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July 22, 2011
Confused About Health Savings Accounts?
There are a lot of health care coverage options available, but none offer more ways to save than a Health Savings Account, also known as an HSA. Although it may seem confusing at first, an HSA is really very simple. You get an insurance plan and a savings account and the combination could end up saving you thousands of dollars in just one year.
Your health insurance plan must be qualified to be combined with an HSA. This usually means that it will have a high deductible. Preventive care will be covered without having to meet the deductible.
You can save and not have to pay taxes on your HSA contributions to help you meet the deductible if you need other kinds of medical care. Your employer can contribute to your HSA, as well. Even so, the money from your employer will be yours to keep regardless of whether you leave that job or retire.
In exchange for having a deductible, you typically get a lower monthly premium. That makes it easy to save. Just add what you no longer send to your insurance company every month to your HSA. Tax-free earnings can build your account quickly.
Want to see how much an HSA Plan can save you? We've made it easy for you to learn how these HSA plans work, and our HSA experts are ready to answer your questions about Health Savings Accounts. You can even sign up for a live Question and Answer Teleseminar on Health Savings Accounts.
Posted by Wiley Long at 05:57 AM | Comments (0)
July 18, 2011
Health Savings Account Enrollment Climbed 14 Percent
According to the American Health Insurance Plan Trade Association, enrollment in high-deductible health plans that aid consumers in saving for health care increased by 14 percent and had an overall increase of 87 percent since the 1st quarter of 2008. Compared to January 2008 where 6.1 million consumers enrolled in high-deductible plans, the figure almost doubled this year alone with an approximate 11.4 million enrollees. Why are these plans so popular?
In general, people getting high-deductible plans, such as those that work with a Health Savings Account (HSA), pay cheaper premiums. In exchange for the low rates, policyholders have more out-of-pocket costs before their coverage starts to pay claims. That's where an HSA comes in to help you save with tax-free earnings to cover health care until your plan's deductible has been met.
With certain high-deductible plans, you can start an HSA and get a tax deduction for the money you deposit into it. Since the advent of Health Savings Accounts in 2004, more people have been helped by these kinds of cost effective HSA plans every year. As a matter of fact, in California alone, 1.1 million people enrolled in an HSA the past year.
To see how much you can save with an HSA, just review the information about how they work here on our site. You'll find information on selecting high-deductible health insurance that works with an HSA, how to find an HSA administrator and how to maximize your HSA benefits.
Posted by Wiley Long at 11:19 AM | Comments (0)
July 13, 2011
High-deductible Health Insurance With An HSA Works Perfectly
With inevitable rate hikes in individual health insurance premiums, the need to switch to a high-deductible health insurance plan is growing. Generally, insurance companies give out lower premium rates for those who have high-deductible plans. A deductible is a specific amount you have to pay every year before you can start receiving coverage. Plans with high deductibles are so popular because you can save a lot in terms of the premium price.
Pairing up your high-deductible health plan with a Health Savings Account (HSA) will help you lower your health care costs even more. By funding your HSA, you can comfortably raise your deductible as your HSA balance increases because you'll have the HSA as a backup should you need to pay for health care until you meet the deductible. Remember that every time you increase your deductible, your premiums are likely to go down.
To start an HSA, you'll need a qualified high-deductible plan. Not all high-deductible health insurance plans can be paired with an HSA. Deductibles on the eligible plans start at $1,200 for individuals or $2,400 for families. You can contribute up to $3,050 for individual HSA plans and up to $6,150 for family plans per year. You can use your contribution to lower your taxes so you'll save on premiums and taxes.
As all plans are subject to rate increases, having an HSA plan is not a guarantee that you won’t get hit by premium hikes. If you do and your health is good, you can switch to another health plan with no problem. To keep ahead of price increases, annually compare plans from leading insurers to determine if you are in the best available plan for your needs and budget. You can run instant quotes here with us at your convenience.
Posted by Wiley Long at 11:17 AM | Comments (0)
July 08, 2011
See How A Health Savings Account Can Save You Money
With the rising cost of health care services, Americans spend thousands of dollars every year to pay for monthly premiums and still have out-of-pocket expenses for health care. Many people are switching from co-pay plans to high-deductible health insurance to get lower premiums, but they may not realize they could save even more with a Health Savings Account (HSA) plan.
