Insurance

Morgan Q. Moran asked:


Health Insurance premiums are out of control! The trend of higher costs and lower benefits is on the rise. Florida Health Insurance web suggests using an insurance professional to find the best available rates for your individual, small business, or self employed health insurance.

Voted the number one insurance portal by Florida consumers, Florida Health Insurance Web, reports nearly three million Floridians without health insurance in Florida. Thats nearly a quarter of the states population. That in mind medical bankruptcy is up - the leading cause of bankruptcy today.

Every Floridian without health insurance coverage is just one illness away from financial ruin. Florida Health Insurance Web, www.FloridaHealthInsuranceWeb.com, advises consulting an online source such as its service, before choosing any health insurance policy.

In the past, applying for health insurance had been an eye opening experience for many.

The difficulty obtaining affordable health insurance rates in the sunshine state has always been hard, but now it has reached epic proportions. Florida residents may experience any number of insurance-related problems, including claim denials, sky-high premiums, cancellations, or refusals to grant or renew their policies. Florida’s Governor Crist vows to fix the problem and bring affordable insurance to all Florida’s residents. Democrats are pushing a health-care-reform legislation during the current legislative session. They are sponsoring a bill that would ask voters in 2008 to insert a guarantee in the constitution that all children in Florida would have access to health insurance by July, 2010.

At a recent insurance conference in Orlando, one Florida health insurance agent, Margaret

Margolas explained the process, “Before issuing a health insurance policy in Florida, insurance companies offering individual health insurance policies evaluate certain information about you to determine how likely you are to have a claim.” This is called “underwriting.”

She spoke to hundreds of business owners about health care for the uninsured and individual company’s role in delivering that health care. Margolas said, “Individuals looking for health insurance usually cannot find policies to cover past health problems.” How does someone with a pre-existing condition get coverage? Hiring a health insurance professional “consultant” may help. These consultants usually work at no cost to consumers; their fees are paid by the health care provider.

For any health policy, a company might consider age, occupation, current health status and medical history. They can also look at lifestyle, and habits to see what type of health risks a person may have. If individual risk factors indicate that a claim is likely, the company may charge more for the policy or even worse, refuse coverage.

Before applying for an individual health insurance policy, lorida Health Insurance Web advises talking to a qualified health insurance consultant for advice on which policy to choose.

Most individual health insurance companies in Florida have certain clauses regarding risk factors and pre-existing conditions. Limits on risk and “pre-existing conditions” are a standard part of most health plans. These limits ensure that benefits are paid only for conditions that occur naturally and only after your health coverage becomes effective. Paying only for approved services and covered conditions helps control healthcare costs and prevent possible insurance abuse.

The legal aspect of all this is “failure to disclose pre-existing conditions could jeopardize future claims” or invalidate the policy. Individual health insurance companies may completely exclude coverage for pre-existing conditions by attaching an “exclusion rider” to the policy.

If an applicant lists their pre-existing conditions on the application and the company issues coverage without attaching an exclusion rider, the company must begin covering the pre-existing conditions when the policy’s pre-existing waiting period expires. Pre-existing condition waiting periods can be a maximum of two years on individual policies. Exclusion riders can be in-force indefinitely.

In Florida, and in other states like Texas, if a person moves from a group, government, or church health plan to an individual health insurance policy, they will not be subject to a new pre-existing condition waiting periods if they had 18 months of prior coverage, with no more than 63 days lapse in coverage.

What else can someone do to get individual health plans? Corporations are able to purchase health insurance that cover pre-existing conditions for their employees so many CPA’s recommend using S-corporations status instead of individual. Simply create an S-Corp online from a state like Nevada or Delaware, ($350) and then apply for insurance under the corporation.

Buying insurance without an S-Corp means more limitations to your policy; chances are the end result will be some sort of “Cash for Services” Plan, a PPO, or HMO plan. These plans are the most typical.

Margolas says, “One word of advice when it comes to applying for an individual health insurance policy: applicants should be forthcoming and honestly answer all questions about medical conditions. Withholding information about an illness or medication is bad, the health insurance company may deny subsequent claims.”

Ask questions, especially if the wording of the policy is difficult. Be sure about specifics of the health insurance coverage. Don’t be afraid to ask for clarification about policy details. For more help, have a Florida health insurance consultant give you an explanation. Try to get answers in writing.

