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Category Archives: FSA

Why is the Cost of Healthcare So High?

Pill bottle with cash inside BEThere are a lot of factors that have led to the rising cost of healthcare.  Even with health reform, intended to reign that in, it will probably be decades in the making before we completely solve that equation. However, one of the key factors that drives the cost of health care—and health insurance—is consumption.

How you access care is a huge factor in determining how much that care costs.  For example, if you go to ER or wait for your chronic illness to become acute before you seek treatment or help, that is going to put a huge burden of cost on the system. Indeed, it will cost much more to treat that illness later in the game (often with less desirable results) than it would have been had the illness been diagnosed and treated earlier. It’s the classic “cost of prevention” scenario. That’s why, in the effort to reign in control of the cost of healthcare, there is such a focus on wellness and prevention. Read More…

Why Health Savings Accounts (HSA) are the Best Things Since Sliced Bread

iStock_000016167666SmallFor people with a health savings compatible Ohio individual health insurance plan, setting up a Health Savings Account (referred to as an HSA) is a recommended option. HSAs are a special kind of bank account that allows you to put money aside to specifically cover out-of-pocket health-related expenses, like co-pays, deductibles, medications, etc. You can even pay for vision and dental expenses with funds from an HSA. It is also sometimes referred to as a Medical IRA Read More…

All you need to know about Health Savings Accounts (HSAs)

All you need to know about Health Savings Accounts (HSAs).

Imagine an affordable health insurance plan that offers 100% preventive coverage that is NOT subject to your deductible. That’s right, no co-pay, no out of pocket 100% free for all preventive coverage. We’ve helped thousands of satisfied clients find affordable Wellness HSA’s.

Click here to start shopping for your HSA or call us at (866) 577-3620.

The insurance companies value prevention and early detection. They beleive in it so much that they literally give away most prevention and diagnostic services.

Please listen to my 30 minute blog about Health Savings Accounts

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Health savings accounts (HSAs) are savings plans that allow health care consumers to set aside tax-free money to cover current and future qualified medical expenses. An HSA allows account holders to set aside as much as $3,350 for individuals and $6,650 for families annually before federal taxes to cover out-of-pocket healthcare costs, for individual and family coverage respectively in 2015 (and indexed annually thereafter). Contributions to HSAs are made annually and can be made by both employers and individual account holders. Unlike flexible spending accounts (FSAs) in which funds must be used within a certain period of time or forfeited, unspent funds in an HSA can accumulate over time as tax deferred savings. If the money is used for medical expenses, it is never taxed. To enjoy the tax benefits, you’ll also need a HSA compatible high deductible health plan (HDHP). When paired together, funds from a HSA can be used to cover the deductible and other cost-sharing aspects of an HDHP, as well as other qualified medical expenses not covered by the HDHP.

We’ve helped thousands of satisfied clients find an affordable Wellness HSA and we can help you, too. Give us a call at (866) 577-3620 and we’ll help you find a health insurance plan that is. . .

Affordable – Up to 50% cheaper than group coverage
Portable – You can take it with you from job to job
Permanent – As long as you make your premium payment, nobody can take it away

How It Works

1) You enroll in an HSA-qualified HDLP. You’ll pay lower premiums and have an account designed to help you pay for qualified medical expenses.

2) You establish an interest-bearing HSA.

3) You and other individuals may make tax-advantaged contributions to your HSA, up to certain limits.

4) You may use your HSA debit card or personal check* to pay for qualified medical expenses. Your local bank can help establish an HSA bank account. We suggest

We suggest using H S A Bank. They have a suite of 18 mutual funds you can use and allocate. https://secure.hsabank.com/enrollment?ain=1020030

What are qualified medical expenses?

Eligible medical expenses are defined as those expenses paid for care as described in Section 213(d) of the Internal Revenue Code. Additionally, the IRS allowed some over-the-counter drugs to qualify as eligible medical expenses.

This is a partial list of eligible medical expenses. Visit the IRS’s website (Publication 502) for a more complete list of eligible medical expenses.

