1) Complexity
Traditional Insurance Plan: Typically, you receive a plan booklet that outlines covered items, restricted items, co-insurance, deductibles, fee guides, etc. Good luck trying to ascertain with any degree of certainty what you will be getting reimbursed for.
navancorp PHSP: A PHSP is usually only restricted by an annual maximum (or dollar amount). This means that as long as the expenditure is eligible, you get back 100% of your money. No deductibles, no-co pays, no fee guides. Simple as that.
2) Deductibles
Traditional Insurance Plan: You may find that your benefits are restricted by an annual deductible, co-insurance/co-pay requirements or a limited number of visits/treatments/sessions.
navancorp PHSP: No deductibles, no co-insurance/co-pay requirements and no limits on the number of visits/treatments/sessions.
3) Timeliness
Traditional Insurance Plan: Some insurance plans require that your claim be sent to a queue, oftentimes leading to delays in reimbursing you for your eligible medical/dental expenses. You may oftentimes be asked to provide additional details, stuck in correspondence purgatory, back and forth.
navancorp PHSP: Most claims processed on the same day that they are received, with reimbursement also issued same day. Correspondence is direct and limited, as you are provided with the cell number of the assessor, so you can text, email, call, whatever. Always your choice!
4) Pre-Existing Conditions and Eligible Expenses
Traditional Insurance Plan: Oftentimes specific items are restricted by an annual or life-time maximum (braces and eyeglass are familiar examples). Then there is the matter of pre-existing conditions where you may be asked to provide medical history or undergo testing/assessments in advance of being approved for coverage. These conditions can then be excluded from your coverage.
navancorp PHSP: Your plan administrator defines the annual dollar amounts, and you can claim any eligible expenditures up to that amount. No restriction by service or expenditure category. Pre-condition identification is not required, and you are never asked for previous medical history details.
5) Premium Creep
Traditional Insurance Plan: Monthly or annual premiums to be submitted, regardless of whether or not the plan is actually used. Dependent upon usage, the premiums can increase (and oddly they never decrease!). Then there is age – as the plan member gets older the premiums are adjusted upward.
navancorp PHSP: Fixed administrative fee which never goes up. If you do not use the plan, there are never any costs. No annual maintenance fees or anything. Truly pay as you go! And age is a non-factor, with no bearing on your per claim fee.
As always, it is important to discuss with your financial advisor or accountant if a Private Health Spending Plan is right for you. Based upon the number of referrals we get from accounting and financial professionals, chances are that we will be hearing from you soon!
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