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Medical Savings Account Financial Comparison Insurance costs and out of pocket Comparison.
Traditional Plan: (Blue Cross COBRA) A. Annual Cost $ 5,400 ($450 MO)
B. Deductible per person: $500 C. Coinsurance: $1000 per person D. Number of deductibles: 3x E. Number of coinsurance's: 3x
F. Maximum out of pocket, in network family: $4,500.annually In network, worst case
Total medical expenditures: $9,900 (A+F) Advantages:
- Some first dollar coverage's like a $10 office visit copay, Rx card, etc.
Disadvantages:
MSA Eligible Plan A. Annual Cost: $ 2,922 ($243.54 Mo.)
B. Optional amount to maximum fund MSA $ 2,250 $ 2,250 ($187 month) C. Total Gross COST $ 5,172. ( $ 431per month) D. Deductible per FAMILY: $ 3000 E. Coinsurance: $ 0 F. Number of deductibles: 1x G. Number of coinsurance's: NA H. Maximum out of pocket, in network family; $3000 I. Tax savings (28% incremental bracket) ( $ 630 ) J. Available Cash from MSA & Taxes ( B + I) $ 2880
K. Net Out of pocket, worst case ( H - J)$ 120 In network, worst case Total medical expenditures: $5,292 (C+K) Advantages:
- Cost: Unlike Employer Sponsored Flex-Spending accounts, money not spent carries over each year to be used in future year.
Disadvantages:
- The pressure of spending your own money versus the insurance companies money.
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