If a person loses health insurance coverage from their job, they may opt to continue coverage with insurance called COBRA. COBRA stands for (Consolidated Omnibus Budget Reconciliation Act). COBRA is a law that makes it mandatory for an employer to provide the option of retaining membership in their health insurance plan. However applicants will have to pay the entire monthly premium part which was paid by the company earlier. Most people are surprised at the high cost of the COBRA premium; which may run up to 500$ a month.

If none of the above ways to reduce insurance costs work,

then the only way is to go for standard individual health insurance policy. As mentioned earlier they are usually costly, but online websites can help Floridian’s weed through the mounds of policies and select the best price and coverage available.

About Florida Health Insurance Web Florida Health Insurance Web is an online source of health insurance agents and insurance carriers covering individuals in the state of Florida. Individuals can get insurance quotes, search rates online by city, read current insurance news and events.

Health Insurance In Florida Needs Change.

CharlesPeter asked:


An individual health insurance cover, simply stated, is an agreement between you and the insurance firm, aimed at protecting you against any financial constraints on account of a medical emergency. The one pertinent question you need to ask yourself is -what are the factors to be analyzed before deciding on an individual health insurance policy?

It is indeed a fact that medical and preventive sciences have made rapid advancements in today’s world. Nonetheless, it would be prudent to arm yourself with the best individual health insurance cover to protect yourself against any unforeseen illness. Indeed, America’s best health insurance companies are vying with one another in putting together some of the most imaginative individual health insurance policies designed to overcome any medical contingency. If you are unemployed, or self-employed, an individual health insurance policy is the right choice.

Consult with your insurance company if you can have your individual health insurance policy incorporated in its group policy. You may be paying a higher rate but the terms would be more advantageous than if you had to buy your own individual health insurance policy. If you are married, find out if your spouse’s employer is willing to include you in its group policy. If you are left with no option, then it is wise to buy an individual health insurance policy. Even though the insurance cover may be limited and the rates high, you would still be ensuring protection for yourself or your family against financial problems if you are suddenly confronted with a serious illness or medical emergency. Search for a good health insurance professional to help you with the best individual health insurance policy that offers you good value for money.

You have plenty of choices while selecting individual health insurance plans - The PPO Plan or the Preferred Provider Organization, the HMO Plan or the Health Maintenance Organization, the HDHP or the High Deductible Health Insurance and HAS or the Health Savings Accounts Qualified High Deductible Plan.

When considering individual health insurance plans a worthwhile option may be a health savings account plan which has few unique benefits. With individual health insurance plans, you can trade lower deductible health insurance for a plan that has a higher deductible. This will help you save money each month by lowering your premium. Besides the lower cost, higher deductible health savings account plan also has the added benefit of a tax favored savings account. Yet another interesting aspect of these individual health insurance plans is that the money you save rolls over year after year.

Even if you are already covered by your employer’s insurance scheme, you may still need to get additional coverage through an individual health insurance plan. This becomes necessary because employer-sponsored programs often fall short of individual needs. Extensive coverage for self and family can be achieved through a separate individual health insurance plan.

Individual health insurance plans are of two types: - Indemnity plans - Managed care plans. Indemnity plans are costlier but best suited for those who have particular health issues and need to be treated by specific doctors. Managed care plans cost less because you will be visiting a doctor or a hospital that is provided under the plan. If the treatment requires you to visit a specialist, you will need special permission from the insurance service provider. This plan is best suited for individuals without specific health problems, and wanting to pay less.

Uchenna Ani-Okoye asked:


Only a few ‘health insurance’ programs are wellness insurance. Choosing the health insurance plan with the best coverage health insurance contracts may be the most complex of the insurance policies purchased by the average family. They ended up working with us to find an acceptable private health insurance plan and reimbursed her for a percentage of the cost which I didn’t even know was possible.

The handling of the premiums for life, accident and health insurance, and for service contracts, does not create a problem, if a routine is established. Finally, a few had headlines that just reiterated their life-auto-health insurance. Financed partly by the federal government, the children’s health insurance programs (CHIP) operate either as an expansion of the state’s Medicaid program or a subsidy for basic private health insurance.

If you sell health insurance, your list might include health clubs, running clubs, basketball teams or physicians. So, before you purchase health insurance for your employees or your business, make sure the insurance company you’re dealing with is legitimate. A health insurance plan premium with an 80/20 or 20% co-insurance level is much higher typically than is a 50/50 or a 50% plans.

