health savings accounts mike campbell cps financial “you never change something by fighting the...
Post on 16-Dec-2015
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Health Savings Accounts
Mike Campbell
CPS Financial
www.CPSFinancial.com
“You never change something by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.” - Buckminster Fuller
HSA PLANS OFFER TRIPLE SAVINGS
• Lower company payroll taxes
• Lower employee state & federal income, FICA & Medicare taxes
HSA PLANS OFFER TRIPLE SAVINGS
• Lower company payroll taxes
• Lower employee state & federal income, FICA and Medicare taxes
• Lower premiums and health care out of pocket expenses
HSA TRIPLE TAX SAVINGS
• Tax free money goes into The HSA
• Your HSA account grows tax free
• Health care expenses, including dental, vision and miscellaneous items are paid with HSA tax free dollars
PLAN COMPARISON Single Coverage PPO HSADeductible $1,000 $2,500
Coinsurance 90/70 100/80
Out Of Pocket Maximum $2,000 $2,500
PLAN COMPARISON Single Coverage PPO HSADeductible $1,000 $2,500
Coinsurance 90/70 100/80
Out Of Pocket Maximum $2,000 $2,500
Prescription Copay $15/$35/$50 80% after ded.
PLAN COMPARISON Single Coverage PPO HSADeductible $1,000 $2,500
Coinsurance 90/70 100/80
Out Of Pocket Maximum $2,000 $2,500
Prescription Copay $15/$35/$50 80% after ded.
Office Copay $20 100% after ded.
PREMIUM COMPARISON Single Coverage PPO HSA
Total Monthly Premium $350 $280
Employee’s 35% Share $122 $98
PREMIUM COMPARISON Single Coverage PPO HSA
Total Monthly Premium $350 $280
Employee’s 35% Share $122 $98Employees Annual Cost $1,470 $1,176
PREMIUM COMPARISON Single Coverage PPO HSA
Total Monthly Premium $350 $280
Employee’s 35% Share $122 $98Employees Annual Cost $1,470 $1,176
Company’s 65% Share $227 $182
PREMIUM COMPARISON Single Coverage PPO HSA
Total Monthly Premium $350 $280
Employee’s 35% Share $122 $98Employees Annual Cost $1,470 $1,176
Company’s 65% Share $227 $182
Company’s Annual Cost $2,730 $2,184
ESTIMATED HEALTH CARE EXPENSESSingle Coverage PPO HSA2 PPO office Visits $40 $250
4 Prescriptions filled $70 $160
ESTIMATED HEALTH CARE EXPENSESSingle Coverage PPO HSA2 PPO office Visits $40 $250
4 Prescriptions filled $70 $160
Outpatient services $1,000 $1,000
ESTIMATED HEALTH CARE EXPENSESSingle Coverage PPO HSA2 PPO office Visits $40 $250
4 Prescriptions filled $70 $160
Outpatient services $1,000 $1,000
Dental/Vision services $800 $800
ESTIMATED HEALTH CARE EXPENSESSingle Coverage PPO HSA2 PPO office Visits $40 $250
4 Prescriptions filled $70 $160
Outpatient services $1,000 $1,000
Dental/Vision services $800 $800
MiscellaneousBandaids, aspirin, supplements, etc.
$300 $300
ESTIMATED HEALTH CARE EXPENSESSingle Coverage PPO HSA2 PPO office Visits $40 $250
4 Prescriptions filled $70 $160
Outpatient services $1,000 $1,000
Dental/Vision services $800 $800
MiscellaneousBandaids, aspirin, supplements, etc.
