The HealthAmerica Pennsylvania Health Savings Account (HSA) is one of the most affordable medical plans available in the state. Rates are extremely competitive compared to other Pennsylvania HSA plans offered by Aetna, UnitedHealthOne and Blue Cross. Both individual and family policies are available along with many deductible options. The flexibility of this type of coverage helps make it a very popular medical plan.
You will notice lower costs than typical medical insurance coverage, allowing you to pay for existing expenses, and save for future approved costs on a tax-free basis. You need to have a High Deductible Health Plan (HDHP) to take advantage of benefits. Every carrier offers this type of contract as a low-cost option. Many large employers also offer an HDHP plan along with more comprehensive options.
The HDHP
The HDHP is very inexpensive, allowing the money you save on premiums to be deposited into your personal account. Many consumers utilize this as their principal coverage. This is allowed and of course, you can add the side account at any time. Most major banks, such as Chase, will set up the HSA portion of your medical coverage.
If you have an existing local banking relationship, they may offer you additional features at no charge, such as a debit card, online account viewing and removal of the small monthly fees that are sometimes charged. Also, they pay a higher interest rate on some of your funds.
HealthAmerica plans combine the HDHP and savings account into one simple policy. Many deductible options are available, ranging from $1,250 to $7,500. After the deductible is met, 100% of major medical expenses are covered, including semi-private room charges, physician and surgeon fees, surgery, lab & x-ray services, anesthesia and therapy services (Chemotherapy & Radiation Therapy). Perhaps the most cost-effective deductibles are $3,500 and $5,000.
Less Expensive Than Conventional Plans
With this type of policy, it is not unusual to save hundreds (or thousands) of dollars when compared to the cost of a comparable copay type of plan. Over time, you are likely to save a substantial amount of money. However, there is always a short-term risk if in the early years of the contract, when you have much higher than expected medical expenses. However, you will have plenty of time to recover.
Additional coverages provided by the plan include outpatient surgery, lab services, allergy testings and injections and blood products. Primary care and specialist visits are also covered with $15 & $25 copays respectively. However, preventive services are not subject to a deductible. Some of these services include gynecological exams, routine mammograms, well child visits up to age nine, preventive pediatric and adult immunizations and hearing exams (under age 18).
Drug Coverage
Prescription benefits are also included once the deductible has been met. The $5 copay on generic prescriptions is one of the lowest in the industry. Other copays are $30 for brand name and $55 for non-formulary. There is no maximum cap for prescription benefits which is a very important feature to have. This coverage was mandated by recent legislative changes.
HealthAmerica’s HSA also includes dental benefits that are not subject to a deductible. Coverage is focused on prevention with little or no cost for mouth evaluation and basic diagnostics. Annual periodic evaluations, bitewing X-rays and adult/child cleanings are covered at 100%. There is no waiting period and the annual maximum is $250. This feature is actually a nice add-on to the plan. However, dental benefits can be adjusted each year.
It is not the best choice for all situations. We’ll carefully review your information and determine which plan and company is the best option. With 30 years of unbiased experience, we’re confident we’ll find you the best plan at the most affordable cost. It is possible that another carrier may be more appropriate. For example, in Allegheny and Westmoreland counties, often Highmark and UPMC are better choices because of the low cost of treatment they negotiate with local physicians and hospitals.
UPDATE:
HealthAmerica was acquired by Coventry in 2011. At the time, it was the seventh largest health insurer in Pennsylvania. In 2013, Aetna paid more than $7 billion to acquire Coventry. Coventry shareholders received approximately $27 and .39 Aetna shares for every share of stock they owned. As a result of the acquisition, the plans described in this article are no longer offered.
