Anthem Lumenos HSA: As popularity grows, rates and benefits remain grounded
For the better part of two years, Anthem Blue Cross and Blue Shield has been converting loyalists of competing carriers into proud Anthem policy holders. The secret to this growing admiration? The Lumenos Health Savings Account (HSA) plan.
As individuals, families and employer groups continue to move business over to Anthem, one has to wonder how a medical plan can generate so much popularity. The answer is in the simplistic nature of the Lumenos HSA plan. Not only is this plan easy to understand, which is hardly the case for the majority of plans available, but it is also one the of most competitively priced health insurance policies on the market.
The way in which the Lumenos HSA plan works is a benefit to all, regardless of your health condition. All preventative wellness related visits, such as child wellness exams, immunizations, general physicals, mammograms, pap smear tests, prostate exams and any other wellness related claim, are covered in full at a participating provider. The out-of-pocket savings from this benefit alone could potentially pay for the annual premiums of an individual enrolled on this plan.
All other office visits are discounted at about 50% off of the full price for service — with prescriptions discounted at roughly 20%. For example, say you have a sinus infection. An individual without health insurance will typically pay about $120 for an office visit of this nature. Under the Lumenos HSA plan, the member does not pay anything at the point of service. The member receives an Explanation of Benefits (EOB) in the mail, which reflects the full price less the carrier discount. The remaining amount is the responsibility of the member.
This manner of payment is a benefit to the member in that the money that is spent out-of-pocket goes toward the member’s annual deductible. The traditional method of payment that is most familiar to insured individuals is the copay system; however, copays do not go toward the member’s annual deductible. Once the deductible is met for the year, all services are covered by the carrier at 100% (only available at 100% coinsurance — other coinsurance options also available). Therefore, should something catastrophic happen, the individual’s responsibility is limited to either $1,500, $3,000 or $5,000. For families the deductible is doubled ($3,000, $6,000 or $10,000).
Another aspect of the Lumenos plan that has people raving is its HSA compatibility. Although it is not required that an individual/family open an HSA, it is always an available option. The benefit of an HSA is it allows members to save money, pre-tax, toward the cost of office visits, prescriptions, surgeries and any other out-of-pocket expense that a member might incur. HSA owners also have certain tax deductions available to them at the end of the tax year. Any funds that are not used by the year’s end may be rolled over into the next year.
The Lumenos HSA plan is constructed and priced so that a healthy individual or family can have the comfort of knowing they are covered without paying astronomical premiums. For those with conditions that require frequent office visits and prescription costs, the plan offers the peace of mind that out-of-pocket expenses are going toward the annual deductible and the member’s total exposure to risk is limited to that deductible amount. If there is any message that Anthem is trying to convey to its members, the masses are hearing it loud and clear: As the popularity of this plan continues to grow exponentially so will the savings of its policy holders.
If you are interested in receiving a free quote for the Anthem Lumenos HSA plan, please feel free to contact Chaser Insurance Group at (877)775-4321.
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