HSA5000
Cigna’s roots go back all the way to the year 1792! Cigna has outstanding ratings by several different insurance rating groups so you can trust that they will provide great service and be there when you need them. Cigna offers several different health plans to help meet the needs of today’s healthcare system as well as today’s complex economy. We feel confident that Cigna will have a health insurance plan to suit your needs. One of these plans is called the HSA5000. As the name implies, you are looking at a high deductible health plan which is also HSA qualified. There are several stipulations a health plan must meet to be “qualified” according to the IRS which you can read more about by going to the Internal Revenue Service website located at www.irs.gov. So, with the HSA5000 you have a $5000 annual deductible health insurance plan that allows you to contribute tax free money into a health savings account. The contributions that you make to this account have to be used on certain health care or medical related expenses per IRS Publication 969. If you’ve already read about the Cigna HSA2500 or HSA3500 on our other pages then you may understand some of what is contained in this health insurance policy. We’ll discuss some additional features and benefits below.
The health insurance part of the plan is sometimes referred to as a $5000 deductible, 100% plan. This implies that once you meet your annual deductible of $5000, the insurance company will then pay 100% of covered charges. One nice thing about Cigna’s plan is that they also include some services with the deductible being waived so you don’t pay anything. These are generally preventive visits such as immunizations, yearly exams like Pap smears, colorectal screening, flu shots and routine services during these type of visits. This is really a great benefit when you consider that many people only go to the doctor once a year for this type of service. Something else to consider is that the prescription drug benefit is included in the plan so that if you meet your deductible for the year then Cigna will also then pay for prescription medications at 100%.
A brief summary of this health insurance plan is that you will have a $5000 annual deductible as an individual or $10,000 as a family. Your coinsurance is 0% after the deductible meaning that Cigna pays 100% for covered charges after the plan deductible, therefore your maximum out-of-pocket for the year would be $5000 or $10,000 (individual or family). There is a five million dollar lifetime maximum benefit per covered person on the plan. Most services are subject to the deductible before Cigna pays. There are some very important services included at no charge to you because Cigna will waive the deductible and pay 100%. These include:
For children up through age six, preventive care visits, lab work, routine screenings, flu shot, immunizations and hearing screenings for newborns. Ages seven and older can get preventive care office visits, lab work immunizations, flu shot, and other routine services up to $300 per person per year at no charge. Cigna will also pay 100% for mammogram, annual ob exam & pap smear screening. They cover PSA screening, colorectal screening and bone mass and osteoporosis screening. These are very valuable benefits that are covered at no cost to you. Learn more about this plan and get a free health insurance quote at our self service health insurance research and quoting site.