This indicates that even those who do have health insurance aren’t always protected, said Cindy Zeldin, a report co-author and federal affairs coordinator with demo’s economic opportunity program. A college student attending school full time may be eligible for a student health insurance plan, if one is available at the student’s school. The APA has neatly classified several different types of depression (manic, bipolar, unipolar, post-partum, grief, etc - mostly for the purposes of legally making them covered by health insurance.

Why underwriting is important the majority of small-group health insurance companies use a process called underwriting. If you’re an individual who tries to keep informed and maintain a healthy condition and lifestyle, you should take a look at the revolutionary, comprehensive and highly-affordable individual health insurance solutions created by Precedent specifically for you. This is a very basic comparison of the types of health insurance plans, and further investigation into the details is advised.

We have to agree that the main reason for having health insurance is to protect ourselves from large unexpected medical bills. Enjoy it while you can, because I feel the future is bleak for Americans to continue to afford health insurance. These benefits may include health insurance, retirement savings plans, disability insurance, life insurance, dependent care reimbursement accounts, vision care, dental insurance, employee assistance plans, job counseling and educational benefits.

I’m having a bear of a time finding health insurance. In other cases, a company may offer health insurance, yet the premiums are so expensive that the individual can not afford to pay them. Some critics of health insurance plans also fear consumer-driven plans punish the sick because the sick visit their doctors more often and need more expensive treatments.

Experts say that the United States should consider a nationalized health insurance scheme, like that to be found in all countries in the world. Employee benefit plans - you may deduct contributions to employee benefit plans (such as health insurance plans and retirement plans).

Other working class citizens are able to afford the insurance premiums, but are unable to take advantage of a health care plan because such a large percentage of their monthly or yearly income is set aside to pay for health insurance.

Moreover, if you only operate in one state, you can further to ‘cheap health insurance California’. Fortunately most of the brochures and outlines of coverage that you may receive from a health insurance provider will have a similar structure.

Jimmy Chuang asked:


Universal Health Care has been in the news lately and every political campaign usually talks about it somewhere down the line. Universal health care is getting health care for every living American no matter how poor, how rich or ethnic backgrounds. Universal Health Care is one of the few services that haven’t reached across the board of all American citizens. Universal heath care would reduce the burden that is taxing our health care system, which is right now in crisis. We don’t have enough doctors or nurses to staff our hospitals now.

A universal health care must meet certain requirements to work well in the United States. We must include the entire population, which would include men, women, children, and immigrants. No one should be without it. This program could be wide open to discrimination so we must make sure it runs smoothly and corruption isn’t anywhere to be found. Access to care is a must. Many times people don’t have ways to get health care. We must provide transportation to and from the medical facilities so they can receive the proper treatment.

When a child shows a flicker of understanding when talking about health insurance, we feel that the objective of the meaning of health insurance being spread, being achieved.

A benefits package for universal health care is a must. Primary and specialty care must be included in the package. If we don’t make sure we cover every aspect of health care we are doomed to fail. Most people can’t afford health care and it has become a luxury for most rather than a necessity. A lot of consumers have been priced right out of it. We need to get universal health care so these consumers can get the health care they need. Why is this important? Millions and millions of dollars are lost to workers being sick and not being able to do their jobs. Lost productivity hurts everyone involved. Fewer goods are manufactured thus increasing prices for the consumer. Health care is probably the most important subject in America today. Universal health care needs to adopted and implemented by a single source. This will save a lot of heartaches and problems.

Poor health causes many problems that universal health care could stop. The poor struggle to pay for housing and other needs just to make it through everyday. This can lead to mental illness and the quick depletion of their resources and becoming homeless is the natural progression. One number that people will find unbelievable is the amount of people without access to health care. Over 15 percent of Americans lack public or private health care. No universal health care puts public health at risk as untreated diseases can go unabated for years before the government can catch them. How many lives will we lose to this?

With insurance premiums skyrocketing one of the main reasons for this is; all the uninsured people who have to access free or low cost medical services. The only real way to recuperate the loss revenue by companies is to increase premiums to people who are now paying them. Universal health care would help control; costs and give everyone at least the opportunity to access health care. It should be a right of every American to have good health care.

