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Hsa Insurance Premiums Question & Answers

2014 March 27
by Sarah Fields

Thomas asks…

Does anyone know any afforable insurance that covers doctors bills for preconception methods in florida?

I know I need to get check out, I’ve had insurance before through my job. However, I no longer work there and I need to get checked out to make sure everything is good with me. However, paying out of pocket is very costly. So I need a afforable insurance that will help me with the pricing. Any suggestions?

Sarah Fields answers:

As others have mentioned, your question is a bit confusing, but let’s give it a shot anyway.
If you are not currently pregnant, yet plan on having a baby soon and simply want to get a physical to be certain that all is well beforehand, there is a simple solution.
Purchase an individual policy, (preferrably with a high deductible to keep your premium low, such as an HSA,) yet still covers annual physicals/gynecological exams without having to meet your deductible first. Your local Blue Cross Blue Shield, http://www.bcbsfl.com/ is a good starting point. With an HSA, (Health Savings Account,) qualified plan you may place funds in this account throughout the year to be used for medical care, tax-free.

David asks…

How has a high deductible insurance affected your medical care?

We only have one choice for health insurance this year through my husband’s work. It’s a 6,000/year deductible tied to an HSA. We attempted to get our own policy but found out we are uninsurable because my daughter has a lazy eye so we have to take this plan. The premiums are actually more than the HMO we used to have.

I am already thinking seriously about having to cut the number of visits my daughter has to the optomologist because they will now cost $250.00 each instead of $20.00. She was supposed to have surgery to correct it this year but I don’t know how we will pay for it. Having the HSA in theory is a good idea, but we don’t have any extra money to deposit into it.

What has been your personal experiences with a high deductible plan? Have you had to cut back on your healthcare because of the out of pocket expenses?
My husband’s employer is not contributing anything to the HSA. All they are doing is picking up the admin cost. They said that it was either offer this plan or no plan this year.

Sarah Fields answers:

I don’t understand how your payments can be more than when you were covered under the HMO. When I present an HSA option to a business client, I would never suggest it unless there were significant savings in premium. Also, I would never recommend it if the employer were not willing to make some contribution toward the deductible for the employees.

About 75% of all of my clients offer a HSA-qualified plan at least as an option. I have seen it work to control the ever-increasing cost to the employer and don’t hear many complaints about coverage, especially if they are set up properly.

I would suggest that your husband contact the HR department and inquire about employer contribution to premium and deductible to make sure that he fully understands your responsibility.

Sharon asks…

What can I expect for health insurance costs as an early retiree?

I’m 35 now and plan to retire around 40 or 41. I’m not exorbitantly rich, though; I’ve just saved enough to support my expenses and will do what I want instead of going to work every day.

What I don’t have a good handle on are my options for health insurance (before reaching age 65 and Medicare, or whatever age at which Medicare will be available in 30-40 years). Are there any in the industry who have seen similar situations and have suggestions about what to expect?

Thanks,

Doug
The question is about what to expect for insurance costs between age 40 (my retirement) and 65 (transition to Medicare).

Sarah Fields answers:

First and foremost, you need to make sure that you can qualify for an individual policy. In most states (Nevada here) Individual Health Insurance is not guaranteed issue. This means if you have pre-existing conditions, you may not qualify.

Second, the coverage will be very reasonable ($150 – $350 per month) till you hit the great age of 50 – then rates really start going up.

If you are in good health, you should consider looking into Health Savings Account qualified plans – lower premiums and protect you from catestropic events. If you choos to open the HSA – you can fund the account with pre-tax dollars and pay for qualified medical expenses tax free. This is also a great financial vehicle to save for future medical expenses.

In your situation, this may be a good option.

I hope this helps

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