Tweet





Share

Slash 30% Or More Off Your Health Insurance Costs With An HSA / HDHP Combination

AppId is over the quota
AppId is over the quota

If you do not work somewhere that covers your health care, health insurance premiums have most likely become a major source of frustration for you over the past several years. The problem is even more acute for small business owners who not only have a family to cover, but need to offer coverage to employees in order to attract talent. It's nearly $800 in our area for a family plan (family of 4) that has a $1000 deductible, $25 co-pay and 20% coinsurance which is by no means a small deductible. It's no wonder employees are being asked to pick up part of the tab.

I mentioned this to my insurance agent and he simply shrugged and said "That's the way all these plans are going". Wow! I'm certainly glad my wife and I switched to the combination of a High Deductible Insurance Plan (hdhp) and a Health Savings Account (HSA) a few years ago.

Looking at a $5000 deductible plan that didn't have any coinsurance and was HSA qualified the same family could save almost $300 per month. After the first year they would've saved enough premium to cover the difference in deductible and most likely be money ahead. If they opened a Health Savings Account to go along with his HDHP then he could simply put the $294 he saves each month into the HSA and let it accumulate until a member of his family needs medical attention. If you have children who are often sick during the school year it may be beneficial to start your plan right after flu season ends so you have a few months for your balance to grow. You can't use the HSA to pay expenses until after it has had time to accumulate in the account, so this is different than FSA plans. There is a big advantage however that makes the HSA much more beneficial than the FSA and that is that money not used in one calendar year can be rolled over and used the following year. After just 4 years we have built up a nice balance in our account despite the fact that we used it for all our Dr, dentist and orthodontist visits (it paid for our daughter's braces) as well as glasses and eye care for all of us.

Government regulations also require that HSA compatible plans must take care of annual screenings such as mammograms and physicals as well. So there is no reason for people with health savings accounts to get a lower level of health care. At the time we got our HSA I hadn't had an annual physical before, now I have them once a year. If you are running into sticker shock searching for health insurance coverage, make sure you explore the HSA / HDHP combination as it can drastically reduce your long term health care costs.

For more information on how an HDHP works and the complete rules & regulations regarding a Health Savings Account please visit our informational web site.


SOURCE : http://goarticles.com/article/Slash-30-Or-More-Off-Your-Health-Insurance-Costs-With-An-HSA-HDHP-Combination/5487152/


Get New Article Alerts In Your Inbox

Subscribe to Finance Knowledge Article Alerts to get daily notifications of our newest articles in your email for free. You can unsubscribe at any time. share your opinion about Slash 30% Or More Off Your Health Insurance Costs With An HSA / HDHP Combination by comment on below post.

 

Thank you in advance.

Yours sincerely,

suyanto-signature


Bookmark to: Technorati   Bookmark to: Del.icio.us   Bookmark to: Google   Bookmark to: Yahoo   Bookmark to: Blinklist   Bookmark to: Digg   Bookmark to: Reddit

Related Posts :



0 comments:

Post a Comment

Categories

7inch About Access Accounts Activities Adapts Additions Adjustable Advantages affair affect Affordable Agencies alberta Alternative Amazon Ambitious Analysis Android Announces Annual Apple Appliance Application Arguments Around Assessing Association Atlanta Australia Authorized Aware Bankruptcy Basic Beginning Behind being Beneficiaries Benefit Berkeley Better BlackBerry Bloomberg Bookmarking broker brokers Brokers Bruyette builds Business BusinessWeek Buyers buying campaign Cards Caribbean cases Category Caused challenge Chaos charge charged charges Charting cheap check child chips Choosing Chronicle cities Claiming Clubs Clutter Collaboration Combination Common Communicate Compared Compass compliance Comprehending Considerations Consolidation Contract corporate Corporations Costfree Costs could Coupons Credit Custom Dallas Damages Daytrading debacle Department Dependent Designer developers Development different Dining Directorate disputesfinance Distract dIvoire Double Duties ebook Edition Edwards Effective effort EFile enterprise equipment Ericsson Estate Every factors Factors Facts Fannie Fargo field FierceWireless Finally finance Financial Finding FireRescue1 Forbes forex Forex Francisco Freddie Frequency Fundamentals gathering General Google Googleaposs Government Grants guide Health hiding Horizon horse Households Huawei Humala HYIPs Ignored Implements Improve includes Income Industry Information Insights insurance Insurance Intend Interest International internet Investing Investment investors invoices iPhone iPhones iriver istockAnalystcom Jewelries Keefe Kinds laptop Launched Lawyer Learn Learning leasing Legislators Little Loans LoansHow Loyal Maintain Major Manage Management Mangospring market Marketing MarketWatch Media MediaPad Method Miami Microsoftaposs Minister Minneapolis mobile Modification Money months Morning Mortgage Mortgages Motor Muktware music NASDAQ Native navigation Necessary Needs newest Ninemsn Obtain Obtained offer offering Offers Office Online opportunity Option Options Oracle Organization other Other Otterbox Ouattara Parties Payday Paydayland payments people perfect Personal Phases phone Phones places planet PlayBook Played PopHeraldcom Potential Precisely prepare preparing prepped prepping present Presenting press prices Pricing Prime Printable Procedures Proceeds Profit Property Proprietary prosecution protection pushes Quick quickly Radiators rates Rates reading reality Really RealTime Receive Recession Recommend reduce Refinance Regional release Repair Report reportedly Reputation Resources Restaurants retains Return Reuters reveals Reverse Reviewing Reviews Rewards rewiew robust rules Safeway Sales Savings school School scrap search Seasoned Secrets Selling seniority Sensible service Services Share Shareholder shock Should Slash smartphone smartphones Smartphones Social Solutions Sonyaposs Spaniards special Specialist Spending Squares Starbucks Stock Storage Story Strategy Success Suitable suits Survive Systems tablet tablets tackle teachers Technology Texas thebest There these Times Today Together Tools Totally Trade trading Trading transit Travel Tribune Truck Trusts TurboTax Tutorials Ultimate Unlimited Unsecured unveils urged Useful Using Utilizing various Vision Vogue Volkswagen Waddell Washington Watch Webalo websites Wells Where Whether While white Windows winning without Woods Wording World Worth Yahoo ZDNet

 
Your Ad Here