Universal health care is something America has needed for a number of years now, so what’s keeping it from happening? Many factors contribute to this and their really are no easy answers. Let’s look at a few and see why we’re one of the few countries without universal healthcare. Being a free country having universal health care would limit the amount of money doctors, dentists could charge everyone. This would not make those in the medical community very happy to have their earning power limited. How many other industries do we limit what someone earns and you have to look what is a certain service worth that a doctor or lawyer does. Can we really tell them it’s only worth this amount?

Keeping to the point is very important when writing. So we have to stuck to health insurance, and have not wandered much from it to enhance understanding.

Our dreams of writing a lengthy article on health insurance has finally materialized Through this article on health insurance. however, only if you acknowledge its use, will we feel gratitude for writing it!

We have omitted irrelevant information from this composition on health insurance as we though that unnecessary information may make the reader bored of reading the composition.

Universal health care has a lot of questions that probably will have to be answered before it will be universally accepted. Getting major health care providers on board is really the only way that it will work in America. I guess only time will tell if Universal health Care is what all Americans really want.

Pennsylvania Health Insurance asked:


www.EasyToInsureME.com is proud to announce they now offer Free Pennsylvania Health Insurance Quotes. Pennsylvania health insurance quotes are available for Blue Cross Blue Shield , Highmark , Independence , Aetna, HealthAmerica , Golden Rule , United Healthcare, and Celtic insurance companies. These health insurance companies are the top Pennsylvania health insurance carriers.

 

All Pennsylvania residents will be able to visit www.EasyToInsureME.com enter their zip code and compare all of the Pennsylvania health insurance plans side by side in the Easy To Insure ME quote engine. When the Pennsylvania resident has chosen a health insurance plan they can apply online or print an application for immediate health insurance coverage. If the Pennsylvania resident is not ready to buy yet they can choose up to 4 plans to compare and print the Pennsylvania health insurance comparison.

 

Free Pennsylvania health insurance consultations will be done over the phone between the hours of 9 a.m. to 9 p.m. Feel free to call Chad Levin the owner of Easy To Insure ME at 215 944 3079. Or email them at easytoinsureme@aol.com

 

Thank you for your trust and confidence Pennsylvania.

 

 

 

We are your local insurance broker offering free online health insurance quotes for Pennsylvania Health Insurance. View and compare Pennsylvania health insurance quotes in 30 seconds. Pennsylvania residents can buy Pennsylvania health insurance , apply online and get coverage today. Choose from a variety of Pennsylvania health insurance plans and health insurance deductibles. Compare Pennsylvania health insurance quotes , Pennsylvania health insurance benefits , and Pennsylvania health insurance companies side by side. Choose from HMO , PPO , HSA plans. Enjoy low cost health insurance in Pennsylvania through our quoting system. View and Quote the best Pennsylvania health insurance rates available - our rates are the same as the ones you can get directly from the insurance company - nobody has a better price. Also available are Pennsylvania health insurance quotes by phone. (call Easy To Insure ME 215 944 3079) We offer the most competitive Pennsylvania health insurance plans available to all consumers showing only quality Pennsylvania health insurance. Our agency knows every Pennsylvania health insurance plan in the state of Pennsylvania. We also know every Pennsylvania health insurance plan by the counties of Pennsylvania.

Abhishek Agarwal asked:


We live in very challenging and uncertain times, we cannot control the circumstances that surround us, and the events that unfold at any given minute are always a mystery, be it unexplained disease, accidents, fire or so many others. Disability is always a possibility and from here what next.

The world is full of diseases; be it the air we breath, the environment we live in , the food we eat, and even the water we drink. Don’t be surprised to wake up one day and discover that the recurrent thirst you have battled with seriously for months is diagnosed as diabetes. No one likes the discomfort and misery caused by diseases. It is therefore imperative that you take the necessary measures to ensure that a disease occurrence doesn’t get the best of you and this is where health insurance comes into focus. There are many companies that provide free health care quotes and are always willing to help and assist you get the best possible health insurance quotes.

Having a free health insurance quote is truly advantageous because it allows you to easily choose which plans or policies best suits your individual needs, you may be making a good salary from your current job that adequately caters to your domestic budget and other miscellaneous needs including leisure, but imagine the case where you suddenly become seriously ill and is bedridden, then when taken to the hospital, the doctor administers a number of diagnostic tests and examinations that cost a staggering amount, not to forget the expensive price of prescriptions. As you recuperate and is discharged from the hospital, the expenses continue to mount.

