Originally published February 12, 2019. Article updated October 1, 2019. Updates include Lasso Healthcare 2020 plan deposit information.
I've embraced the Lasso Healthcare MSA with open arms, because I can see the massive benefits it has for individuals 65+. I know there are some agents out there who haven't warmed up to the MSA, so I wanted to share a few success stories with you.
These 4 client profiles are excellent candidates for the Lasso MSA.
I find the Lasso MSA is the best fit for these individuals for a few reasons:
- There are no networks involved
- They save money
- They have the potential to accumulate funds to offset future medical expenses
Case Study #1: 65-Year-Old Marathon Runner
One of the success stories I've had with Lasso comes from a marathon runner. He ran half-marathons and did two or three per year. He was in tremendous shape and just turned 65. No medications.
He was looking for the best opportunity for himself going forward with health insurance.
When we sat down to explain the MSA – a $0 premium product, a deposit made in his name, and his responsibilities with the deductible – it made perfect sense in his world.
Again, he kept himself in tip-top shape and saw his doctor once or twice a year. The Lasso product was a wonderful way for him to enjoy the fruits of keeping himself in great shape.
Case Study #2: Couple With an HSA
A couple came in my office that had significant savings in their Health Savings Account (HSA).
HSAs are vehicles that people under 65 can utilize to help offset some of the costs associated with operating in the medical field.
The money in the HSA provided an opportunity to take some chances going forward.
The two professionals sitting in front of me quickly saw the benefit of being able to offset their personal responsibility with their HSA they'd been saving up for.
Given the fact they have 100% coverage for Medicare Part A and B expenses after the deductible, the HSA combined with the MSA made for a perfect strategy.
We know there are 23 million HSAs in the United States today, and I'm sure many of them are inside your book of business.
If someone walks in with an HSA, don't forget the MSA with Lasso.
Case Study #3: Retirees With Employer Stipends
Many organizations across the country – State Farm, Caterpillar, Ameren – have retreated from providing healthcare benefits to the retiree and instead offer a stipend. A stipend being an amount of money they can utilize for premium, deductible, copays, and so on.
People can utilize their stipend to offset the difference between the contribution and the responsibility of the deductible.
It's the perfect opportunity for people to enjoy a $0 premium product, some money put inside a custodial account from the insurance company, utilizing their stipend to offset their responsibility.
Typically, as the retiree ages, both accounts grow and are to be used in the future to help offset future claims.
When someone walks into your office and talks about being a retiree, inquire a little bit about the company they retired from participates.
If they get a stipend, don't forget the Lasso MSA. It's a great strategy for them.
And don't forget – no network issues. There are tremendous opportunities out there.
Case Study #4: Couple In Mid-80s With Expensive Medicare Supplement
My own parents are in their mid-80s and the premiums they were being subjected to were getting up to about $8,000 per year for both of them.
I enrolled them in the Lasso product.
$8,000 in premium would be saved, and they'd be gaining $5,040 from the Lasso MSA deposit (2,520 for each of them). This quickly added up to over $13,000 that we'd be putting back in front of my parents.
2020 UPDATE: The deposit has increased from $2,520 to $3,240.
They knew they'd have claims going forward, but again – it's money that'd go out of their pocket one way or another.
Now, we have a true opportunity when the premium gets exceedingly high, we can utilize the premium savings to offset the responsibility of the Lasso deductible.
It's a great strategy for anyone out there facing some high premium costs.