HSA vs. Copay Plan
Jan 18, 2012
I have been insured with an individual policy for over 3 years now. I haven't been diagnosed with HIV, but I am switching my health insurance policies. I don't really fully understand HSA plans. Would a HSA plan be beneficial to someone with HIV (say $3xxx deductible, prescriptions drugs included in deductible, no coinsurance) or would a traditional copay plan with a %25 coinsurance for brand prescription drugs be better for treatment of HIV? Also, what would be a rough estimate of premiums someone diagnosed with HIV? The main issue is that with an HSA, the deductible will be exceeded every year; sky-rocketing premiums.
Response from Mr. Chambers
HSAs (Health Savings Accounts that have an insurance policy with a high deductible and a tax-free savings account to cover the deductible and non-covered medical expenses)- They are really designed for people who don't anticipate needing to use their health insurance that much. With an HSA, the premiums for the insurance are lower since the deductible is high, and the money you set aside for that enjoys being tax-free and rolls over from one year to the next.
It is doubtful it would result in that much savings if you have a chronic condition (like HIV) where just the medications alone will use up the savings account.
Rates vary substantially by location and age, so you would need to compare the actual costs (premiums + estimated out-of-pocket) of an HSA with a regular PPO to make sure which is best for you.
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