$300 $300
Total $2,210 $2,510
TRUE EMPLOYEE COSTSSingle Coverage PPO HSAAnnual Premium $1,470 $1,176
Annual EstimatedHealth Care Costs $2,210 $2,510
TRUE EMPLOYEE COSTSSingle Coverage PPO HSAAnnual Premium $1,470 $1,176
Annual EstimatedHealth Care Costs $2,210 $2,510Gross Employee Cost $3,680 $3,686
TRUE EMPLOYEE COSTSSingle Coverage PPO HSAAnnual Premium $1,470 $1,176
Annual EstimatedHealth Care Costs $2,210 $2,510Gross Employee Cost $3,680 $3,686
Amount Paid WithBefore Tax Dollars $1,470 $3,686
TRUE EMPLOYEE COSTSSingle Coverage PPO HSAAnnual Premium $1,470 $1,176
Annual EstimatedHealth Care Costs $2,210 $2,510Gross Employee Cost $3,680 $3,686
Amount Paid WithBefore Tax Dollars $1,470 $3,686
Est. Tax Savings (30%) $441 $1,105
TRUE EMPLOYEE COSTSSingle Coverage PPO HSAAnnual Premium $1,470 $1,176
Annual EstimatedHealth Care Costs $2,210 $2,510Gross Employee Cost $3,680 $3,686
Amount Paid WithBefore Tax Dollars $1,470 $3,686
Est. Tax Savings (30%) $441 $1,105
Co. HSA Contribution($50 per Month, optional)
$0 $300
TRUE EMPLOYEE COSTSSingle Coverage PPO HSAAnnual Premium $1,470 $1,176
Annual EstimatedHealth Care Costs $2,210 $2,510Gross Employee Cost $3,680 $3,686
Amount Paid WithBefore Tax Dollars $1,470 $3,686
Est. Tax Savings (30%) $441 $1,105
Co. HSA Contribution($50 per Month, optional)
$0 $300
Net Employee Cost $3,239 $2,281
TRUE EMPLOYEE COSTSSingle Coverage PPO HSAAnnual Premium $1,470 $1,176
Annual EstimatedHealth Care Costs $2,210 $2,510Gross Employee Cost $3,680 $3,686
Amount Paid WithBefore Tax Dollars $1,470 $3,686
Est. Tax Savings (30%) $441 $1,105
Co. HSA Contribution($50 per Month, optional)
$0 $300
Net Employee Cost $3,239 $2,281
Annual Employee Savings $958
TRUE COMPANY COSTSSingle Coverage PPO HSAAnnual Premium Paid $2,730 $2,184
Co. HSA Contribution($50 per Month, optional)
$0 $300
TRUE COMPANY COSTSSingle Coverage PPO HSAAnnual Premium Paid $2,730 $2,184
Co. HSA Contribution($50 per Month, optional)
$0 $300
Gross Company Cost $2,730 $2,484
TRUE COMPANY COSTSSingle Coverage PPO HSAAnnual Premium Paid $2,730 $2,184
Co. HSA Contribution($50 per Month, optional)
$0 $300
Gross Company Cost $2,730 $2,484
Employee Premium + medicalcosts not subject to Payroll Tax
$1,470 $3686
TRUE COMPANY COSTSSingle Coverage PPO HSAAnnual Premium Paid $2,730 $2,184
Co. HSA Contribution($50 per Month, optional)
$0 $300
Gross Company Cost $2,730 $2,484
Employee Premium + medicalcosts not subject to Payroll Tax
$1,470 $3686
Payroll Tax Savings (7.65%) $112 $282
TRUE COMPANY COSTSSingle Coverage PPO HSAAnnual Premium Paid $2,730 $2,184
Co. HSA Contribution($50 per Month, optional)
$0 $300
Gross Company Cost $2,730 $2,484
Employee Premium + medicalcosts not subject to Payroll Tax
$1,470 $3686
Payroll Tax Savings (7.65%) $112 $282
Net Company Cost $2,618 $2,202
TRUE COMPANY COSTSSingle Coverage PPO HSAAnnual Premium Paid $2,730 $2,184
Co. HSA Contribution($50 per Month, optional)
$0 $300
Gross Company Cost $2,730 $2,484
Employee Premium + medicalcosts not subject to Payroll Tax
$1,470 $3686
Payroll Tax Savings (7.65%) $112 $282
Net Company Cost $2,618 $2,202
Annual Company Savings $416
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