Introduction
Mr. Hypo is evaluating the different options to opt for the Bank of America’s Health insurance policy which is best suitable to its personal circumstance and the within the budget and provides effective in case there is accident as in case which occurs to Mr. Hypo in August. Bank of America has a wide range of service providers for different health insurance which cover different accidental and health cases.
Analysis
In August, Hypo had an accident and broke his ankle and was admitted to hospital and has a surgery after few days. If this situation was covered was through insurance. Medical expenses are calculated using each of BOA is as follow,
BOA Health Insurance- Consumer Directed Plan
Under BOA health insurance Mr. Hypo will be liable to pay annual premium, annual cost is spread throughout the year. Assume that Mr. Hypo opt for the direct plan then the summary will be as follow,
| Monthly Cost | $118 |
| Annual deductible | Per Individual$1200 |
| Coinsurance | In network 20% |
| Out of Pocket Maximum | 20% |
| Prescription 30 days’ supply | Generic $5, Preferred Brand $100 |
| Health care Account | Health FSA and HRA |
BOA Health Insurance- Comprehensive Traditional Plan
Under BOA Comprehensive traditional plan Mr. Hypo will be liable to pay as follow,
| Monthly Cost | $168 |
| Annual deductible | Per Individual$500 |
| Coinsurance | In network 20% |
| Out of Pocket Maximum | $2000 per Individual |
| Prescription 30 days’ supply | Generic: $5 copaymentPreferred brand:
$25 copayment Non-preferred brand: $50 copayment |
| Health care Account | Health Flexible Spending Account |
BOA Health Insurance- Consumer Directed High Deductible Account
Under BOA Comprehensive traditional plan Mr. Hypo will be liable to pay as follow,
| Monthly Cost | $67 |
| Annual deductible | Per Employee $2250 |
| Coinsurance | In network 20% |
| Out of Pocket Maximum | $4000 per Individual |
| Prescription 30 days’ supply | Preventive drugs: You pay 20% coinsurance. |
FINANCIAL PLANNING PROJECT CASE SOLUTION
Other drugs (non-preventive): You pay the full
negotiated price until you meet the annual deductible,
then you pay coinsuranceHealth care AccountHealth Savings Account (HSA)
Limited Purpose Health Flexible Spending Account
(Limited Purpose FSA)
In the current senior the cost to the Hypo is as follow..................
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