You’re ready to make a buying decision, and you’ve got lots of choices. The myCigna Health Savings Plan, myCigna Health Flex and myCigna Copay Assure plans are designed to meet your needs and your budget and meet the 2014 Health Care Reform requirements.
myCigna Health Savings Plans
If plans that can offer tax advantages appeal to you, you might want to consider a myCigna Health Savings Plan. You put pre-tax money into a bank or investment Health Savings Account (HSA) and use that money to pay for medical expenses not covered by your insurance policy. With the combined benefit of reduced adjustable gross income and tax-deferred growth, HSAs can reduce your income taxes.
If you prefer lower premiums in exchange for a deductible that must be met prior to receiving coverage, consider these plans. With myCigna Health Savings plans, your preventive care is covered in full even before you meet your deductible, to help keep your family healthy. These plans do not have copays or coinsurance; you pay 100% of all non-preventive care medical expenses until you satisfy the annual deductible. After the annual deductible is met, then your qualifying medical expenses are covered 100%, except non-preferred prescription drugs.
These plans might be a good choice if you’re healthy, rarely go to doctors, and don’t anticipate having surgery or a hospital stay. Yet, you’re covered if an unexpected medical problem develops.
People who are self-employed often like HSA eligible medical plans for their tax advantages. Young people (age 40 and younger) also like them because they want to avoid the financial risk of catastrophic events, and they want coverage for preventive care.
- If you set up a Health Savings Account and select a myCigna Health Savings product, you can roll over any unused funds in your account at the end of each year. You can keep saving toward future medical expense or keep saving for retirement. You might have a bad year with lots of medical expenses, but other years you may be healthier, allowing you to save more. myCigna Health Savings HSA eligible plans are available when you purchase a Bronze or Silver metal level plan.
- The myCigna Health Savings Bronze plan offers a low monthly premium, high deductible and high out-of-pocket maximum for people who want basic coverage at a good value, plus a tax shelter.
- The myCigna Health Savings Silver plan offers a moderate premium, moderate deductible, and a moderate out-of-pocket maximum. Compared to the Bronze version, this may appeal to people who might have faced health issues before or who want a little extra security by reducing their potential liability for medical expenses.
Here are some examples of situations in which Health Savings Plans might be the right choice.
Example: Let’s say you choose a Silver level myCigna Health Savings Plan. You know that health problems can develop unexpectedly, so you like setting aside pre-tax dollars in an investment account “just in case.” You’ve got a moderate monthly premium and a $3,400 annual deductible. If you have medical bills, once you hit your $6,350 annual out-of-pocket maximum, Cigna pays 100% of covered expenses. Unused contributions get rolled over to next year’s fund, quietly accruing dividends or interest in the investment account. Compared to the Silver myCigna Health Savings plan, if you choose a Bronze myCigna Health Savings plan, you’ll have a lower monthly premium with a higher annual deductible ($6,100) and higher annual out-of-pocket maximum ($6,350).
Be sure to talk to an accountant about selecting an HSA eligible medical plan and setting up an HSA account. In some cases, it can be a good choice for individuals and families.
myCigna Health Flex
If you value flexibility—or have a family—consider these plans. With myCigna Health Flex plans, you can find the right balance between affordability and level of coverage. These plans feature a wide range of deductibles to help balance your monthly premium and medical expenses. Before you even meet your out-of-pocket maximum, a fixed copayment or coinsurance payment is all you will pay for many covered medical services like office visits, prescriptions and urgent care. The myCigna Health Flex plans give you the freedom to choose a plan and a monthly premium that suits your wallet—and your lifestyle.
It’s your choice:
- Deductibles that range between $1,250 and $5,500.
- Coinsurance levels including 60/40, 70/30, 80/20 or 0%.
- Different copay levels for office visits with primary care and specialist physicians before you meet your annual out-of-pocket maximum.
- Multiple levels of medication coverage, including $4 generics
When you compare Health Flex plans, think about how much financial risk you’re willing to take. In the worst-case scenario, how much money do you have in the bank to cover the year’s medical expenses? Make sure you consider the options carefully.
These examples might help you decide:
Example: Let’s say you’re single, and you’re fairly healthy. No chronic health problems. You choose a Silver myCigna Health Flex 3400 plan. You like the moderate monthly premium. You’re fine with the $3,400 annual deductible and $6,350 annual out-of-pocket maximum. You like the idea that after you satisfy the out-of-pocket maximum, 100% insurance coverage kicks in—so Cigna pays all remaining qualifying medical bills. You don’t expect to have health problems during the next year, but if you do need surgery and a hospital stay, you know where you stand.
Example: Maybe you’ve got a family (two teenagers) and you just need basic coverage. The kids don’t see doctors much anymore. All you need are yearly checkups. You like the low monthly premium of the Bronze myCigna Health Flex 5500 plan. You are okay with having low fixed copays only for the first two doctor's visit each year for each family member because you don’t think you will need more than that. Plus, you like the fact that in-network preventive care will be 100% covered.
Example: The Gold myCigna Health Flex 1250 plan appeals to people who like a low deductible, a low out-of-pocket maximum with Cigna paying 80% of the cost for covered in-network services. You don’t mind paying a higher premium, because you want to reduce your overall financial risk. Your doctor's visit copays are very low—the lowest of all Cigna’s plans. That sounds good to you.
myCigna Copay Assure
If you have young kids, an athlete in the family or someone with a medical problem, these plans may be best for you. They promote predictability in your out-of-pocket costs. You have zero deductible to satisfy, and the majority of services are subject to a fixed copay, which helps keep things simple. Your premium might be slightly higher than Cigna’s other plan types, but you're OK with that. With myCigna Copay Assure plans, your medical expenses are predictable. There are no surprises.
The myCigna Copay Assure plans feature:
- You pay only fixed copays for all covered doctor's visit (primary and specialist).
- You pay only a copay for a doctor's visit, urgent care, emergency room or outpatient services. Out-of-pocket expenses for inpatient surgery and outpatient admission are capped.
These are good plans for families with lots of medical expenses. You pay just a copay for the most commonly prescribed medications.
These examples will help you decide if Copay Assure plans are right for you:
Example: Let's say you choose Silver myCigna Copay Assure. You pay low, fixed copays for doctor's visit, urgent care, emergency room and outpatient services.
There's no deductible, so you don't have to worry about tracking expenses for each family member. Every penny, even those copays, goes toward your annual out-of-pocket maximum. A high out-of-pocket maximum of $6,350 helps keep your monthly premiums moderate.
Example: With myCigna Gold Copay Assure, you pay a higher monthly premium, but that's fine with you, because there's no deductible and a low out-of-pocket maximum. You only pay a copay for many medical services including doctor's visit, urgent care centers, emergency visits, outpatient services and prescription drugs.
When you choose, think about these factors: How often do you see doctors or use medical services? Do a moderate premium and zero deductible sound good to you to perhaps reduce your out-of-pocket risks?
Need help deciding? Cigna’s Plan E-Valuator will help you choose a plan. You can also call Cigna’s licensed insurance agents at 1.866.438.2446, 8:00 am to 10:00 pm (ET), Monday through Friday.
At Cigna, our goal is to provide the information you need to help you make an informed decision.