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Hsa Insurance Quotes Question & Answers

2015 August 27
by Sarah Fields

Mary asks…

Question about purchasing catastrophic health care insurance?

I’m a generally healthy 44 y/o male whose lousy employer doesn’t even offer a buy-in health insurance plan. Since I don’t want to go bankrupt if something should befall me, 1. Should I purchase catastrophic health care insurance, and 2. How do I find a reliable provider that isn’t too expensive? Thanks.
I’m in California, if that makes any difference.

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. 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. You decide what the right balance is between affordability and policy benefits.

Because you are young, presumably healthy and probably don’t often use the health care system you could consider a plan that covers only the major health catastrophe. This approach will result in a lower monthly premium. You then can use the monthly premium savings to pay for the occasional doctor visit or prescription 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. Ask your agent about about a high deductible health plan (HDHP) coupled with a health savings account (HSA). It is a tax advantaged plan because the funds contributed to the account are not subject to federal income tax at the time of deposit. The funds accumulated roll over year over year if not spent.

They can also answer questions as to what is and is not covered by the policy, explain deductibles and co-pays and show you the hospitals and doctors that participate in the network.

Some are going to suggest you go to their web site so that they earn a few pennies on a “click through”. 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 “pitch” a discount plan that is not insurance at all. Use the Internet to educate yourself but use an agent to purchase the coverage.

Michael asks…

What is a good health care insurance provider for self employed people?

Sarah Fields answers:

If you are self-employed, you might want to look into 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).

To find a qualified plan in your area, contact a health insurance broker. A broker works with several health insurers and can help figure out the best plan, company, 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.

Betty asks…

can anyone recommend a good company for self insured medical?

I need to get catastrophic coverage and don’t know too much about it. Any recommendations are appreciated.

Sarah Fields answers:

Depending on your age and what state you live in, I have found that Aetna offers good health insurance coverage at an affordable price for 20-30 somethings. Above that United Healthcare and American Community offer reasonable rates for high deductible health plans.

An HSA is a viable alternative to a traditional plan as previously mentioned.

You can view health insurance quotes at our site:
http://www.ohioinsureplan.com/index.php/insurance/carrier-quotes/

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