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Hsa Insurance Quotes Question & Answers

2014 February 10
by Sarah Fields

Ruth asks…

What is the best web resource for florida health insurance quotes?

Sarah Fields answers:

I purchased my policy from an independent agency,
Health Insurance Professionals LLC. Their site has a quoting engine that gave me almost 100 quotes in about 10 seconds. The carriers were major companies like UnitedHealthcare, Aetna, & Humana. I bought the HSA 100. Their site is: www.healthinsuretoday.com

I would recommend to anyone looking for florida health insurance.

James asks…

what should i know about chosing health insurance?

i went online and found several quotes. what should i be looking for? im married, 20, and a full time student. how big of a deductable should i be going for?

Sarah Fields answers:

Honestly, I would suggest getting an HSA with a decent sized deductible, like $2500 and then putting as much away as possible in the savings account because unfortunately, you’ll need it in future.
Do yourself a favor and be VERY frugal with ALL health care expenses, BUT get a good physical every year–over time you will be glad you did.
Try to get generic prescriptions if you need them.
Save, save, save all you can.
Read your policy well in case God forbid you get a serious illness because all the large insurers try NOT to pay for expensive people. You’ll be ahead of the game, however, if you have your own insurance instead of through an employer.

Good luck, good health, God bless.

Susan asks…

Are there health insurance plans that are low premium, high deductible?

I mean like a $5,000-$10,000 deductible or higher. I have a lot of savings but I’m going to have a part-time job for a little while. I’d like to just pay $100-200 a month or lower for health insurance. Or as low a premium as possible.

Sarah Fields answers:

You might consider enrolling in a “qualified” High Deductible Health Plan (HDHP). This is health insurance with high deductible amounts, so it costs less than traditional health insurance. Under federal law, the minimum deductible in a HDHP plan is $1,100; the maximum deductible is $5,500 for an individual (and $11,000 a family).

The advantage of an HDHP is that you can shelter up to $2,850 for an individual from state and federal taxes in a Health Savings Account (HSA). Depending on your tax bracket and where you live, that could save you as much as $1,499 in taxes per year, assuming a combined tax rate of 52.6%—9.3% in state income tax (California), 28% in federal income tax, and 15.3% in self-employment Federal Insurance Contributions Act (FICA) tax. Another way of looking at it is that an HSA doubles your buying power, since you are using pre-tax dollars to pay for deductibles. The contributions you make to an HSA are yours to keep, rolling over each year. The funds are not taxed, provided you use them to pay medical expenses or withdraw them after age 65. The funds earn interest on a tax-deferred basis. Think of it as an IRA that you can use to pay out-of-pocket medical expenses.

To find a qualified plan, you should speak with a health insurance broker. A broker works with several insurers and can find the best plan, rates and coverage. To find a broker, log on to a website like http://www.healthinsurancewiz.com and fill out a form requesting a free quote. Your information will be sent to a broker in your area who will contact you. Good luck!

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