Assurant / Time Insurance HSA

A Health Savings Account is a tax-favored savings account, combined with a qualifying high-deductible health insurance plan.  This combination can provide:

Lower-cost Major Medical Protection  Significant Premium Savings  Immediate Tax-savings  Long-Term Investment Vehicle

Nationwide, two of the most popular HSA-compatible plans available are the Time One Deductible HSA/PPO and the SaveRight HSA/PPO.

Time Insurance, formerly known as Fortis Health, is an Assurant Health member company

Plans at a Glance:

Please view the Time HSA Plans Brochure for complete plan details

*	For plans with an effective date of 2/1/08 through 9/28/08 a deductible credit of 10% of the total deductible will be applied for proof of prior coverage that was in force 63 days prior to the effective date.  Credits cannot be applied to $0 deductible plans or OneDeductible plans with a deductible of $1100/$2200.  The credit will carry over from year to year if not used in the initial year.  The credit does not change the deductible amount on the insurance contract.
**	In GA the network coinsurance paid by the insurance company after your deductible is 60% not 50%. Subject ot $15,000 annual maximum benefit per person Subject ot $2,000 annual maximum benefit per person May vary by state
	This information is presented only as a very brief overview of some of the benefits of this plan, and is intended only for general education.  The amount of benefits provided depends on the plan selected. Premium will vary with the type of benefits selected.  These plans contain exclusions from and limitations of coverage.  Please see the product brochure for more complete information, as well as information about terms of renew ability, preexisting conditions, out-of-network penalties, and notification requirements.  Plans are subject to health underwriting.  To be considered for reimbursement, expenses must qualify as covered expenses.  Expenses are also subject to reasonable and customary limits, unless you use a network, and all other policy provisions, including determinations of medical necessity.

Coverage Synopsis:

One Deductible HSA/PPO

This is the most popular Time Insurance plan.  This plan offers one deductible for the entire family, so you don't have to worry about keeping track of individual expenses.  After you have met your family deductible, the plan pays 100%, 80% or 50% of all covered expenses including prescription expenses, up to $3 or $8 million per person.  This plan also covers wellness services up to $500 per year, after the deductible is met.

SaveRight HSA/PPO

This is the most affordable Time Insurance plan.  After you have met your family deductible, the plan pays 100%, 75% or 50% of all covered expenses including prescription expenses, up to $2 million lifetime maximum per person.  This plan also covers wellness services up to $500 per year, after the deductible is met, once you have been insured for 12 months.

Time HSA Plans Brochure - complete details on both plans

Optional Features:

Suite Solutions

This option allows you to increase your coverage and reduce your personal medical costs.  This feature reimburses you for qualified expenses regardless of your deductible.  Two options are available in the Suite Solutions benefit.

Features Secure Solution Select  Solution* Accident Medical Expense Benefit Benefit Options: $2,500, $5,000, or $10,000 $100 Deductible (per insured, per accident) Accidental Death and Dismemberment Benefit Up to $10,000 for the primary insured and up to $1,000 for the spouse and each child Weekly Accident Indemnity Benefit 70% of basic weekly salary up to $250 per week for up to 52 weeks, for primary insured only Critical Illness Expense Benefit Benefit Options: Must be the same as the Accident Medical Expense Benefit Covers life-threatening cancer, heart attack, stroke, paralysis, renal failure, coma, transplants and more for primary insured and spouse   Identity Network Child Safety Services Pre-registry of children using photos and descriptions   Identity Theft Benefit Up to $2,500 in financial relief, including reimbursement for related costs, lost wages, legal fees and expenses   Travel Assistance Emergency medical, financial, legal and communication assistance, plus a multilingual information service available before and during travel, for members who are traveling 100 or more miles from home   Discounts** Up to 60% off items such as health club dues, hearing aids and hotels and travel packages

* Select Solution is not available in all states
** Not all discounts are available in all states

Accident Medical Expense Benefit

In the event of an accident this benefit will pay up to $500, $1,000, or $2,500, whichever amount you choose, before you pay any copay, access fee, deductible or coinsurance.

First Dollar Preventive Services Benefit *

Once you have been insured for 12 months, this benefit will provide $500 per person, per year for preventive services before your deductible.  Remaining preventive services will be covered subject to your deductible and coinsurance up to $1,000 per person.

Maternity Benefit *

A Maternity benefit is also available with this plan, after a 90 day benefit waiting period.  You can choose from four different deductibles and in addition receive significant network discounts - often between 15 to 50% when using in network providers - before you even meet your deductible.  You pay only this deductible for a maternity claim, including pre-natal care all the way through delivery.  You then receive 100% coverage after the deductible is met.

This limits your expenses for maternity care to the amount of your maternity deductible.  See below for examples of additional cost for each deductible:

Deductible Premium/Month $10,000 $12.69 $5,000 $55.52 $2,500 $182.44 $1,000 $420.40

Your may only sign up with Time/Assurant for this rider at the time of your initial application, or at any time in the future.  Coverage must begin 90 days before conception or no coverage is provided.

* Note:  in IN and TX, only the $5,000 and $10,000 deductibles are available.  In ID, KS, and SD, only the $10,000 deducible is available.  In UT, the $1,000 deductible is not available.  And in AR, CA, MN, and NC, no maternity riders are available.  All other states offer all 4 deductibles listed above.  Also, these benefits are not available with the SaveRight PPO/HSA plan in some states.

