Health Savings Insurance Provides Access To The Uninsured
HSA health plans are playing a role to help provide access to the uninsured, promote preventive health services and show individuals and families where their hard-earned money is going in the health care system.
- HSA premiums have been growing at a slower rate than traditional insurance premiums.
- HSAs offer the advantage of portability - if you change jobs or your employment status changes, you keep the money in your HSA and continue using it to pay for your health care.
- Most HSA plans provide incentives for you to stay engaged in your overall health and well-being and almost all HSA plans offer first-dollar coverage for preventive services.
- HSA health plans play a vital role in providing health care coverage to millions of Americans who might otherwise be uninsured. A study by America’s Health Insurance Plans found that 27 percent of those buying HSA health plans in the individual market previously did not have health insurance.
- Health savings accounts encourage individuals to take a more active role in determining how they receive health care by choosing how to spend their health care dollars. When health care decisions are made by patients based on quality, effectiveness, and cost, money is being spent more efficiently.
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.
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.
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.
Traditional PPO Plan Compared To HSA PPO Plan
The following comparison was done for a family of four who was currently covered by a traditional PPO plan with Blue Cross Blue Shield of Arizona.
Blue Cross PPO plan
$2500 individual deductible
80/20% coinsurance
With this plan your family could have a maximum out of pocket of $17,000 not including any copays you incurred during the same year ($2500 deductible x 2/family members=$5000; 20% coinsurance with an individual maximum of $3000/member x 4 family members=$12000). Obviously this would be a worst case scenario if all of you maxed out the benefits in the same year.
United HealthOne/Golden Rule HSA 100 Plan
$5000 family deductible
100% coinsurance
With this plan your family could have a maximum out of pocket of $5,000 total because all of your expenses during the year count towards meeting your family deductible ($5000 family deductible=$5000; 100% coinsurance after that means your maximum out of pocket for the year cannot exceed the $5000 family deductible). With this plan the deductible can be met by one member of the family or by any combination of family members with claims totaling $5000.
As you can see from an out of pocket stand point there is no comparison between a traditional PPO plan with copays and an HSA plan. The next thing to compare would be the premium. Current plan with Blue Cross the premium is $850/month. The above HSA plan premium for your family would be $433/month saving you $417/month ($5004/year) of which you could contribute all or a part of to a health savings account to use for your out of pocket expenses.
In this example if you deposited all of the premium savings to a HSA you would have enough in the first year to cover your total out of pocket exposure on the HSA 100 plan.
In summary by making this change you would be reducing the out of pocket exposure by several thousand dollars per year ($12,000) and using the same dollars you are currently spending on premiums to not only pay premiums but also pay your out of pocket expenses for several years to come.
Get quotes for individual/family health insurance in Arizona here. 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.
Health Savings Accounts Win Over Owners
Health savings account (HSA) owners are overwhelmingly satisfied with their accounts, and 91% believe such accounts should remain an option for Americans, according to a nationwide survey released by OptumHealth Inc. More than 80% of respondents cite their ability to save for future health-care expenses as the primary reason for opening and depositing money into their HSAs.
“HSAs have very strong support across a broad range of income levels and are helping people be better health-care consumers,” said Chad Wilkins, chief executive officer for OptumHealth Financial Services.
OptumHealth’s survey found:
- 82% of HSA owners are satisfied with their accounts.
- 78% believe the continued availability of HSAs should be part of any health-care
reform that may occur. - 74% agreed they would recommend an HSA to a friend or family member.
- 30% or respondents said that they wouldn’t have health insurance if it were not for
their HSAs. - 70% of HSA participants make $75,000 a year or less in income.
The study also showed that HSA owners are engaged in their financial and physical well-being. For example, 64% of the respondents said they inquired about generic options for medication and 47% indicated they asked their care providers about charges.
HSA owners also agree that people need to become more engaged in their health care. The survey found that 83% of respondents agreed people should research health-care options and try to get the best price - just like they do for other major consumer purchases. 72% of respondents said that individuals should be responsible for helping to manage their own health-care costs.
Get quotes for individual/family health insurance in Arizona here. 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.
Is an HSA plan the right choice for me?
