There are numerous and sometimes very hard to understand additional, out-of-pocket, costs associated with your health insurance that you will be forced to pay aside from your monthly premiums. These include not only paying for your deductibles but also coinsurance, copays and annual, out-of-pocket maximums associated with your plan. In fact, the average family on a fully-insured PPO plan spends nearly $5,000 on medical expenses each year, and that does not even include the cost of their monthly health insurance premiums.*
The Health Matching Account (HMA) is the best, medical savings account option for you to turn to in order to lower all of these out-of-pocket obligations because of its significant, account crediting guarantees and features that will credit your account up to $2 or more for every $1 that you contribute into your account. This HMA account crediting will allow you to not only opt for higher deductible and lower monthly premium plans, but it will also enable you to secure significant and additional out-of-pocket cost savings on all of your medical expenses.
Let’s analyze all of the additional, out-of-pocket costs (not including premiums) associated with a sample, high deductible health plan and the potential savings that putting a Health Matching Account in place can provide. After the deductible is reached, the insured is still on the hook for paying 40% of all medical expenses up to the out-of-pocket maximum ($6,500 for individuals). The chart below demonstrates how much potential savings can be secured for an individual opting for the HMA 7500 plan by taking advantage of the unparalleled HMA account crediting.
**Illustration scenario assumes no claims filed until HMA account balance reaches its target cap. No prior claims were made from the account. Sample maintenance fees included.
The HMA Medical Benefits Visa® Prepaid Card is issued by The Bancorp Bank pursuant to a license from the Visa® U.S.A Inc. The Bancorp Bank; Member FDIC. Card may not be used everywhere Visa® debit cards are accepted. See Cardholder Agreement for list of eligible goods, services and merchants.