Health Savings Accounts
Affinity Health Plans offers AvantGuild members the opportunity to open Health Savings Accounts. HSA's are the newest approach to health care financing, in which you won't pay tax on the funds you deposit in the account or the interest you make, but because you're paying less money to the insurance company, you're on the hook for more out-of-pocket should you actually get sick. You can use your HSA funds to pay for your qualified medical expenses, or start a nest egg for retirement. Affinity offers you an integrated health plan with HSA administration provided at no additional cost. They also offer you multiple investment options, including mutual funds, so your HSA funds can grow. Your HSA pays for all qualified medical expenses below the annual deductible on your health insurance policy-such as doctor visits, prescriptions, and even some over-the-counter medications. You can also use your HSA to purchase long-term care insurance.
Comparing a Typical Family Plan to a Health Savings Account
|
Typical Member Family Health Plan |
HSA Member Plan Common Family deductible: $5200 |
|
| Coinsurance | 80% 20% (doctor office copay) | 100% |
| Family Out of Pocket Maximum | $3000 | $5200 |
| Premium Paid | $6720 | $3016 |
| Your share of medical care expenses ($1500 claim) | $1000 for deductibles, $100 for coinsurance, $550 for other non-covered medical expenses = $1650 | $1500 for medical expenses and $550 for dental/eyewear expenses = $2050 |
| Expenses subtotal | = $8370 |
= $5066 |
| Tax savings on HSA deposits (Assumes a 28% tax bracket on deposit of $5200, the maximum contribution allowed with a $5200 deductible | $0 | $1456 |
| Net expenses (out-of-pocket minus savings) | $8370 | $3610 |
| Total net savings with HSA Plan | $4760 |
back to AvantGuild's National Health Insurance page
How to apply for your insurance
You are not AvantGuild. Please login or join AvantGuild in order to take advantage of this special discount.
Still have questions? Click here to contact us.
