How To Save Money On
Health Insurance Premiums Using HSAs
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Opening a health savings account (HSA) can save you hundreds on your health insurance premium and help pay for out of pocket expenses and deductibles. Anyone younger than age 65 who buys a qualified health insurance policy with a deductible of at least $1,000 for individuals, $2,000 for families, can open an HSA. An HSA lets you set aside pretax money up to the amount of the deductible (with an annual maximum of $2,600 for singles; $5,150 for families). You can use the money tax-free for medical expenses, and anything left over grows tax-deferred. You can use the money for anything after age 65 without penalty, but you will owe income taxes on any money that isn't used for medical expenses. In many cases, the cost savings from buying a high-deductible policy make up for the higher out-of-pocket medical expenses you'll have to pay -- not to mention the tax benefits. The HSA Insider Web site (http://www.hsainsider.com) has a comprehensive list of insurers offering HSA-eligible policies and financial institutions providing the investment accounts. You can also search for a quality high deductible health insurance plan to complement your HSA at Best Insurance Deals (http://www.Best-Insurance-Deals.net). About The Author Charles White has authored several informational articles related to saving money on insurance. He is the owner of Best Insurance Deals, a website offering several sources of free insurance quotes saving you hundreds on Auto, Life, Health, Long Term Care and RV insurance. You can visit the website at http://www.best-insurance-deals.net and save money today. More Health Insurance Resources: Health Insurance for Self Employed Indviduals Shopping for Self Employed Health Insurance How to Save Money on Health Insurance Individual & Small Business Health Insurance Tips Small Business Health Insurance Quotes Health Insurance: How to Make a Wise Choice In today's world of expense and inflation, finding the right health insurance plan can mean the difference between physical prosperity and financial ruin. But with all the insurance companies out there claiming to have the best policies at the best prices, how can you sort through all the hype and find the coverage you need to get--and stay--healthy? We all need health insurance...and you know your own needs better than anyone. So when insurance salesmen start hunting you down, barraging you with phone calls and filling your mailbox with marketing brochures, don't give in and buy the first health insurance policy you're offered. Do your homework ahead of time so you'll be well informed and able to choose the health insurance plan that fits you best. To sort through all the offerings and find something you can live with, give these important issues careful consideration when searching for a personalized health insurance plan. Services Just knowing your health insurance company is there when you need it can be a priceless assurance. While some companies work hard to serve your needs, others may take your money and treat you impersonally. If you ever have to face a long-term illness, hospitalization or specialized treatment, worrying about your health insurance coverage is the last thing you'll want to do. So look now for a provider offering you a wide variety of health insurance services. Analyze the coverage offered for medications and special equipment, experimental treatments, emergency care and rehabilitation. Find out which services are limited--or not covered at all--and consider whether each health insurance plan is a good match for you and your lifestyle. Remember, the choices you make now could greatly affect your quality of life in the future. Choice What are your options when it comes to doctors, hospitals and other medical providers? Make sure your present medical providers are listed on health insurance plans if you want to continue using them. If they're not, this could easily dictate the type of policy you need to look for. What are your choices regarding specialists and specialty care? If you want to see a specialist, do you need a referral from your primary-care doctor--or can you refer yourself? Location Examine where you'll go for the care you need. Are your doctors, hospitals and other medical care providers near where you live or work? Convenience and accessibility can be worth a lot when you're in a hurry or don't want to waste gas driving across town. What about out-of-town care? If you get deathly ill while visiting Aunt Martha 500 miles from home, will your health insurance cover a needed doctor's visit or emergency procedure at the nearest doctor's office or hospital? Or are you required to notify your health insurance company, then go where they direct you? Costs While no health insurance plan covers everything, part of your goal should be to analyze your health care needs (both present and future) and choose the policy that includes most of what you need (or may need) at the lowest possible cost. Although no one really knows what the future holds, we can make predictions based on age, health, and medical and family history. Several costs come into play here, and together they determine your monthly and/or yearly health insurance premiums. Deductibles, coinsurance amounts, copayments, lifetime or yearly plan maximums, and cost of health care outside a particular network all make a difference in the price you pay for your health insurance. Find out exactly what you're facing with each of these issues, and use the answers you get to compare policies side-by-side. Using a consumer shopping service like www.insureme.com also helps defray costs. Online insurance shopping services like InsureMe can help you get competitive, affordable quotes from qualified health insurers in your area. This can save you time and money in your search for the best health insurance policy. Getting Down to Basics When looking for the right health insurance policy, get down to basics. Analyze your options and weigh significant factors like services, choice, location and costs. Then make a wise, informed decision--and protect yourself for years to come! About the Author: Penny Hagerman is a copywriter and insurance information expert with InsureMe in Englewood, Colorado. InsureMe links agents nationwide with consumers shopping for insurance. Specializing in auto, home, life, long-term care and health insurance quotes, the InsureMe network provides thousands of agents with insurance leads every year. For more information, visit http://www.InsureMe.com. | Article Source: http://EzineArticles.com