Health insurance plan with high deductible and health savings plan?
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Answer:
The above answerer is right to consider that the types of plans usually associated with health savings accounts (HSAs) will not cover a lot of things that can happen to kids. She’s also right that, unlike older flexible spending accounts, HSAs, you keep the money you don’t use; it just rolls over to the next year. I’ve included some links below to articles that might provide useful information about the health insurance shopping process. You should probably try talking with several local area health insurance agents. You might want to use MostChoice.com to do this because you’ll be able to compare rates from many different local health insurance carriers and speak to local area health insurance agents without cost, obligation, or compromising the privacy of your personal information.
You can find it here: http://www.mostchoice.com/health-insuran...
Hope this helps,
Barnes@MostChoice
Consult a health insurance specialist.
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If you don't use the health savings account, you keep the money. You can roll it over year after year.
Have you run the numbers on this? You're currently paying $9,180 a year. Under your plan, you'll need to put away $833 a month for the deductible, plus the major medical plan will probably cost you another $250 a month. PLUS, if you have a major medical incident, such as childbirth, you will ALSO possibly have a 20% copay. Major medical programs do NOT typically cover prescription drugs - so if you're on an expensive prescription, you need to factor that in, as well.
On the plus side, if you DON'T need it, you're better off, as the money stays yours. On the minus side . .. one apendectomy, or tonsilectomy, or bad broken ankle, and you're HSA is emptied for the year. If you have kids, I would NOT do the HSA over health insuarance - kids just HAVE ACCIDENTS.
Make sure the high deductible plan covers things like doctor visits and radiology once you meet the deductible. It is easy to think one can take care of regular office visits and then only pay the deductible if it comes to that for major medical like surgery. However, once you meet the deductible, you still have your copays and plan exclusions meaning you will pay the deductible, then keep paying a portion of healthcare costs. For this reason, make sure you can handle the entire cost, not just the deductible.
As far as the health savings part, I haven't seen it tied to a high deductible plan as an integral part, but they are often sold together because they appeal to people who are willing to share risk and responsibility for their own care. As mentioned, you just need to be careful you don't have too much taken out for the HSA that you end up not using some of it.
If this is part of a cafteria plan at work where you choose from various plan options, you may not have a wide range to choose from, so consider what the effect would be of stocking up on other benefits and waiving on medical, then going out and buying an individual/family plan direct from the carrier. This has a major advantage of not being discontinued if you should leave employment due to illness or injury. If you have a group plan and lose your job, you will be offered 18-36 months COBRA and even if you qualify for coverage at that point, they would likely exclude your now pre-existing condition.
If you go this route, you will want to get a Medical discount plan, so when you see the doc. or dentist you don't have to pay full price.
Check out this web site:
http://www.usabenefits.org
Good Luck!
U can talk to them abt your case, I think they will give u good plans and savings too, all the best,
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