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Hsa Insurance Question & Answers

2016 April 7
by Sarah Fields

James asks…

What Multiline Insurance Company is the Best?

I need an insurance company that will do all line of insurance. Life, Auto, Home, Disability, Long Term Care and even Financial products. I heard COUNTRY insurance does that but I’m not sure.

Sarah Fields answers:

I’ve never heard of “Country” insurance. I work for a State Farm agent and State Farm sells all the products you listed and more. State Farm has a bank and does CD’s, Mutual Funds, vehicle loans, home loans, HSA’s, VISA cards, etc. Just make sure the agent you go to has their security license in addition to insurance licenses.

Mary asks…

What type of health insurance is best for me?

So, I’m a 25 year old individual, I’m about to graduate soon and I live in MI. I’m just learning about health insurance and I was wondering if anyone could tell me what you think would be the best type of insurance for my situation. I plan on staying here in the UP for a while bar-tending and not utilizing my degree just yet. Any suggestions? I would really appreciate it, thanks….This is all new and confusing to me.

Sarah Fields answers:

As a consultant specializing in insurance, here’s my recommendation:

1. Find a high deductible plan that has a health savings account (HSA) component. The HSA should be funded fully each year. It’s tax free money, and it can be used to pay medical expenses TAX FREE. Did I mention it was TAX FREE?

2. The high deductible should be about $3,000. That should save you about $250 / month in premiums. And if you take that $250 / month, and put it into your HSA, you will have $3,000 in your bank account TAX FREE.

3. The high deductible plan should be a preferred provider organization or “PPO” plan. That allows you to see any doctor or go to any hospital in the world, if necessary. (It makes a difference if you’re travelling to a different state or a foreign country.) I’d recommend a lifetime maximum of at least $2 million.

4.You can compare many health insures rates at your site here

Best Wishes

Mandy asks…

If you were to take a class about your health insurance, what would you hope to learn?

I’m going to be offering a 4 hour class on helping people to better understand their health insurance and taking a pro-active approach to it, and want to make sure I cover topics and questions that people may have! I work in billing for a hospital, and am always helping my family and friends figure out what’s going on with their insurance (especially if they have two), and was even able to save my mom over $1500 on a bill that was processed wrong by her insurance! Any thoughts or suggestions would be welcome!! Thank you!

Sarah Fields answers:

In summary, providing the tools to make informed decsions regarding their healthcare through price transparency and sound understand of the product.

In my tavels, the #1 problem with healthcare is not setting the right expectations and relying on the perception that the carrier covers everything when you have an ID card which simply is not the case.

Having to conduct open enrollment meetings myself I always include the following topics:

1. How a deductible works. (If applicable)
2. Coinsurance. (What it is)
3. Maximum out of pocket expenses.
4. Out of network vs. In-network treatment
5. Reasonable & Customary Payment logic for non-participating treatment.
6. Carrier Online Resources (doctor searches, transparency tools)
7. Prescription Drugs (Formulary & Co-pays)
8. HSA/HRA/FSA/POP – (if applicable)
9. Pre-certification- (When is it required)

It is also important for the presenter not to set unreasonable expectations of payment or infering coverage for one paticular member or sitaution. The meeting should be designed to show the member the tools to find their answer rather then specifically addressing every concern. Each individuals sitaution may have an angle which will come back to bite you later.

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