World HSA Insurance

Company:  Plan:  HD Advantage

Health savings accounts (HSAs) are savings accounts that are coupled to high-deductible health insurance policies.  You can deposit tax-deductible money into the HSA and use it to pay health care expenses throughout the year that aren't covered by your health insurance plan

Before HSA legislation went into place, the majority of our business with World was their catastrophic Value Advantage plans.  Since HSAs went into effect, World's HD Advantage plan is often a very good option, particularly for those over age 55.

If you are looking for an inexpensive catastrophic plan, World's Value Advantage plan is a good option, but it is not HSA compatible.

HD Advantage Brochure 

Lifetime Maximum for all plans - Choice of $2 million with option to increase to $5 million

1. Each calendar year, includes deductible.
2. See optional Comprehensive HSA Benefits below.

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.

This is a basic limited plan unless the optional Comprehensive HSA Benefit is selected.  Please note that expenses from non-PPO providers are subject to the usual and customary charge limitation described in the World brochure.  Generally speaking, the “usual and customary” charge is the amount World would expect most physicians to charge for a particular medical procedure, service or supply.  Each year refers to calendar year.

Coverage Synopsis:

World HD Advantage

With this plan, the deductible only needs to be met once per family per year.  After you have met your deductible, the plan pays 100% of all covered expenses, up to either $2 or $5 million per person.  There is also an option for 50% of 80% coverage, with a co-insurance limit of $10,000.  Routine doctor visits are not covered by this plan, even after the deductible has been met.

Foreign travel is also covered for 60 days, with a $100,000 lifetime limit.

The deductible for each of these plans needs to be met only once for the entire family.  Both plans cover up to $500 per person in preventive care after the deductible, including routine physicals.  Expenses for mammogram exams, prostate screenings, and age-appropriate well-child visits and routine immunizations (up to age 13) are not subject to the deductible.

This plan qualifies as HSA-eligible.  Combining a Health Savings Account with any the World High Deductible Health Plan allows you to make tax-deductible contributions, pay medical expenses with pre-tax dollars, and earn tax-deferred interest.  This account works much like an IRA, except you may use your tax-free savings for qualified medical expenses your health plan does not cover, such as your deductible, contact lenses, or most types of alternative medicine (see the qualified medical expenses).  If you do not use these funds, they simply accumulate, with interest, for distribution upon your retirement.

See the WorldCARE Advantage Series – Product Comparison chart to see how this plan compares with the Value Advantage plan.

Optional Riders:

Comprehensive HSA Benefit

This optional benefit provides the following additional benefits.

1. Rx Benefits - subject to deductible and coinsurance.  Prescription drugs or medicines for a covered illness or injury when prescribed by a physician and dispensed by a licensed pharmacist.
   
   
2. Physician Office Visit Benefits - subject to deductible and coinsurance for medical services provided by a physician.
   
   
3. Outpatient Services - subject to deductible and coinsurance.  Services include, but are not limited to, physical,
   occupational, speech and manipulative therapy, and diagnostic testing.
   
   
4. Wellness Benefits - a maximum of $150 first dollar coverage for wellness benefits per covered person, per calendar year.  Eligibility starts for each covered person 12 months after the plan is effective for that covered individual.

Maximum Benefit Option

Your HD Advantage policy/certificate's lifetime coverage maximum is $2 million per covered person.  The Maximum Benefit Option increases the lifetime maximum to $5 million.  It also increases the per-organ transplant maximum from $500,000 to $1,000,000 at nationwide Centers of Excellence, facilities that specialize in specific types of transplants and can provide you with quality care on a cost efficient basis.

Term Life Benefit Option

The Term Life Benefit Rider provides you and/or your spouse with annually renewable term life insurance coverage in benefit amounts of $10,000, $25,000 or $50,000.  Plus, you also have the option of converting your term-life policy to a World whole life policy.  (Note: Not available in Georgia, Ohio and Oklahoma.)

Outpatient Accident Benefit Option

With the Outpatient Accident Benefit Rider, your plan pays 100 percent of expenses for a covered injury, not to exceed the amount you choose ($500, $1,000, $1,500, $2,000, $2,500, $3,000 or $5,000) per calendar year for treatment of injuries on an outpatient basis, with no deductible or coinsurance.  Additional benefits are subject to your deductible and coinsurance.  (Note: Not all levels are available in all states)

Expenses covered under this rider include:

• Services, supplies, and physician's care;
  
• X-ray and laboratory tests; and
  
• Treatment or services received in a hospital emergency room, urgent care center, physician's office, or ambulatory surgical center or facility.

Rates:

This High Deductible Health Plan comes with an initial 18 month rate guarantee.

Preferred rates without riders are available on our instant quote page.  The quoted rates are for the $5 million maximum benefit, and do not include optional benefits such as term life, supplemental accident, maternity, and Rx riders.

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

The premium can be paid via quarterly, semi-annual, or annual billing, or a monthly bank draft or credit card.  The bank draft will occur on the premium due date each month. The initial premium can be paid with a check or credit card.

The following chart shows when you can expect payment to be deducted from your credit card:

PPO Network:

World Insurance Company recently signed an agreement with Great-West Healthcare, a division of Great-West Life & Annuity Insurance Company.  Great-West Healthcare operates a substantial multi-state (national) healthcare network that includes more than 4,200 hospitals and 530,000 providers.  It provides network and other services to more than 2 million people.  Find a Doctor

Underwriting:

Underwriting of your application with World normally takes two to four weeks, though if medical records are ordered it could take longer.  World's underwriting seems fairly lenient compared to many other companies, and often accept applicants who may have been turned down by other companies.

It is standard practice for them to request a Blood Pressure Inquiry if you are currently being treated for or have recently discontinued treatment for high blood pressure.  Certain conditions may be waivered with a temporary rider (usually for one to twos years), or an indefinite rider.

Effective dates:

The earliest your coverage can go into effect is ten days after you have signed your application.  You may request an effective date any time between 10 and 60 days after you sign your application.

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 ColoHealth or directly from World Insurance that your coverage has been approved and is in force.

About World Insurance:

World Insurance was founded in 1903 in Omaha, Nebraska, as the World Accident Association.  The company began hiring agents in 1925 and became World Insurance Company in 1929.  The first general agency was established in Colorado in 1938.  In 1943, World mutualized and was authorized to sell life insurance as well as accident and sickness policies.

By the late 1950s, World was licensed in 45 states with 500 agents nationwide.  The company's product portfolio included a wide variety of individual hospital, life and disability policies.

Today, World is licensed in 46 states and the District of Columbia.  More than 11,200 general agents and agents represent the company.

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

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