subject: Hsa Qualified Health Insurance [print this page] Let's talk about why an HSA qualified health insurance plan may be the best value for you and really save you a lot of money.
The first and biggest reason is that these plans are much less expensive than conventional co-pay plans. In fact, on average by about 40% and the reason is that these plans have a high deductible. So that does mean that you're responsible for paying for your own doctor visits and prescription drugs and small expenses like that and your health insurance will take care of your larger or more catastrophic expenses.
This is a very smart way to ensure your health and the way I like to explain it is to compare it to car insurance. With automobile insurance, we don't carry coverage to pay for oil changes and new tires and standard kinds of expenses that we incur from owning a car. We carry automobile insurance to protect against an accident. Something that could cost several thousand dollars that frankly, we don't want to risk having to pay that and so we pay a little bit each month to the insurance company to protect against that.
The same idea exists with HSA qualified health insurance plans. It's protecting against the major expenses and paying the smaller expenses ourselves. The reason this works so well is it costs an insurance company, as far as administrative costs, the same amount of money to process a claim for a $60.00 doctor visit as it does to process a claim for a $6,000.00 surgery or emergency room visit. So that's the first thing to remember - Look at these high deductible plans as a way to really reduce your premium.
The next thing you want to consider is adding a supplemental accident plan to that because most of us, we're not getting that option, but you never know when an accident might happen and if you do have a $5,000.00 deductible plan, you may want to buffer that risk especially if you have children who participate in sports or things like that. So we recommend adding a $100.00 deductible accident plan. It covers 100% up to five or ten thousand dollars for any accident. These plans are very inexpensive. They can be had for twenty two to thirty five dollars a month or so and they will buffer that risk so that the most out of pocket you'll have for an accident is just one hundred dollars and your premiums will still be much lower than if you have a co-pay plan.
For a lot more great information and free access to our online instant quote system, go to www.HSAforAmerica.com.
by: Wiley Long
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