What is CareSavings?

CareSavings aims to maximize the value of the health benefits that your company provides. You spend money twice in healthcare

1. Select health insurance plan: Pay premiums and put money away in a FSA/HSA to save on taxes

2. When you use care: Pay copay, coinsurance, deductible

CareSavings empowers you to save thousands of dollars when you select your plan, OR get good quality care at a less expensive price

Savings potential for an Applied VR employee: $5,500

Use-Cases

1 Select Plan:

Your total healthcare costs =
Your premium (determined by plan chosen)

  • Out of pocket costs(determined by usage)
  • Tax savings (FSA or HSA)
  • Free money from employer into your HSA (if applicable)

CareSavings helps you pick the most optimal plan between “Cigna HDHP” and “Cigna PPO 250”

Done right, you can save up to $5,600

Savings Potential from PPO to HSA
Low Usage Medium Usage High Usage
Employee $2,887 $1,878 $1,695
Employee+Spouse $5,612 $3,315 $1,470
Employee+Child(ren) $5,324 $882 $4,693
Employee+Family $5,485 $1,919 $5,088

2 Use Care:

Demo in January

Helps you save money on some of the most common care needs.

These include:

  • Help identify the free preventive care in addition to your annual physical checkup
  • Dr. Visits and telehealth
  • Save time and money on labs and imaging
  • Pharmacy: Find cost saving strategies and also where to buy
  • Urgent care locations for avoidable ER
  • Large bills: Negotiate your large bills for you

Quickstart:

Spend 10 minutes. Get $50, and save up to $5,500

  1. Register: Download the app from Appstore or Playstore, and register using code “APVR”. See video.
  2. Get Cost Estimate: Login => Enter basic details => “Provide expected 2023 usage” => Get estimated costs. Listen to the audio and click on the plan that works best for you.
  3. Get $50 Reward: Check the estimated costs, listen to the summary, scroll down and click on the button to get $50.
  4. Get $10 for each referral: Refer your colleague and get $10 when your colleague signs up. One unique registration per employee
    Cheatsheet: HDHP plan is a great recommendation for low and very high healthcare users. Remember you need to hit the deductible before insurance pays out, and maximize your HSA contributions.

User Scenarios

Three minute demos

  1. Denzel is a single person who takes expensive infusions and visits specialists. Video
  2. Johnny and Lori are a married couple with fairly high healthcare needs. Video
  3. Brad and Angelina are a married couple with regular healthcare needs.  Video
  4. Emma is a single mom: She wants to pick a plan for her 10 yo son and herself. Video
  5. Morgan and Jeanette are a family with 2 children: One has some medical needs. Video
  6. Tom and Rita are a family with 2 children: Not much healthcare usage. Video

Rewards and Referral Bonus

  1. Get $50: Login=> Enter your basic details => “Provide expected 2023 usage” => Get your estimated costs => Listen to summary => Select the plan(HDHP or PPO) => Listen to summary => Scroll down to “Collect $50 Reward”. See screenshots here
  2. Get $10 for every referral that signs up to CareSavings
    a. Login => More => Share => share via text, Whatsapp, email, slack etc.
    – You get $10 for every employee who uses your code to sign up to Care Savings. An employee can sign up only once
EE-Savings

Healthcare Costs in Retirement

  1. Fidelity: How to estimate your retirement costs
  2. Choosing a plan in retirement
  3. Tax secrets of HSA accounts
  4. Caring for older relatives is so expensive that even AARP’s expert filed for bankruptcy

Assuming you hit OOP max($3,000/$6,000) every 3 years

Age Single Non-Single
30 $406,485 $818,906
40 $192,643 $388,174
50 $76,393 $153,998
60 $16,205 $32,700

Return calculated at: 6%
Source: Moneychimp

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