You are likely you be put on costly medications that come with follow up orders on usage in regular basis plus the unending examinations to assess your progress. How may you be able to afford all cost of medication while at the same time maintaining the same quality of life for your family. You’ll admit it’s a real task. That’s why you ought to seriously consider getting a free health insurance quote straight away.

It’s therefore important that you learn what you are looking for beforehand, prior to looking forunpaid health insurance quotes. Don’t forget to consider your family too in your search for free health insurance quotes. The repayment duration is also worth your attention in free health insurance quotes. Some health insurance providers offer a couple of years for repayment while some extent it till the demise of the insured.

These free health insurance quotations may also include a payment mode provided by the company so as to enable you decide if you are able to pay for that particular plan offered. Try to find out if the free health insurance quotation being offered allows you to use the services of your personal doctor and hospital of choice or is restricted to their network of healthcare providers.

You can also find free health insurance quotes that offer the choice of group based health insurance. These are quite different from individual based health insurance quotes because they offer the advantage of a group based insurance as opposed to individual, this means they are not customized and each enrolled member in the group receives similar benefits. This group structured health insurance quotes is therefore less costly and doesn’t involve extensive screening. Customized free health insurance quotations usually state that an applicant has to undergo broad medical screening. If you settle for this type of free health insurance quotes, the company may require a detailed medical background check, and may possibly focus at your past illness present or imagined.

Free health quotations should therefore allow you to relax, because you have sufficient time to get the best health insurance.

Florida Heath Insurance asked:


Affordable Health insurance for $2 per day from EasyToInsureME

December 1, 2008

Individual Health insurance is very affordable today if you are working with a knowledgeable health insurance broker. Health insurance plans can cost as low as two dollars ($2.00) per day. Yes, it’s true.

A very low cost health insurance plan can help you to afford your other necessities in life. All this without losing any benefits may seem to good to believe. Well in fact you can see your doctor at anytime you would like and as many times as you would like throughout the year for only $30. Prescriptions are covered at 100%. And you can receive health insurance coverage anywhere in the United States.

I usually recommend this health insurance plan for my clients age eighteen to twenty five, as it is very hard for them to afford health insurance. However, anyone is eligible for this individual health insurance plan and the second largest health insurance company in the United States provides the health insurance coverage along with more than 721,000 health care services providers, including nearly 431,000 primary care and specialist physicians and 4,323 hospitals.

Feel free to call or visit us today at www.EasyToInsureME.com

Quoting and Saving on health insurance has never been easier

www.EasyToInsureME.com is a leading provider of online health insurance quotes and health insurance services. We represent major health insurance companies such as Aetna, Blue Cross Blue Shield, Coventry, Golden Rule, Celtic, and Humana to name a few. Citizens of the United States can view and compare health insurance quotes at anytime to see if they are able to obtain better programs for individuals and families.

Thank you for your trust and confidence America

Harvey McEwan asked:


Health insurance has been one of the most popular types of policy in recent years. But during uncertain times such as these, many see health cover as a luxury and one they can do without. Few seem to think about the protection a good health insurance policy actually provides for them and their family. Going with could be a dangerous route to take.

In a country which provides free health services and care, those living on a budget tend to fall back on it - the NHS. But many tend to forget that it’s your health and quality of life (and that of your family) which you’re protecting. This is not a decision to take lightly given the many misgivings many people have about the quality of service provided by the NHS. Why risk becoming a victim of the “it won’t happen to me” scenario?

Why is private health insurance better than the NHS?

Private health care tends to out-perform the NHS on nearly every aspect of its service - reduced waiting lists, cleaner treatment environments, lower risks of infection, quality of customer service, private rooms and so on.



Can you be seen by your local GP almost immediately?

Do you want to wait for months for a vital operation?

Are you worried about infections due to poor cleaning standards in hospitals?

Is there a chance you could come out of hospital more ill than when you went in?



The overriding question is, would you consider overcoming all of these NHS issues (and many more) for yourself and your family for what could be an easy to set up and affordable health insurance package? Although paying for private health services on a one-off treatment basis can be expensive, a monthly health insurance policy can be very low cost.

How do I make health cover an affordable option?

To get the most out of a private health insurance policy, you should be looking for three things:



Find the health provider best suited to your circumstances and needs

Get “impartial” advice about the health policies on offer

Only buy the health insurance cover you and your family actually need



Where do I find my best health insurance?

