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Health Savings Account Insurance Plans Question & Answers

2014 June 24
by Sarah Fields

Donald asks…

Do you have a savings account for your pet?

This post is in response to so many of the questions that come to this board. The number of times people state that they can’t afford medical care for their pets is just heartbreaking to me.

I do not understand why people choose to have pets and then not take some care to provide for their medical needs. A savings account should always be kept for them in case of something serious or chronic shows up.

If we choose to take the responsibility for another life should we not also make the financial means necessary to make sure that they stay in good health?

Sarah Fields answers:

Yep i do have a savings put away for my dog,even though I always have enough money for his care. Its just incase something majorly expensive comes up,I even have pet medical insurance on him.

My dog is like my child and he is worth every penny in the world. I don’t understand it either how people have pets and they can’t even afford a simple vet check up or anything, major surgery is one thing,but they have a pay plan for such things. Nothing is more important than the health of my furry babies!

Lizzie asks…

Does anyone know of any health insurance that has good coverage and not very expensive?

I will be quitting work soon, but need health insurance. Any ideas? Thanks.

Sarah Fields answers:

You need a trusted adviser to help you through the process of purchasing health insurance so that you understand what you are purchasing. Some may suggest going on line to get a quote but you probably already know that there is much more to health insurance than price. Some might even suggest a discount plan which is not insurance at all.

Ultimately, you are the one who determines the affordability of your health insurance plan by deciding how much you will participate in sharing the cost of your health care with your insurance company.

If you choose a plan that covers everything i.e. Doctors office visits, prescription drugs, preventative health benefits, maternity coverage as well as low deductibles, low copays and optional vision and dental benefits your monthly premiums will be significant.

On the other hand if you are young, healthy and use the health care system infrequently you could consider a plan that covers only the major health catastrophe which will result in a relatively low monthly premium. You then can use the monthly premium savings to pay for the occasional doctor visit and still come out ahead.

Check with the agent that writes your home or auto insurance he/she can provide you a health insurance proposal that takes into account your budget and health status. They can answer questions as to what is and is not covered by the policy, explain deductibles and copays and show you the hospitals and doctors that participate in the network. An alternative approach the agent might recommend is a temporary health insurance policy until you find a job that includes benefits.

Use the Internet to educate yourself but use an agent to purchase the coverage.

Sandy asks…

Health Insurance. Why do costs differ from state to state when the coverage and provider are the same?

We are a few years away from 65 and moving from Maryland to Florida. Costs for the same high deductable health coverage from our health provider will cost 5 times the amount we pay now. We are healthy and have never put in a claim. Have any of you pre-medicare seniors found an affordable provider in Florida that provides good coverage for under $6k per year?

Sarah Fields answers:

Costs differ state to state because each state is rated seperately. Many of the states have different law or regulations on what insurance can/should/must/can’t do, and as a result, each state is its own separate series of issues.

And, unfortunately, a lot of people retire to Florida. The older a group of people, the higher the risk, and the higher the risk, the higher the cost.

Congratulations on the transfer to warmer climates! If you are looking for a way to lower your costs and are in good health, I would suggest looking into what Blue Cross or Blue Shield has to offer in the way of Health Savings Account Compatible plans.

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