HSA3500
Cigna offers three different HSA or Health Savings Account plans. The HSA2500, HSA3500 and HSA5000. Basically, the features are identical except in regards to the deductible. Just as the name on the plan indicates, the “2500″ means there is a $2500 deductible. The “3500″ indicates there is a $3500 deductible and so on. With the Cigna HSA3500 you have a comprehensive major medical health insurance policy ($3500 deductible) coupled with a Health Savings Account. These savings accounts have been given special privileges from the government in regards to taxes. You are allowed to contribute to this special savings account “tax free” for qualified health care related medical expenses. The IRS has a publication which specifically details the rules of an HSA. To get the full benefit of an HSA you should review the publication. If you go to www.irs.gov, you can search for publication 969.
Some of the benefits of an HSA include:
- You are able to claim a deduction when you file your taxes for contributions that you make to your HSA
- If your employer makes contributions to your HSA then you don’t have to count that toward your gross income for the year
- The money in the HSA account rolls over from year to year if you don’t use it all
- Any interest that you earn on the money in the HSA is also accumulated on a “tax-free” basis
- Even if you leave your current employer, you can take the HSA with you.
These are only a few of the many benefits from having an HSA. As stated before, be sure to review publication 969 about the other requirements placed on HSAs.
Most health insurance companies are now offering high deductible health plans that are HSA compatible. Not all health insurance companies have the same health insurance benefits associated with their plans so you should be careful to review the benefits of the particular company’s policy before agreeing on one or the other. Here are some specific benefits associated with the Cigna HSA3500 plan:
The annual deductible is $3500 for an individual or $7000 for the entire family. After you meet the annual deductible, then Cigna will pay 100% of covered charges. The lifetime maximum benefit on this plan is 5 million dollars per covered person. For normal physician services such as primary care physician or specialist visits, Cigna will pay 100% AFTER you meet the annual deductible. The same applies to Inpatient Physician Services and all In-Hospital Care. Cigna will also pay for 100% of Surgery after the annual deductible is met.
Not all services will require you to meet the annual deductible before the insurance company will pay. Cigna will waive your deductible and pay for one hundred percent of the following “Preventive Care” services:
For Children ages six and younger, they will pay for the office visit, lab work routine screenings flu shots and vaccinations/immunizations…remember that this is associated with “preventive care” visits, not anytime you or your children become sick. They will also pay for hearing screening for newborns if covered under the plan. For those seven years old and older that are listed on the health insurance policy, Cigna will waive the deductible and pay 100% of the following “preventive care” services (up to $300 per person per year):
The office visit, lab work, immunizations, flu shots, or other routine services.
Because Cigna wants you to stay healthy and help you detect and treat certain common diseases and cancers, they will also waive the deductible and pay 100% of a mammogram, your annual OB/GYN exam, PAP Smear Screening, PSA Screening, Colorectal Screening and Bone Mass and Osteoporosis screening. These are some very important benefits that make the Cigna HSA3500 a great health insurance plan to consider when you are shopping for a health insurance policy. You can get a free health insurance quote for this and many other plans by using our self-service quoting website. There are many other benefits of this qualified high deductible health plan that aren’t listed here.
Other free health insurance quotes also located here.