A good health insurance comparison tool will collect the vital bits of information about you before using this information to find your best option from the UK’s leading health insurers - regardless of your circumstances. No risk or circumstance should be a problem when you’re comparing the whole health insurance market.

Once you’ve found your best health insurer, the best thing to do is get on the phone and talk to an impartial advisor about your requirements alongside the quotes and policies on offer. A health insurance comparison site offering online quotes is likely to be misleading. The health insurers will struggle to guarantee a price or online quote until they have a pretty good idea of your medical history and complete requirements.

Insurancewide’s health insurance comparison service is free for you to use, you don’t need to buy anything and there’s no pressure selling at the other end. It’s free advise - can you risk not taking it?

Vikram Kumar asked:


The issue of the growing number of Americans without health insurance is a thorny one.  With this in view, Texas Health Insurance companies are offering affordable health insurance programs for companies, individuals, family groups, and the elderly.  With health care costs increasing, the offers are a welcome respite for families in the median group.   

 

With health insurance, people can avail of long term nursing care, disability compensation, routine and preventive health care.  As a consumer, ask if the company the specifics of the health services covered in their heath insurance plans to be able to assess if you are getting what you need for yourself or for your family because Texas health insurance plans are varied to fit individual and group needs.  

 

With online applications available, you can easily evaluate if you can afford certain Texas health insurance plans by getting online insurance quotes.  Health insurance plans come in various priced packages and you can get a quote for each without bothering to visit the insurance company, which provides the same prompt and friendly service online. 

 

What You Need to Know About Health Insurance

 

For the average person, health insurance processes and paperwork can be confusing because there are several clauses, rules, limitations, and exceptions.  Hence, you need to know what the basics are to understand how health insurance works to get what you want in a health insurance plan. 

 

A health insurance is a contract between you and the insurer.  You agree to buy the premium, which is payable monthly, quarterly, or annually.  The Texas health insurance company is bound to pay for the health and medical services that are covered in the health plan you purchase.  However, be alert to the fact that it takes awhile before the insurance company pays your medical expenses.    

 

As a policyholder, you will come across the following health insurance jargon:

·         Premium – the monthly payment for the plan

·         Deductible – the money you shell out before the company starts paying your health care or medical expenses.

·         Co-payment - the payment you give from your own pocket to visits to the doctor and doctor’s prescriptions.

·         Coinsurance – in this case, the patient pays 20 percent of the surgery expenses and the insurance company will shoulder 80%.

·         Coverage limits – Some areas not fully covered and the company can only pay up to a certain limit.

·         Out of pocket maximum – the maximum placed on the number of out-of-pocket payments before the company starts paying medical expenses

·         Capitation – the amount paid to a health provider who agrees to service the insured and his group or family members.

·         In-network provider - the selected health care providers of the insurer. This is cheaper than seeking health and medical service providers outside of the insurer’s network.

 

In some cases, health providers send the bill to Texas health insurance companies, provided you commit to pay for the services not covered by the insurance.  Generally, with a health insurance, you pay less compared to the astronomical medical bills you shoulder alone without health insurance.   

 

Don’t wait until something happens to you or your loved ones.  Get online insurance quotes from Texas health insurance companies ready to give the health insurance package you need and can afford. Be a step ahead now towards your future.

 

Andy Devore asked:


Since first being signed into law in December 2003 by the Federal Government, Health Savings Account plans (a.k.a. HSA medical insurance plans) are already a proven success & the number of people switching to HSAs from traditional health plans is growing greatly each year.  HSAs are here to stay & a few million have already come on board.  Health Savings Accounts are literally available today to any person over 18 in the U.S.  They offer significant financial benefits including tax, premium, & retirement savings to you, your family, and/or your business.  Knowledge is real power when it comes to your finances. Become informed.  I advise people not miss out on the extraordinary short & long term benefits that HSAs create.

Medical Insurance is the newest form of an investment vehicle.  Today, having an HSA qualified health insurance policy (component #1 - the health insurance policy) together with a Health Savings Account (component #2 - the savings account) is a very wise decision.  First off, from this point forward, we’ll refer to the two components just discussed above as one single entity, either a Health Savings Account, HSA, or HSA Health Savings Plan.  They all mean exactly the same thing.

HSA health savings plans are actually simple to understand.

A Health Savings Account enables you to:

1) Have access to a wide PPO network and in most all cases provides the coverage to allow you to continue seeing your current doctors & specialists.

