Health Savings Accounts Mike Campbell CPS Financial “You never change something by fighting the...
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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
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Transcript of Health Savings Accounts Mike Campbell CPS Financial “You never change something by fighting the...
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
HSA PLANS OFFER TRIPLE SAVINGS
• Lower company payroll taxes
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
HSA TRIPLE TAX SAVINGS
• Tax free money goes into The HSA
HSA TRIPLE TAX SAVINGS
• Tax free money goes into The HSA
• Your HSA account grows tax free
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 HSA
PLAN COMPARISON Single Coverage PPO HSADeductible $1,000 $2,500
PLAN COMPARISON Single Coverage PPO HSADeductible $1,000 $2,500
Coinsurance 90/70 100/80
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
PREMIUM COMPARISON Single Coverage PPO HSA
Total Monthly Premium $350 $280
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 HSA
ESTIMATED HEALTH CARE EXPENSESSingle Coverage PPO HSA2 PPO office Visits $40 $250
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 HSA
TRUE EMPLOYEE COSTSSingle Coverage PPO HSAAnnual Premium $1,470 $1,176
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 HSA
TRUE COMPANY COSTSSingle Coverage PPO HSAAnnual Premium Paid $2,730 $2,184
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
Health Savings Accounts
CPS Financialwww.CPSFinancial.com
Contact Mike Campbell to lower your health care expenses
Mike Campbell
847-295-2521