If you are in a high tax bracket, you can definitely benefit from an HSA plan. You can lower your annual federal taxes and even your state income taxes in almost any state. You don't even need to itemize deductions because your HSA contributions are considered "above the line" deductions and you can get a deduction for your entire HSA contribution. If you don't need it for health care, it will earn tax-free interest and grow like an IRA.
You can use your Health Savings Account to pay for qualified medical expenses, ranging from acupuncture to your childrens' dental care. You also have a range of options so you can invest your HSA funds in with as little or as much risk as you're comfortable. Investments range from interest-bearing savings accounts to stocks.
To see whether an HSA will save you money, learn more about the choices available with the online resources on our website. As the leading online experts specializing in Health Savings Accounts, we have compiled suggestions and information to help you choose an HSA administrator, select your qualified HSA health insurance plan and get discounts on health care you might need to cover, such as lab tests and prescriptions. We even show you how to get low-cost prescriptions from other countries at a fraction of the U.S. retail price.
Posted by Wiley Long at 11:16 AM | Comments (0)
July 05, 2011
How Do Health Savings Accounts Help People Save?
You might have already heard about Health Savings Accounts. A Health Savings Account (HSA) is pretty popular in the health insurance market today because it helps people to save with low premiums, tax-free earnings and reduced taxes. You only need one of the high-deductible health insurance plans that are qualified to work in combination with an HSA. How much money you make or how you earn money doesn't matter.
Unlike a flexible spending account, you never lose the money you deposit a Health Savings Account. You can change jobs and you can keep the full balance. The funds simply carry over every year and keep growing because you don't need to pay taxes on the earnings. Investment options give you a range of choices, too. You can invest this money in bonds, mutual funds, stocks or in an interest-bearing savings account.
These HSA plans typically costs 30 to 40 percent less than conventional co-pay plans. That's because the health insurance has a deductible. High-deductible plans are a favorite among the healthy because preventive care is already covered with no deductible or co-payment. Unless you need to see a doctor for a pre-existing condition, the low premiums will save you money. Even some people with pre-existing conditions are making high-deductible plans work by saving what they used to pay for premiums to cover medical bills until the plan's deductible is met.
HSA plans have deductibles starting at $1,200 for individuals or $2,400 for families. If you just want to give this system a try, start with a deductible that you could easily manage if necessary, and later switch to a plan with a higher deductible after your HSA balance has grown. Here on our website, it's quick and easy to see rates for HSA-qualified insurance plans with different deductibles so you can conveniently shop whenever you're thinking about increasing the deductible.
Posted by Wiley Long at 11:59 PM | Comments (0)
July 02, 2011
Cap Health Savings Account Premium Hikes With A Multi-year Contract
Year after year, employers providing health insurance plans to their employees have been hit with double-digit premium increases. Insurers are now offering new Health Savings Account (HSA) plans that cap premium increases at guaranteed low rates. The catch, however, is that buyers must agree to a multi-year contract and employees absorb increases in deductibles.
Health Savings Accounts have become a popular strategy to keep premiums low in the face of continually rising premiums and health care costs. Typically, the plans with the highest deductibles offer the lowest monthly premiums.
An HSA plan allows you to contribute money to a savings account that earns tax-free interest. Before you can start an HSA, you must have a high-deductible health plan and not just any plan will do. Be sure to get a plan that is qualified to be combined with an HSA. As of 2011, high-deductible plans must have a minimum deductible of $1,200 for individual coverage or $2,400 for family coverage to be used in combination with an HSA.
Many trusted insurance companies, such as Aetna HSA and Blue Cross Blue Shield HSA, offer HSA plans, but keep your HSA administrator separate from your insurance company. That way, you can easily switch to a different HSA-qualified plan and you won't have to change your HSA administrator at the same time. You can find out more about how to choose an HSA administrator right here with our website's educational resources.
More information is available on our website at http://www.health--savings--accounts.com
Posted by Wiley Long at 04:52 AM | Comments (0)