Rates:

OneDeductible Plans with a $3,750 individual or $7,500 family deductible or higher, and SaveRight HSA plans with a $5,100 deductible have a 24-month rate guarantee.  With these deductibles, you also have the option of paying an additional monthly premium to lock in your rates for 36 months.  This is the longest health insurance rate guarantee we are aware of.  All other deductible options have a 12 month rate guarantee. 

Preferred rates without riders are available on our instant quote page.  The quoted rates are for the $8 million maximum benefit, and do not include optional benefits such as term life, supplemental accident, maternity, and Rx riders.  Check to see if you qualify for preferred rates.

Please contact us via email for rates on the optional benefits.  All rates depend on gender, smoking status, zip code, and health status.

The premium can be paid via quarterly, semi-annual, or annual billing or credit card payment.  Premiums can be paid monthly via bank draft, or by credit card in AZ, CT, KS, NC, and OH.  There is a one-time $20 application fee, which is refunded if the application is declined or not accepted.  The initial premium can be paid with a check or credit card.

Initial Monthly Premium: Unlike most companies, Time Insurance will allow you to submit an application on a C.O.D. basis.  What this means is that you may submit your application without submitting the first month's premium, which would not be due until your application has been approved.  At that time, you will instantly be billed for your first month's coverage.  At times, depending upon your requested effective date, your first bill may be for two month's coverage, as you will be billed for the period of time that you have been covered prior to receiving your approval (if applicable), as well as the full premium for the next month of coverage.

PPO Network:

Please visit the Time Insurance PPO Network for complete information.  In most areas, Time uses the Private Health Care Systems (PHCS) network.  Having access to the PPO network can mean substantial discounts in what you pay for your health care, even before you meet your deductible.  See details on the participating providers in that network.

Underwriting:

If you are in good health, Assurant has the quickest underwriting in the industry.  About 25 percent of our applications go through the Express Yes approval, and you can print out your insurance card today.  Just apply online, and if you answer “no” to all 17 questions and the electronic check of your Medical Information Bureau and Rx record comes back clean, you will be approved immediately.

Seventy-five percent of the remaining apps are approved within 48 hours.  If medical records are needed, then it may take significantly longer while the underwriter waits for the physician to send the records.

Certain conditions may be wavered with a temporary rider (usually for one to two years), or an indefinite rider.  If pre-existing conditions are disclosed on the application they will not be determined to be pre-existing and will be considered for coverage.

It is standard practice to request a Blood Pressure Inquiry on all applicants who are currently being treated for or who have recently discontinued treatment for high blood pressure.

Effective dates:

Time Insurance coverage can go into effect as quickly as one day, though you risk being declined if claims are submitted before the underwriting process is completed.  You may request an effective date any time between the day after you sign the application and 45 days later, with the exception being that an application cannot become effective the 29, 30 or 31 of any month.

Please note, if you are requesting an effective date of less than 21 days from the time you complete the application, you may not receive notification of your approval until after your effective date.  If you have claims during this period, they will be eligible for coverage if submitted after you have been approved.  Also note that you will be billed starting on your requested effective date, even if you have not yet been notified that you have been approved.  This is very good for someone who does not have any present coverage and would like for their benefits to begin right away.  For those who are already covered, it is suggested that you maintain your current coverage in force until you have received notice from either HSA for America or directly from Time Insurance that your coverage has been approved and is in force.

HSA Administrator:

Your Health Savings Account is totally separate from your health insurance, and you may use any approved bank or trustee as your HSA administrator.  We recommend that you choose one from our HSA administrator page, where you can compare rates and features.  Assurant also offers two different ways to set up your HSA account with them.

HSA Fundamentals - This is a basic interest-bearing account administered by Assurant Health. You can set this account up to automatically reimburse you for out-of-pocket expenses every time a claim is paid or you can leave it to earn interest until you request a release of funds. There is no administrative fee for this account.

HSA Tools - This account gives you the ability to control your funds. You can invest in money market accounts or mutual funds; learn more about investing options and plan for account disbursements all from your home computer. This account also provides a VISA debit card for qualified medical expenses.

About Time Insurance:

Time Insurance, formerly known as Fortis Health, is an Assurant Health member company, Milwaukee, WI.  Time Insurance, in business for more than a century, serves more than 1 million members.

For more than 110 years, Time Insurance has maintained a solid reputation for high quality products, financial stability and a commitment to the health insurance industry.  The company offers Individual Medical and Small Group plans, which include Health Savings Accounts, Health Reimbursement Arrangements, comprehensive major medical plans as well as a lower cost major medical plan.  The company is also the number one seller of temporary health insurance (Short Term) in the United States.

Time Insurance has been assigned a rating of A (Excellent) from the A.M. Best Company, an independent insurance rating organization. 

HSA for America is an independent authorized Time Insurance agent.

"I have received superior service"

I have had a positive experience and feel I have received superior service.  I don't spend long hours on hold waiting to speak with someone.  You either answered my questions quickly or obtained an answer from Golden Rule quickly.  I have already recommended you to others.  And your Maximize Your HSA newsletter provides great information.  Keep sending them!

Vickie Haberbosch
Sales Manager
Lakeland, FL

Read More...