Acupuncture
Alcoholism
Ambulance
Artificial Limb
Artificial Teeth
Bandages
Breast Reconstruction Surgery
Braille Books and Magazines
Capital Expenses / Home Improvements
Chiropractor
Christian Science Practitioner
Contact Lenses
Crutches
Dental Treatment
Diagnostic Devices
Disabled Dependent Care Expenses
Drug Addiction
Drugs / Medicines
Eyeglasses
Eye Surgery
Fertility Enhancement
Founder’s Fee
Guide Dog or Other Animal
Health Institute
Health Maintenance Organization (HMO)
Hearing Aids
Home Care
Hospital Services
Labor and Delivery
Laboratory Fees
Lead-Based Paint Removal
Learning Disability / Special Education
Lifetime Care – Advance Payments
Long-Term Care
Medical Services
Medicines / Drugs
Mentally Retarded, Special Home for
Nursing Home
Nursing Services
Operations
Optometrist
Organ Donors
Osteopath
Oxygen
Prosthesis
Psychiatric Care
Psychoanalysis
Psychologist
Stop-Smoking Programs
Surgery
Therapy
Transplants
Vision Correction Surgery
Wheelchair
Wig
X-ray

Future value of money calculator for H S A contributions.

http://www.hsabank.com//hsabank/education/futurevalue.aspx

Click here to start shopping for your HSA or call us at (866) 577-3620.

Shop online; http://www.myhealthquoter.com/healthsavingsaccount.html

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How to Eliminate all but $100 of your Deductible. . .

Why purchase personal accident protection?

AHIR Membership with 24 hour accident protection.

With the higher levels of coverage offered, deductibles and coinsurance holes in policies are nearly eliminated (except $100) with the right accident plan in place. Health Savings Accounts (HSAs) are a great ways to save money and leverage the tax advantages but higher deductibles leaves your family exposed to higher out of pocket expenses. The right accident plan makes it easier to have a high deductible health insurance plan (HDHP) knowing that you won’t have to cover the deductible, and perhaps the coinsurance (depending on your health policy), if you have an accident plan in place.

Option 1: Pays up to $2500 per accident ($100 deductible per accident) $34.95 per month
Option 2: Pays up to $5000 per accident ($100 deductible per accident) $44.95 per month
Option 3: Pays up to $7500 per accident ($100 deductible per accident) $54.95 per month
Option 4: Pays up to $10,000 per accident ($100 deductible per accident) $64.95 per month

Description of accident benefit:

1.Covers principal, eligible spouse and eligible dependents.
2.Pays 100% of covered medical expenses after satisfaction of the $100 deductible up to the coverage maximum. (2500, 5000, 7500, 10000)
3.Medical expenses coverage maximum per injury or accident.
4.Use any doctor, emergency room or hospital of your choice.
5.Pays directly to you. Medical Services means the costs for: medically necessary treatment by a physician or dentist; hospital room and board; dental work due to injury to sound natural teeth up to the benefit limit specified in the policy; drugs; medicines; diagnostic tests and x-rays; treatment performed by licensed medical professionals; or rental of durable medical equipment.
6.Benefits payable excess of any other collectible insurance coverage.

Probationary period: 30 days, see the Description of Coverage for details.

Accident protection can be used by itself to cover accidents or can coincide with your existing health insurance policy. As consumers, we often purchase PPO policies with high deductibles or high annual maximum out-of-pocket amounts in order to keep down our monthly premiums. Accident protection can help to minimize those out of pocket costs from your regular health insurance plan, in the event of an accident.

Offset your high deductible health plan (Perfect for those with HSA Plans)

Do you have an HSA or simply a high deductible health plan? Our accident benefit plan fills the gap on your high deductible health insurance plan. For example, many HSA plans have a $2500 deductible or higher. If a family member has an accident, the $2500 benefit from an accident policy would offset or eliminate your health plan deductible. The 5000 accident policy costs just $44.95/mo and covers all accident related expenses up to $5000.


Parents… do your kids play sports?

If you have kids or teenagers, there’s no doubt you have made a trip or two to the doctor’s office or emergency room for the occasional skateboard, snowboard, basketball, snow ski, surfing, mountain bike or sports injury. Don’t get stuck paying your PPO or HMO deductible and co-pay alone. Use your accident benefit plan reimbursement to help offset your health insurance deductible and co-pay.

Are you without any insurance at all?

There’s no argument that health insurance can be expensive and sometimes hard to qualify for medically. For whatever reason, if you are going without health insurance, a accident benefit plan may be a good “stop-gap” solution to protect you and your family, until you are able to add a major medical health insurance policy.

Are you unable to qualify medically for health insurance? An accident benefit plan will give you some peace of mind and protection, when you are going without any insurance at all. For as little as $34.95 per month you can protect yourself and your dependent family members against accidents. That’s about a dollar a day to protect you and your family. And there are no medical requirements.

With the ever increasing rates for health insurance, many families are forced to go to the higher level deductibles in the 5,000 to 10,000 range.

