California Business Benefits

Health Savings Accounts (HSA) programs

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Inside both group and individual use, this opportunity is a unicorn in the financial world.  No other account in the financial world can call itself “triple tax free if the HSA dollars/accounts are used to pay for medical expenses.  The money going in to the HSA is deductible, the money inside the HSA grows tax deferred and then the money can be used tax-free for medical expenses Not all companies elect to offer a HSA which is a mistake for multiple reasons.​

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Which health insurance plan should I choose?

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Sometimes too much information can be overwhelming. To help you sort through it, consider these ideas:

 

 

If you have a doctor you like and trust and he or she is a primary care doctor, you may want to enroll in an HMO plan. You’ll pay very little when you need medical care.

If you prefer the freedom to choose any doctor when you are sick or injured, you may want a PPO plan.

 

Compare health plan BENEFITS by looking at:

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• Doctor’s Office Visit cost 

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• Hospital admission cost (per day or per admission)

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• Prescription medicine cost (generic, brand, “non-formulary” allowed)

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• Maximum Out-Of-Pocket (OPP) amount (usually this is the most you’ll pay in a calendar year if you get really sick. After the OOP maximum the insurance usually pays 100% of allowed medical costs.)

 

Compare health plan COSTS by looking at:

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• Monthly Premium(multiply by 12 to calculate annual premium cost)

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• Annual Deductible (add to the annual premium to determine annual cost)

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• Maximum Out-Of-Pocket (determine the most you’d pay if catastrophe struck)

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• There is an inverse relationship between benefits and costs: the higher monthly premium you pay to the insurance company, the less you pay when you obtain medical care.

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• Figure out how much you can afford to pay monthly versus the amount you’d pay if a catastrophe struck. Insurance should keep you from financial ruin.