2) Lower your health insurance premium by 25% - 50%.  To accomplish this, be sure to compare health insurance plans with different carriers.  An individual can typically save between $80 to $250 dollars per month when they change their plan over from a traditional health insurance plan to a HSA qualified high deductible health savings plan.  A family can save even more.  Now the next point is critical!   Since HSA plans all have higher deductibles than most traditional health plans, forget any negative preconceived notions you may have about having a plan with a high deductible.  Do not pay attention to what you may have heard.  Don’t be deceived.  Yes, you’ll now have high deductible insurance, but there are plenty of safety nets that will be there to protect you if & when the need arises.

After you are setup, the first step to take is to place the money you are saving from having a new lower HSA monthly premium and place it into your new Health Savings Account each month.  Realize that doing this doesn’t cost you anything; you are just transferring the money you are saving into another location.

3) Next, enjoy the IRS created triple tax advantages (see the "a-b-c" listed below) that only HSAs offer.  You can reduce your annual out-of-pocket income taxes up to $1800 or more per year.  Save EVERY year on these income taxes. View below your three main tax-saving pillars.

a) HSA Contributions (deposits into your HSA) are 100% tax free

b) The interest earned on all of your HSA account contributions are also 100% tax free. The choice of investments are yours and range anywhere from typical low-interest, virutally zero-risk bank rates to the widest range of stocks, bonds, & mutual funds. The level of risk is entirely up to you and you can increase or decrease it at anytime.

c) Make 100% tax-free withdrawals for virtually all medical expenses.  View a list of HSA Eligible Expenses.

While your funds grow tax free, you are now building a significant retirement account of up to several hundred thousand dollars.  If you must use the money to cover any part of your deductible, you may make a 100% tax free withdrawal.

Here is the point: All of these above benefits & factors strongly diminish the impact of having a high deductible plan.  Realistically there will be many periods of time where your money is only growing and never being withdrawn because you have little or no medical expenses.

Here’s another benefit.  The Internal Revenue Service (IRS) rule says that at age 65 the money from your Health Savings Account may be withdrawn penalty-free for any reason, not just for qualified medical expenses. In this case, you’ll pay just the regular income taxes, just as you would when withdrawing from your IRA. However, your income during retirement generally goes way down as will the taxes required to pay.  You will be paying much lower income tax on these withdrawals than before you were retired.  Finally, understand that the funds in your HSA are always yours, without exception, and they rollover from year to year.  You are also allowed to do a one time rollover from an IRA into a Health Savings Account without any penalty.

And yes, you may continue contributing to your IRA every year while still also making the maximum allowed HSA contributions.  Having both types of retirement accounts is the ultimate scenario, but if you can afford contributing to only one type…I would certainly recommend the Health Savings Account.  This is because HSAs are more than solely a retirement savings vehicle.  Read another article I have written about improved benefits and higher limits in 2009 .

The company HSAHealthSavings genuinely specializes in HSA plans so consider contacting us (for contact info, read below "About the Author"). The straight truth is that many people are rather unclear about HSA Health Savings Plans and what they truly accomplish.  Too often, an individual or business’s insurance broker has not kept them properly "up-to-date" on all of the many benefits available to them with an HSA.  It is not that these brokers are not competent.  But the question to consider is, what incentives do they really have to educate their clients on HSAs if doing so will lower their commissions?  Not much of one perhaps.  But you are the party who is really losing out.  Any licensed agent or broker is obligated by a legal fiduciary duty to serve his or her client’s best interest at all times.  This duty should be taken seriously, but isn’t typically enforced by the Department of Insurance.

Last but not least, although insurance companies are legally binded to offer HSA health savings plans in their line of products, they are not going out of their way to promote & publicize these plans.  Doing so would also lower THEIR profits.

Now you are probably starting to see the light.  As a consumer today you really have to take matters into your own hands and become authentically informed. The expert advisors at HSAHealth Savings are on a mission as millions of folks and their families are missing out on the tremendous financial benefits that are so readily attainable RIGHT NOW.  We are excited!  The benefits of health savings plans can literally transform one’s financial portfolio in both the short and long term.  And HSAs are actually beneficial for just about everyone, not only the wealthy, or just older folks.  Regardless of your income level, if you pay for health insurance at all, you owe it to yourself to consider and compare the benefits of HSA health savings plans versus the more traditional health plans you are accustomed to.