Press Releases: Georgia
February 1, 2005
Kaiser Permanente Georgia Launches New Health Plans and Health Savings Accounts
ATLANTA, Ga. – Kaiser Permanente Georgia is now offering a new Deductible Plan with Health Savings Account (HSA) Option to individuals and employer groups. Atlanta is the second Kaiser Permanente market to offer the new plans, which have a March 1 effective date.
Health savings accounts, a component of President Bush's health policy and part of the Medicare Modernization Act of 2003, allow individuals to set aside funds to cover qualified current and future medical expenses on a pre-tax basis.
According to the Milliman Annual Employer Survey, 89 percent of 2004 responses indicate offering a high deductible plan with an integrated employee account within the next year, up from only 29 percent of 2003 responses.
"These new offerings will provide employers and consumers with increased access to Kaiser Permanente’s high quality care through broader choice of coverage and premium levels with new options to save and pay for health care needs," said Diane Dempster, Manager of Product Development and Management. "The Kaiser Permanente Deductible Plan with HSA Option provides a way for consumers to manage their health care spending, control their health insurance premiums, and save for future health–related expenses on a pre-tax basis."
Similar to an IRA or 401K account, HSA funds are portable, owned and managed by the individual, and can be rolled over for future use. In addition, consumers’ contributions are pre-tax and they do not pay taxes on withdrawals for qualified health-related expenses, interest earned, or investment gains.
Kaiser Permanente has selected Wells Fargo, one of the nation’s most recognized financial
institutions, to offer the new CarePay HSA. Wells Fargo will act as custodian of the CarePay HSA and will provide Kaiser Permanente members with personalized service, access to a number of money market and mutual funds, competitive pricing and convenient debit card access to their HSA funds. Members also have the option to choose any other financial institution offering HSAs as the trustee of their accounts.
As a qualified HDHP, the Kaiser Permanente Deductible Plan with HSA Option follows treasury guidelines and requires that all services be subject to the annual deductible, including pharmacy services. Selected preventive visits and services will be offered at a co-pay or at no charge and will not apply toward the deductible. Otherwise, all visits and services are subject to the annual deductible and coinsurance.
The Deductible Plan with HSA Option is the latest addition to Kaiser Permanente of Georgia’s portfolio of products, which has significantly expanded since March 2003:
March 2003, introduced Multi-Choice point-of-service plans, which specifically serve small and medium employers. Multi-Choice members have access to over 4,600 doctors and can manage their out-of-pocket costs by choosing a provider in one of three tiers (HMO, PPO and indemnity).
January 2004, introduced additional HMO and Multi-Choice plans with cost-sharing features for group customers. The new deductible/coinsurance plans offer employers and employees products at reduced monthly premiums with greater cost-sharing for select services such as lab, radiology and pharmacy.
July 2004, launched five new Personal Advantage plans — three HMOs and two Multi-Choice plans with varying deductibles and coinsurance.
Note: Reporters who would like to speak to a Kaiser Permanente official about the health plan’s new products should contact Earnestine Perry at 404-364-4754.
Kaiser Permanente is the state of Georgia's largest nonprofit health plan, serving the health care needs of Atlanta metro area residents for 22 years. Kaiser Foundation Health Plan of Georgia, Inc. currently provides comprehensive health care services to approximately 275,000 members through 15 medical facilities in a 28-county service, and a network of affiliated hospitals and physicians. The Health Plan provided more than $5 million in community benefit programs and services.
