Blue Cross and Blue Shield of Illinois introduced a new deductible option to the BlueEdge Individual HSA (health savings account) plan. Along with the existing deductible offerings of $1150, $1750, $2600 and $5000, a $3500 deductible option is being added beginning January 1, 2009.
The new $3500 deductible HSA will be available at both 80% and 100% coinsurance coverage levels, and with or without maternity. Marketing of the $3500 deductible began November 15, 2008 with January 1, 2009 or greater effective dates. Also, January 1, 2009, the deductible level for the $1,100 plan will increase to $1,150, in keeping with the IRS HSA minimum deductible guidelines.
To apply click:https://services.hscil.com/il/eapp/wxpm1653.pl?id=6123&source=WEB2009520
or visit http://www.gizmohealth.com/
Friday, November 21, 2008
How to select a Deductible Level with your Health Insurance Plan
When selecting a deductible level with your health insurance plan, you should take all things into considation. Your overall health, age, and what you can afford. If you are young and relativily health, but can't afford an expense plan. I would suggest a high deductible plan. You will be save money on your monthly premium in exchange for the risk of having to pay more out of pocket if something does happens.
If you are older and have some medical issues, you should probably go with a lower deductible plan. You are probably going to need to go to the doctor's office more often or even visit a hospital. These exspenses can added up quickly. With lower deductible plans you are not going to have to pay as such, because you are going to reach your deductible level sooner (The insurance carriers are going start pay their portion of your medical exspenses with the co-insurance). BUT, the your monthly premium is going to be significantly higher.
The higher deductible plans aren't going to cover prescription drugs/ doctors office visits with a co-pay. If you are looking for more of an old fashion traditional health insurance plan with a low deductible and twenty percent co-insurance, and a co-pay on your office visits and presciption drugs. The high deductible health plan (HDHP) is not for you!
People who go with a higher deductible plan can sometimes offset the cost of your medical exspenses with a HSA account. Some high deductible health plans will have a HSA account attached to them. HSA is a health saving account which allows you to put money aside pre-tax to pay for their medical exspenses. In 2008, you could contribute up to $2,950.00 for a individual plan and $5,850.00 for a family plan. HSA's are kind of structured like an IRA's, in that they accrued interest and the balance rolls over for year to year. The adventures of these plans are that you have more control over your medical spenting.
When you open a HSA, you are issued a debit card or checkbook to pay for doctor visits, precription drugs, and even your monthly premium. One thing who should be aware is that there are penialties for withdrawing funds for stuff that are not medically related. If you have any questions, Gizmo Health agents will anwser any questions that you might have. You can reach them at 1-312-884-5150.
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