Kaiser Permanente's New $1500 Deductible Plan with HSA Makes 100% Coverage Attainable
Kaiser Permanente's new $1500 Deductible Plan with HSA covers all medical expenses once the $1500 deductible is met. By putting additional monthly savings into a tax sheltered HSA account, Kaiser Permanente members are able to give themselves 100% coverage.
Santa Rosa, CA (PRWEB) June 29, 2007 -- Those seeking coverage may wish to view the new Kaiser health insurance benefits on HSA qualified plans. By putting $125 a month into a health savings account, an individual will accrue $1500 during the course of the year.
The annual out-of-pocket maximum for the health plan is $1500. When a member goes to the doctor or purchases prescription drugs, he can pay for medical expenses with the debit card associated with his health savings account. Once he has spent the $1500 in the HSA, he will also have reached his out-of-pocket maximum for the year. From this point on for the rest of the year, Kaiser Permanente will cover all his medical expenses (not including the monthly premium for the health plan). In the case that he does not use the entire $1500 in the health savings account, any funds left over will be available for him the following year and on into the future.
Often individuals who are financially able prefer to put $1500 in their HSA at the start of their health insurance coverage. This allows them to cover their risk immediately once their Kaiser health plan becomes effective. For those who put $125 a month into their health savings account, they would be at greater risk should they have excessive medical expenses at the beginning of the year. For instance, if you added $125 each month, after two months you would only have $250 in your account. Should an emergency arise or should you be hospitalized, your expenses could easily exceed the $250 you have in your HSA.
For added protection, you may wish to do both. Invest the $1500 up front so it is there and ready should you need to access it for medical expenses. In addition, get in the habit of adding $125 a month, so that you will always have enough money in your account to cover your deductible each year. In this way, you will continue to be protected against financial hardship due to medical expenses, and with the combination of your Kaiser Permanente $1500 Deductible Plan with HSA and your accrued funds in your health savings account, you will have 100% coverage for medical related expenses.
About KaiserQuotes.com -- This website operates as an information resource for California and Georgia visitors seeking Kaiser health insurance quotes and plan benefits.
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