Saving Money on Health Insurance with HSA Plans

During these hard economic times, many are asking how to save money on health insurance and still receive quality health care benefits. One common answer is to get insured while you are healthy and stay insured with a quality medical coverage plan that has a preferred premium rate and saves money in monthly costs over the years.

Health Savings Account Plans (HSA) are another option for many who are looking at affordable health insurance coverage now. The main benefit of HSA plans is the savings from having a higher deductible and no co-pays for doctors and drugs. These health plans are less expensive per month and the out-of-pocket expenses can be lower than the actual co-pay type plans if you require hospitalization or medical treatment.

All HSA plans require that one deductible is met before medical care coverage applies and that also covers family members. This saves money compared to other health plans that require each family member to pay deductibles before the coverage kicks in.

In addition, the HSA plan includes the voluntary option of creating a savings account at the bank of your choice. These savings accounts are like IRAs that can be used for retirement savings; the difference is that all funds taken out for medical expenses are tax free.

The yearly HSA deductible amounts are set by the government. The 2009 minimum amount is $1,150 for individuals; the maximum deductible for families is $ 2,300. The maximum out of pocket expenses includes both the deductible and the coinsurance amounts so major medical care is covered after the maximum out of pocket expenses are met.

The maximum yearly out of pocket expenses for individuals is $5,800 and $11,600 for family plans. This can save money each month in lower premiums and can cover major surgery or medical treatment in the family without causing financial hardship.

Make sure to set up a HSA plan with a reputable health insurance carrier that has a history of paying claims. Also check that the insurance coverage is accepted by the majority of doctors and health care providers in your state. Check the health plan options and benefits carefully before deciding on a policy. Many reputable health insurance agents can guide you through this process to save time and money in choosing your HSA plan.

by Elliot Bigman


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