Always remember to consider coinsurance, which is the shared portion of the bill after the deductible has been met.

Personal accident coverage is available from $2,500 to $10,000

Option 1: Pays up to $2500 per accident ($100 deductible per accident) $34.95 per month
Option 2: Pays up to $5000 per accident ($100 deductible per accident) $44.95 per month
Option 3: Pays up to $7500 per accident ($100 deductible per accident) $54.95 per month
Option 4: Pays up to $10,000 per accident ($100 deductible per accident) $64.95 per month

Membership with Accident Coverage

Plan Features:

•Pays 100% of Covered Medical Expenses after satisfaction of the $100 Deductible up to the coverage maximum (2500, 5000, 7500 or 10,000)

•Use any doctor or hospital

•NEW CallMD, a network of medical doctors you can call for a consultation or medical needs anytime, any day!

•Accidental Death & Dismemberment benefits

•Emergency Helicopter Air Ambulance benefits

•Automatic acceptance through age 64

•Benefits are paid directly to you

ENROLL HERE

MEMBERSHIP ALSO INCLUDES DISCOUNTS AND DIVIDENDS *

CallMD: Members have UNLIMITED access to a nationwide network of medical doctors available 24 hours per day / 7 days per week for consultation or routine medical needs through the convenience of a toll free phone number, without having to take time to make an appointment or wait in line at a doctor’s office. CallMD maintains members’ electronic medical records (EMR) in a highly secured, Internet accessible environment and makes this information available to our network doctors prior to a doctor consultation. Furthermore, a CallMD Doctor can write a prescription where allowed by law when sufficient medical history is available. (CallMD cannot write prescriptions for narcotics or DEA controlled substances.)

Enhanced Benefit Card: Dental Savings up to 40% off or more with almost 100,000 Dentists, Vision & LASIK Savings of 10%-50%, Lab Tests Savings of 10%-70%, RX Savings up to 20%, Hearing Savings up to 65%, Diabetic Supplies Savings of 15%-48% , X-Rays & Imaging Savings of 10%-80%, Chiropractic Savings of 10%-60%

The Dividend Club: Members will earn Dividends (paid quarterly to you) on Merchandise, Services, Travel & Entertainment when you shop from our On-line Mall and make a purchase. Choose from retailers like these, just to name a few, and get the dividends: Walmart.com, Target.com, BestBuy.com, CircuitCity.com, CompUSA.com, DisneyStore.com, OfficeMax.com, BrooksBrothers.com, Brookstone.com, Buy.com, EddieBauer.com, LizClairborne.com, FOA.com, FOSSIL.com, HotelDiscounts.com, Jcrew.com, etc.

Refund Sweepers: Free Merchandise, Bargains, On-line Coupons, Rebates, Sweepstakes & more

Car Rental Services: Provides discounts at Alamo, National, Hertz and Avis

Rewards Network: America’s Premier Dining Rewards Program and Hotel Discounts. Save up to 20% off every meal plus up to 15% off your hotel room rate

Get the protection you need, click here.

FREQUENTLY ASKED QUESTIONS

When will my benefits become effective?

All effective dates are the 1st of the month following your enrollment.

Do the accident expense benefits coordinate with other coverage?

Yes, the benefits are secondary to other coverage and will coordinate with other insurance.

Do I have benefits outside of the United States?

Yes, if you are traveling for pleasure outside of the United States you will be eligible for benefits.

What is the maximum age for accident benefits?

You can buy it up to age 64 years, 11 months and keep it until age 70.

Are dependents eligible as members?

Yes, a spouse under age 65 and dependent children to age 19 or full time student under age 25.

Is there a limit to the number of accidents per year that are covered?

No, the benefits are paid on a per accident occurrence.

What are the payment options?

You may pay by monthly credit card or monthly automatic bank draft.

If you’d like to learn more about this type of coverage feel free to visit our quoting website or by calling us at (866) 577-3620.

HSAs – Health Saving Accounts

 

There are plenty of advantages to a Health Savings Account. Funds rollover each year, there’s no “use it or lose it and the account is FDIC insured. But the biggest advantage is the tax savings.

Even though you have received a tax deduction by putting your money into this account, the money is still yours to spend tax free, as long as you spend it on qualified medical expenses.  Since you have a high-deductible plan, this would of course include any expenses you incur from going to the doctor, purchasing prescription drugs, or paying other expenses toward your deductible.  Once your deductible is met, the health insurance covers your medical expenses as defined in the policy.

Contact us at (866) 577-3620 for more free information or visit http://www.myhealthquoter.com/index.html