Save Money On Medical Bills - Ask Your Health Insurance Company About A Health Savings Account
Posted on May 15, 2008 | Filed Under
Best Medical Insurance
A Health Savings Account, or HSA, is a good way to put away money (tax free!) to use for your health expenses. If you have a high-deductible plan with a health insurance company, you may qualify for an HSA.
It works much like an IRA. You pay money into the account and it is tax-deferred. The money can only be used to pay for medical expenses. At the end of each year, the money in your HSA rolls over into the next year, so it's always there for you to use in the future.
How Do I Get One?
According to the law, you must have a high-deductible plan with a health insurance company. This is a good deal because high deductible plans are cheaper than those with low deductibles. With a high deductible plan, you will be paying more out of pocket, and your insurance company saves money by not having to process those claims.
Usually, you would be paying a lot whenever you go to the doctor or need medical treatment. The deductible is the part of your medical bills that you pay, not the insurance company. An HSA gives you a tax-free way to pay those deductibles and save money on your insurance.
How You Save Money
With an HSA you save money on...
- Premiums. High deductible health insurance plans have lower premiums, so you will be paying less per month.
- Out of pocket expenses. As mentioned before, an HSA helps take the sting out of those high deductibles you will have to pay when you do see a doctor.
- Taxes. It may not sound like much, but you can save thousands on taxes over time using an HSA and high deductible health insurance plan. The tax deferment is one of the big bonuses of the plan.
Each state has a maximum yearly contribution. This is usually something like $3,000 for individuals or $5,000 for families. There is no minimum contribution.
Eligibility
First off, you have to have a high deductible plan with your regular health insurance company. It can be with any kind of health plan, as long as the deductibles are considered high. Talk to your health insurance company for details on what is considered a "high deductible."
This differs from area to area, but in general, over $1,000 for an individual or over $2,000 for families is considered a high deductible. This is the very least; some states require higher deductibles for eligibility to join an HSA.
You will have to notify the HSA company about your pre-existing conditions and apply just like you do with a regular health plan. If you have a pre-existing condition or other health risks, this will delay the processing of your application. They can also refuse your application. It works in the same way as regular health insurance does.
A high deductible insurance policy from your health insurance company, coupled with a Health Savings Account, can save you
money every year on taxes. And, it's an easy, convenient way to pay for your health care needs.
You can also find more information at Cheap Health Insurance and Health Insurance Companies
Medicalhealthinsuranceguide.org is a comprehensive resource to get help about health insurance.
Cheap Medical Insurance Companies Online In Alabama
If you are looking for cheap medical insurance companies here in Alabama there's really only one place for you to look, and that's online. Online sel...
Affordable High Risk Medical Insurance In Alabama
More than half the people in Alabama who have medical insurance report that they can barely afford to pay the premiums each month, and approximately 1...
Affordable High Risk Medical Insurance Online In Alabama
If you want to find affordable high risk medical insurance here in Alabama you really only have one choice: you need to look online. Online health in...
Cheap High Risk Medical Insurance Online In Alabama
For most people medical insurance here in Alabama seems extremely expensive. In fact, medical insurance is now so expensive that fully 16% of all Ala...
Live on the Edge with Medical Savings Insurance
Enhancements in medical technology are inversely proportional to the costs of medical care. Hence, insurance companies deem it better to come up with ...
Cheap High Risk Medical Insurance Online
Over half of all people who have medical insurance report that the cost of their premium is causing a severe hardship on their family's monthly budget...
Cheap Medical Insurance In Alabama
It's hard to even think in terms of cheap medical insurance any longer. Medical insurance here in Alabama has gotten so expensive that more than 16% ...
Cheap High Risk Medical Insurance
Finding cheap medical insurance has become a national mania. It seems that everyone needs to cut the cost of their medical insurance. Fortunately th...
Cheap Medical Insurance Online In Alabama
Everyone in Alabama, it seems, is desperate for cheap medical insurance. And it's no wonder. Of the people who have coverage just over 50% report th...
High Deductible Major Medical Insurance - Where to Get the Best Rates
Looking to lower your monthly premium on your health insurance? High Deductible Major Medical Health Insurance may be the answer you've been looking f...
Cheap Medical Insurance in Arizona
Traditional medical insurance isn't cheap here in Arizona or anywhere else. Traditional medical insurance is already so expensive that more than 16% ...
Cheap Medical Insurance Companies Online in Arizona
Mention the idea of cheap medical insurance and most Arizona residents will laugh in your face. The very idea that medical coverage could still be ch...
Affordable High Risk Medical Insurance
Finding affordable high risk medical insurance is almost as difficult these days as finding a needle in a proverbial haystack. However, whether you a...
Cheap Medical Insurance Online in Arizona
Cheap medical insurance is an idea that has thousands of Arizona residents almost salivating. For most Arizona residents it has been so long since th...
Affordable High Risk Medical Insurance in Arizona
Just over 50% of all Arizona families who have medical insurance report that the high cost of their monthly premium makes keeping their coverage a sev...