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HSA-combo plan

What if you only had to pay $100 total out-of-pocket for any accident?

Let's face it. Nobody likes carrying a high deductible. Nevertheless, high deductibles make much more sense, especially when it comes to healthcare plans.

Our HSA-combo plan has proven to be very popular with our clients because it allows you to carry a ridiculously low deductible for any accident. Here's how it works, in a nutshell.

Step 1. Take out a high deductible plan. Typically we recommend the highest possible deductible or the second-highest deductible. This allows for greater premium savings compared to medium or low deductibles.

Step 2. Use the money you save by going with a higher deductible to purchase a stand-alone accident plan that works in conjunction with your high deductible plan. The deductible on this accident plan can be as low as $100.

It's that simple. Let's go through an example.

Cory and Michelle live in Durham, NC with their 3 children (ages 3, 7, and 10). They have described 2 of their children as "little accidents waiting to happen."

Here are their quotes for high deductible insurance. These plans are from the same A-rated insurer. After the annual deductible is met, the insurance pays covered expenses at 100%. All deductible options are "per family" deductibles, covering accidents and sicknesses.

Deductible
Premium
3,500
720
5,000
580
7,000
355
10,000
295

Notice the premium savings between the 7,000 and 10,000 deductibles - it's $60/month. This is very typical.

What we recommended to Cory and Michelle was to consider the purchase of a stand-alone accident plan with a $100 deductible. It would pay up to $10,000 per person for accidents, in or out of the hospital, subject to a $100 deductible. The cost of this plan - $60/month.

One thing they could do would be to add the same accident plan to any of the deductibles. For example, they could go with the 7,000 deductible for $355 and add the accident plan for $60 for a total monthly premium of $415.

Ultimately, they opt to go with the 10,000 family deductible for $295 and add the accident plan for $60. Their total monthly premium is $355 - exactly the same as if they had purchased the $7,000 deductible by itself with no accident plan.

If they had gone that route, they would be out $7,000 if one of those "little accidents waiting to happen" ended up in the emergency room or spent a few days in the hospital due to an accident. For the same amount of premiums paid, they thought it made more sense to lower their risk exposure down to only $100 for what they thought was more likely to happen - accidents.

Premiums will vary, but this concept makes sense for everyone. After all, if you end up in the ER or being hospitalized, it's going to be for one of 2 things: sickness or an accident. And in case you don't know, it costs a bloody fortune to have a "minor" accident fixed up, much less a major one.

These plans are guaranteed issue (with few exceptions). They pay IN ADDITION TO your major medical plan - so yes, you actually can make money (so to speak) if you have enough accidents. Plus, your underlying major medical deductible will be credited by the amount you are charged for the accident!

For example, if little Susie has a $2,500 emergency room visit for an accident, the family deductible will be credited to the tune of $2,500, which reduces it down to $7,500 for the rest of the year, for sickness or accidents! Meanwhile, you only had to pay $100 out of pocket, instead of $2,500.

We now include the accident plan with every quote. It's optional - but if you have a "little" accident, you'll wish you had the accident plan!

Disclaimer: As with any insurnace plan, limitations and exclusions apply. See plan brochure for details. This type of stand-alone supplemental coverage is IRS-approved to work in conjunction with an HSA plan.