too bad!
We also contribute tax-deductible funds into the account that are used to pay for qualified medical, dental and vision expenses. Because we have enjoyed good health, the fund balance in our HSA continues to grow each year. And generally, premiums don’t increases as rapidly as a typical copay plan. In fact, yearly increases the last few years have been very low and I assume that will continue through 2014.
An Anthem HSA is not the best policy for everyone. For us, it is, although Medical Mutual was strongly considered. What about you? Every family and individual situation is different. Your needs and budget will be different. You may only need coverage for a few months. But if you contact us, we’ll work with you and help you find the most affordable options in your area.