Some of you may be wondering how likely, on average, it is to experience a high claims year. This data below may help you to see that the likelihood of experiencing a very high claims year is fairly low. (The statistics are based upon information received from our benefits consulting firm, Marsh Consulting Group.)
5% of people will experience $40,000 or more in annual claims in any given year.
30% of people will experience about $5,000 in annual claims in any given year.
65% of people will experience $1,000 or less in annual claims in any given year.
These are simply statistics and you know your personal medical situation the best. But hopefully these help you see the potential financial effect that selecting the HS 3000 Plan may have for you.
This chart shows three different employee scenarios in annual claims and how this plays out for the HS 1500, HS 3000 and HS 5000 plans.
Employee 1 — $1,000 or less in annual claims
Employee 2 — $5,000 in claims
Employee 3 — $40,000 and above in claims
NOTE: This chart takes into account the Reliant Employer HSA Contributions that will help offset your expenses and a 20% tax savings that you’ll realize if you additionally personally contribute up to the (ER + EE) maximum of $3,400 to your HSA account.
| HS 1500 Annual Cost | HS 3000 Annual Cost | HS 5000 Annual Cost | |
|---|---|---|---|
Employee 1 Medical Costs: $1,000 or less in claims | $0 (preventive only) to $1,000 | $0 (preventive only) to $1,000 | $0 (preventive only) to $1,000 |
| HSA savings* | $420 from Reliant +20% tax savings | $600 from Reliant + 20% tax savings | $600 from Reliant + 20% tax savings |
Medical Costs -HSA Savings =Total Annual Costs
| $0 to $1,000 $420 to $536 =$0 to $464 | $0 to $1,000 $600 to $680 =$0 to $320 | $0 to $1,000 $600 to $680 =$0 to $320 |
Employee 2 Medical Costs: $5000 in claims | Deductible: $1,500 Coinsurance: $350 Total: $1,850 | Deductible: $3,000 Coinsurance: $200 Total: $3,200 | Deductible: $5,000 Coinsurance: $0 Total: $5,000 |
| HSA Savings* | $420 from Reliant + 20% tax savings | $600 from Reliant + 20% tax savings | $600 from Reliant + 20% tax savings |
Medical Costs -HSA Savings = Total Annual Cost | $1,850 -$420 to $706 = $1,144 to $1,430 | $3,200 -$600 to $1,120 =$2,080 to $2,600 | $5000 -$600 to $1,160 =$3,840 to $4,400 |
Employee 3 Medical Costs: $40,000 and above in claims | Deductible: $1,500 Coinsurance: $1,500 Total: $3,000 | Deductible: $3,000 Coinsurance: $3,000 Total $6,000 | Deductible: $5,000 Coinsurance: $0 Total: $5,000 |
| HSA Savings * | $420 from Reliant + 20% tax savings | $600 from Reliant + 20% tax savings | $600 from Reliant + 20% tax savings |
Medical Costs -HSA Savings = Total Annual Cost | $3,000 -$420 to $936 = $2,064 to $2,580 | $6,000 -$600 to $1,160 = $4,840 to $5,400 | $5,000 -$600 to $1,160 = $3,840 to $4,400 |
*HSA Savings range includes Reliant HSA contribution plus optional member contribution up to $3,400 total. All out-of-pocket medical costs may be paid for from the HSA, resulting in a 20% or more savings from using pre-tax funds.
As you know, the HS 3000 plan (HSA) has changed for 2017. It now includes a 10% co-insurance after the initial $6,000 deductible is met. This 10% co-insurance is paid by the employee on all in-network provider claims until the employee reaches the out-of-pocket maximum of $12,000. All in-network claims are paid at 100% thereafter.
Some of you may be wondering how likely, on average, it is to experience a high claims year. This data below may help you to see that the likelihood of experiencing a very high claims year is fairly low. (The statistics are based upon information received from our benefits consulting firm, Marsh Consulting Group.)
1% of families will experience $100,000 or more in annual claims in any given year.
4% of families will experience about $40,000 in annual claims in any given year.
30% of families will experience about $5,000 in annual claims in any given year.
65% of families will experience about $2,100 or less in annual claims in any given year.
These are simply statistics and you know your family's medical situation the best. But hopefully these help you see the potential financial effect that selecting the HS 3000 Plan may have for you.
This chart shows three different family scenarios in annual claims and how this plays out for the HS 1500, HS 3000 and HS 5000 plans.
Family 2 — $5,000 in claims
Family 3 — $40,000 in claims
Family 4 — $100,000 and above in claims
NOTE: This chart takes into account the Reliant Employer HSA Contributions that will help offset your expenses and a 20% tax savings that you’ll realize if you additionally personally contribute up to the (EE + ER) maximum of $6,750 to your HSA account.