The Anthem Lumenos medical insurance plan was an affordable benefit-rich policy that provided comprehensive benefits in a simple way. It was a very low-cost Indiana healthcare option that was also utilized in conjunction with an HSA. A combination of tax deductions, low premiums and free preventive care made it quite popular. Network-negotiated price reductions saved consumers thousands of dollars each year. Employers also offered variations of the policy to their employees.
However, it is no longer available. This Wellpoint plan was offered before the passage of the Affordable Care Act Legislation, and the creation of Marketplaces and Exchanges. However, it has been replaced by alternative policies that contain the required mandated benefits as outlined by Obamacare. Originally considered a “grandfathered” plan, all contracts have been phased out. Other major carriers (UnitedHealthcare, Aetna, and Humana) have also adjusted their portfolios, and eliminated or replaced many HSA plans.
We’ll discuss the contracts that have officially replaced the Lumenos options at the end of this article, which by the way, was written in 2011. Wow, that time went fast! So remember…until you reach the “Latest News” at the bottom of the page, you are reading about a plan that no longer is offered.
Details Of Lumenos Coverage
You select a deductible. The most popular options are $2,500, $3,500 and $5,000. You also pick the coinsurance, which is the percentage of the out-of-pocket expenses you pay after the deductible has been met. Typically, there is a cap so you aren’t subject to more than a few thousand dollars of risk. The 0% coinsurance option is what we recommend most, although the 20% option will be a little bit less expensive. Of course, you may have to pay more if you have a large claim. If you are currently being treated for a major illness or injury, changing to a different plan may not be possible.
Compared to other medical insurance options in Indiana, the Lumenos plan is very attractive. Depending on the number of persons to be insured, you could save between $500 and $4,000 per year. And since the policy is HSA-eligible, you can pick your favorite bank, set up a Health Savings Account, and begin to earn tax breaks for approved medical, vision and dental expenses. Deposits into the savings portion of the policy are flexible, and can be stopped or started at any time. Withdraws can be made, although a tax penalty will apply if funds are spent on non-approved expenses.
Impact Of ACA Legislation
There is a significant change that could impact your options. The Affordable Care Act has mandated that the Indiana State Health Exchange eliminate medical conditions and gender from determining the cost of a policy. This is expected to cause large increases in premium for Hoosiers that don’t qualify for the federal subsidy. Expansion of Medicaid is also being discussed.
Also, it is possible that starting in 2014, not all previously-available deductibles will be able to be purchased. “Essential” benefits must be included in all plans and new legislation also requires out-of-pocket caps on all plans. All tax advantages will remain in tact and most existing plan owners will be “grandfathered,” and thus, able to keep their policies. Thus, by requiring maternity, and many other benefits to be included in all plans, prices will increase.
Anthem Blue Cross Blue Shield (Wellpoint) is one of the most respected insurers in the state, and most providers participate in their Network. Since Aetna and UniCare no longer offer individual coverage, this policy is more popular than ever! And you will reduce your tax liability by taking advantage of the optional side account to accumulate deposits. By purchasing direct on our website, you’ll spend less time waiting for a policy to get approved.
Routine Annual Physicals And Other Preventive Expenses
Any authorized preventive expense is paid by Anthem. You have no deductible to meet and no coinsurance or waiting period. Although the list of covered preventive items is extensive, the most common may be annual physicals, mammograms, children well visits and OBGYN exams. Other covered healthcare expenses will be negotiated on your behalf so you pay less than someone who was not insured. Sometimes this discount is only 5%-15%. Other times it may be as much as 75%. Blood work and other diagnostic tests receive substantial repricing discounts. MRIs and PET scans also benefit from negotiated reductions.
Shown below are several sample monthly rates for the Lumenos HSA 0% coinsurance policy. The costs assume a healthy 40 year-old male living in Wayne County.
$96 $5,500 Deductible
$126 $3,500 Deductible
$155 $2,500 Deductible
$231 $1,500 Deductible
Naturally, rates will vary depending on the number of persons insured, zip code, existing medical conditions and ages of applicants. However, the more persons that are insured on the policy, the more potential savings could result from owning an Anthem Health Savings Account vs. another type of plan.
Compare Multiple Plans
We realize that this option is not the perfect fit for every individual or small business owner. For that reason, we provide detailed information on all available types of plans. Also, the rates shown above do NOT include federal or state subsidies, or additional deductible reductions from “cost-sharing.”
We make it easy for you to view details or apply for coverage. By using the “Free Quote” box at the top of this page, you can compare the Anthem HSA plan with other affordable IN medical insurance options. We constantly update rates and information so the free information you receive is accurate.
HSA plans are still alive and well in Indiana. The Pathway X 0 and Pathway X 20 (Bronze-tier policies) are the least expensive options and have replaced the former portfolio of plans. Both have different deductibles, coinsurance, and maximum out-of-pocket limits.
It is expected that Anthem will be the only company offering HSA options (private plans). Group coverage through employers will still offer high-deductible plans.