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Hsa Insurance Quotes Question & Answers

2014 May 1
by Sarah Fields

Richard asks…

I am looking for the best ppo plan and the best company for me and my family in Texas.?

I have researched alot of the different coverages and it seems that ppo is the best option.
We live in Texas, my wife and I and our 2 year old daughter, I need a solid/excellent insurance company, that is also affordable. Because we are far from being rich.
Is bluecross blueshield too expensive, they seem to be what medical doctors prefer.
Is it best to get a low deductible?

Sarah Fields answers:

Unicare and Aetna are my favorites in Texas. And no it’s not necessarily better to get a low deductible. You have to do the math. In other words if you could save $1500 per year in premiums going for a deductible that was only $1000 higher then you should go for the higher deductible.

You can get quotes for all the available plans in Texas by clicking on the pickle here…It asks no private information except for dates of birth…

Http://insurancepickle.com/

Also read my blog here that will give you insight to deductibles, etc….

Http://insurancepickle.com/blog/index.php?/categories/7-HSA-Health-Savings-Accounts

Sandy asks…

Does anyone know the best way to get health insurance if you are self employed.?

I am self employed and never even thought about health insurance. I would be very grateful for some advice on how I can get this started, where to begin or if someone knows of companies that are good for self employed people.

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 for an individual and $2,200 for a family. The maximum deductibles are $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 or $5,650 for a family per year 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 $2,971 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, speak with a health insurance broker. A broker works with several insurers and can find the best plan, rates and coverage for you. To find a broker, log on to a website like http://www.healthinsurancewiz.com and fill out a form requesting a free quote. Good luck!

Chris asks…

Buying health insurance for the first time?

I’m looking to buy health insurance, but not sure what type to get. I’m very healthy and have no children so it would be just for myself. Should I do a co-pay plan? HMO or PPO? Not sure.

Sarah Fields answers:

Probably best to speak to a professional. A health insurance works with several health insurers and can help figure out the best plan, company, rates and coverage. To find a qualified health insurance 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

The link to the article below might help, too.

You might consider an IRS-approved High Deductible Health Plan (HDHP). As the name suggests, it has high deductible amounts, so the premiums are much lower than with traditional health insurance. Under federal law, the minimum deductible in a HDHP plan is $1,100 for an individual; the maximum is $5,500.

An HDHP allows you to shelter up to $2,850 per year from federal and state taxes in a Health Savings Account (HSA). Depending on your tax bracket and where you live, that could save you as much as $1,480 in taxes per year, assuming a combined tax rate of 51.95%—35% in federal income tax, and 7.65% in Federal Insurance Contributions Act (FICA) tax, and 9.3% in state income tax (California).

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