Who Is Using Health Savings Insurance

Americans choosing Health Savings Account (HSA) coverage represent a wide range of people from all backgrounds and walks of life. Consider the following:

• HSA health plans provide comprehensive health coverage for more than eight million Americans. 
• About 40 percent of tax filer’s age 19-64 who reported HSA activity on their tax returns had average annual incomes below $60,000. (Government Accountability Office, April 2008).
• About half of enrollees in an HSA-eligible plan are aged 40 and above, and half are below the age of 40. In the individual market, 25 percent of HSA-eligible plan enrollees were younger than age 20.
• The 2009 Kaiser Family Foundation study of employer-based health benefits found that 71 percent of employers that offered HSAs contributed to their employees’ accounts, and that the average contribution for accounts was $1,000 for individuals and $1,640 for families.

The people we work with are saving an average of $2,208/year on their health insurance premiums without sacrificing benefits. You owe it to yourself to find out how a HSA can benefit you. Contact us today at 602-510-7507 or info@iqhsa.com

IQ Financial Group, llc. is a licensed insurance agency in the state of Arizona.  We offer a complete selection of health insurance, term life insurance, disability insurance, long term care insurance and supplement plans to individuals, families, self-employed and small businesses throughout Arizona.  We offer the best in Arizona Health Insurance.
© IQ Financial Group, llc.

Having A Qualified Health Insurance Plan Is Not Enough

Having a High Deductible Health Plan (HDHP) is only half the battle. You must also open your Health Savings Account (HSA) before you have eligible expenses. You are not allowed to reimburse yourself for eligible expenses incurred prior to opening your Health Savings Account (HSA).

It is easy to open an account today by visiting our recommended provider American Chartered Bank. Simply open an account online and fund as little as $25 to keep from having problems in the future. Once the account is open you can then make deposits and reimburse yourself for expenses incurred after the account is open.

The people we work with are saving an average of $2,208/year on their health insurance premiums without sacrificing benefits. You owe it to yourself to find out how a HSA can benefit you. Contact us today at 602-510-7507 or info@iqhsa.com.

IQ Financial Group, llc. is a licensed insurance agency in the state of Arizona.  We offer a complete selection of health insurance, term life insurance, disability insurance, long term care insurance and supplement plans to individuals, families, self-employed and small businesses throughout Arizona.  We offer the best in Arizona Health Insurance.
© IQ Financial Group, llc.

The Rate Of Health Care Spending

Last week, the Centers for Medicare and Medicaid Services (CMS) released its annual health care spending projections. The CMS actuaries and economists project:

• Between 2009 and 2019, national health costs will grow at an average annual rate of 6.1 percent. This rate is about 2 percentage points faster than the projected growth of the gross domestic product, which is expected to average 4.4 percent. As a result, national health expenditures will grow from an estimated 17.3 percent of GDP in 2009 to 19.3 percent by 2019
• Private health insurers’ administrative costs will continue to fall, from 11.7 percent of premiums in 2008 to 11.2 percent in 2009. (In comparison, administrative costs were 13.7 percent of premiums in 2003.) Projections for administrative costs in 2009 are $4.3 billion lower than in 2007
• Private health insurance premiums will grow at a rate of 3.3 percent in 2009, up from 3.1 percent in 2008 and down from 4.4 percent in 2007. The rate of growth will decline to 2.5 percent in 2010
• Public health funds will account for 50.4 percent of all health care spending by 2011 – the first year government programs will account for more than half.

The report, published last week in Health Affairs, notes that the “two primary drivers of growth are medical prices and utilization.” It includes these proof points:

• Hospital spending growth is projected to have accelerated from 4.5 percent in 2008 to 5.9 percent in 2009
• Spending growth for physician and clinical services is expected to have accelerated to 6.3 percent in 2009, up from 5 percent in 2008
• Prescription drug spending is expected to have grown 5.2 percent in 2009, an acceleration of 2 percentage points from 2008.

The people we work with are saving an average of $2,208/year on their health insurance premiums without sacrificing benefits. You owe it to yourself to find out how an HSA can benefit you. Contact us today at 602-510-7507 or info@iqhsa.com.

IQ Financial Group, llc. is a licensed insurance agency in the state of Arizona.  We offer a complete selection of health insurance, term life insurance, disability insurance, long term care insurance and supplement plans to individuals, families, self-employed and small businesses throughout Arizona.  We offer the best in Arizona Health Insurance.
© IQ Financial Group, llc.

When Will Obama’s Health Care Policies Become Reality?

When will Obama’s health care policies become reality?

Ah Never! Obama’s approach is to radical and would be completely ineffective at solving the real problems.Why are the costs of food, transportation, and even auto insurance not rising at the same pace as health insurance/ healthcare costs? The answer is that these other major segments of our economy function in a true marketplace where the consumer interacts directly with the provider of services.

Still don’t get it? How many of you know what the “true” cost of an average doctors visit or CAT Scan is? Answer, you really don’t. You may have said I pay a $25 copay when I go to the doctor, but that is not the true cost to someone walking in off the street without insurance.Now ask yourself what a gallon of milk costs? I’d be willing to bet 90% of you can come within $0.50 of knowing the answer.

It’s real simple, you don’t have the Grocery Company and your employer making decisions as to where you shop and what gallon of milk you buy thus driving up the costs. Obamacare is not a solution. If implemented costs would continue to rise, care would decrease, national debt would rise and we would have another wonderful beauracracy. Sounds like Utopia to me.

The people we work with are saving an average of $2,208/year on their health insurance premiums without sacrificing benefits. You owe it to yourself to find out how a HSA can benefit you. Contact us today at 602-510-7507 or info@iqhsa.com.

IQ Financial Group, llc. is a licensed insurance agency in the state of Arizona.  We offer a complete selection of health insurance, term life insurance, disability insurance, long term care insurance and supplement plans to individuals, families, self-employed and small businesses throughout Arizona.  We offer the best in Arizona Health Insurance.
© IQ Financial Group, llc.

Tips For Successfully Completing Your Insurance Application

The following are tips to avoid delays in underwriting processing of your health insurance application. Simply by following these guidelines can save you days or even weeks of processing time for your health insurance application.

The top five reasons for delays in processing are:

Verify Height and Weight: Height and weight accuracy, especially for children, is necessary to properly process applications.
» This area of the application amounts to 25% of the call-backs underwriters make for incomplete or inaccurate information.

Specify Diagnosis: A specific diagnosis needs to be provided (e.g. Crohn’s disease) not a general description of health issue (e.g. digestive issues).

Specify Affected Areas: Accurately identify areas of the body that have been treated (e.g. RIGHT foot broken, LEFT knee replaced, etc.).

Specify Treatment Dates: Both beginning and end dates are needed. Also, details about the treatments success, i.e. if the treatment is ongoing or if there has been a complete recovery.

List Medications - Name, Dosage and Frequency: Many medications share similar names and accuracy is key. Specific dosage amounts (e.g. 50 mg) and directions of use (how many times a day) should also be provided.
» If a prescription is taken “as needed” or “seasonal,” please provide information how often it is refilled.

The people we work with are saving 1,000’s of dollars each year without sacrificing benefits. Contact us today at 602-510-7507 to find out how an HSA can benefit you.

IQ Financial Group, llc. is a licensed insurance agency in the state of Arizona.  We offer a complete selection of health insurance, term life insurance, disability insurance, long term care insurance and supplement plans to individuals, families, self-employed and small businesses throughout Arizona.  We offer the best in Arizona Health Insurance.
© IQ Financial Group, llc.