Customer
Comparisons
The
following are actual figures compare a medical savings
health plan vs. a Virginia-based Blue Cross/Blue Shield traditional
PPO plan for a healthy family of 4 in their mid-50's. The
family's aggregate exposure is identical in both plans. Call
to run your personal comparison: (800)
383-7729
| |
Medical
Savings
Health Plan |
Current Plan
(Blue
Cross/Blue Shield) |
| Monthly Cost of
Insurance |
$336.75 |
$657.00 |
| Health Savings
Deposit |
$437.50 |
$0.00 |
| Total
Gross Outlay |
$774.25 |
$657.00 |
| Tax
Deduction for Insurance |
| (Insurance Rate
x 100% x 32%) |
$107.76 |
$210.24 |
| Tax
Deduction for Savings Deposit |
| (Savings Deposit
x 32%) |
$140.00 |
$0.00 |
| Total Tax Savings |
$257.76 |
$210.24 |
| Cost After Tax
Savings |
$526.49 |
$446.76 |
| Health Savings
Deposit (your money) |
$437.50 |
$0.00 |
| Net Monthly Cost
of Insurance after Taxes |
$88.99 |
$446.76 |
*Combined Income
tax rate for this family is 32% and they chose to deposit the
maximum amount into their HSA, which is $437.50 per month.
How
a Tax-Deductible Works
Coverage for Actual Family in the Roanoke Valley, Age 50-59
| 1 |
An
insurance policy is purchased that pays big bills, up
to $2 million. |
Monthly
cost for $5,250 deductible 100% plan |
$336.75 |
| 2 |
Money
is put into your own Health Savings Account (you choose
the trustee for this account) |
Maximum
allowed monthly Health Savings Deposit ($5,250.00 per year). |
+$437.50
=$774.25 |
| 3 |
You
use the savings account to pay for small bills. You can
also pay for eyeglasses, dental work and alternative
medicine, like acupuncture, tax free. |
Personal
savings you control |
up to
-$437.50 |
| 4 |
Net
cost of the insurance is the lowest available |
Per month
after tax insurance cost |
=$88.99 |
Contact Information:
|
Health Savings
Virginia
Joseph T. Horvath
2342 W. Main St.
Salem, VA 24153 |
Toll Free: |
(800) 383-7729 |
| Phone: |
(540) 380-5650 (Salem) |
| Fax: |
(540) 380-5654 |
| E-mail |
jthorvath@msn.com |
|
|
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