5 QUESTIONS CONSUMERS SHOULD ASK THEMSELVES
1. Do I want to save money for current and future health expenses?
HSA plans have two primary components - health insurance coverage and a tax-advantaged savings account (HSA). You can use the money in the savings account tax-free to pay for your eligible expenses to meet your deductible or otherwise. You own the money in the account regardless of whether your health coverage changes or you move to another city. So, HSAs offer an opportunity to build tax-advantaged savings for current and future health expenses.
2. Which type of health plan gives me a better financial value?
Do you prefer to save money on your monthly premiums in exchange for paying some of the initial costs of your health care services out of your own pocket? Or would you rather pay higher monthly premiums in exchange for your insurer covering a portion of your costs from day one? With HSA plans you can put the money you save on your premiums into your tax-advantaged savings account to build interest, whereas with a traditional plan, more money is spent on premiums regardless of how much health care you actually use.
3. Have I considered all the relevant costs for each plan?
To make sure you’re not comparing apples to oranges, you should consider all of the cost elements associated with each plan option. Traditional plans may include: higher monthly premiums, a smaller deductible, as well as copays and/or coinsurance. HSA plans may include: lower monthly premiums and a higher deductible. So depending on your health needs, a high-deductible plan may very well cost less overall than repeatedly paying a traditional plan’s copays and coinsurance
4. Will I lose unused money in the HSA?
HSAs don’t have a “use it or lose it” provision. Just as some cell phone providers now let you roll over unused minutes, HSAs let you roll over your unused dollars from one year to the next, so you don’t have to worry about ever forfeiting your money.
5. Is it difficult to connect the HSA plan with the bank account?
Some insurers have their own bank and offer a single enrollment process so you can sign up for both the health insurance plan and the bank account at the same time. While this eliminates the need to go through two separate enrollment processes, many times financial institutions charge significant fees and require minimum deposits. Wherever you decide to open your account be sure you know what fees you will be charged and what account options are available. One way to turn a portion of your HSA funds into long-term health care savings is to invest the money in CD’s or mutual funds, so make sure that the bank you choose has investment options available.
Get quotes for individual/family health insurance in Arizona here. 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.
You Can’t Afford A Plan With Copays!
Why do insurance companies offer plans with copays? The same reason McDonald’s packages fries and soda with their sandwiches. The reason is because the added features cost very little but they are able to charge significantly more for the perceived value.
Total Cost - Office visit
Let’s take a look at a typical office visit with both a copay plan and a plan with no copays
| Copay Plan | PPO Plan (no copay) | Difference | |
| Cost of office visit | $25 | $65 | $40 |
| Monthly Premium | $550 | $325 | $225 |
|
# of office visits to make up the difference |
5.25 visits/month | ||
Illustration assumes PPO plan with $25 office visit copay and a PPO plan with no copay but a discounted rate for the same office visit.
Result: The plan without copays will give you $225/month in premium savings. This savings can be used to pay the difference for 5.25 office visits per month. If your family does not have more than 5 office visits every month you are spending too much!
Our Quote Engine allows you to view both types of plan so you can do your own comparison. If you have questions along the way contact us.
What is a Health Savings Account (HSA)?
A Health Savings Account (HSA) is a tax-qualified account combined with a low premium-high deductible insurance policy. HSA’s provide a consumer driven approach to managing your healthcare. HSA’s are designed to encourage the participant to take control of his/her healthcare decisions by building a reserve to fund first dollar medical expenses.
If you stay relatively healthy, (73% of Americans have less than $500 in out of pocket medical expenses each year) the account grows and can eventually be used for other purposes. If you have significant medical expenses you have a reserve of dollars to assist in meeting your deductible. Your out of pocket exposure on the high deductible plan is typically much less than that of traditional copay plans.
Following are some features of an HSA:
Reduce Health Insurance Premiums
By purchasing a high deductible plan you can cut your premiums by as much as 30-40 percent over an employer group or traditional copay plan.
Reduced Taxes
Contributions to an HSA can be deducted from federal and in some cases State income tax. Contributions are not subject to withholding, estimated taxes, or other employment taxes such as FICA.
Earn Tax Free Interest
All interest, dividends, and capital gains earned in a Health Savings Account are tax deferred. When used for qualified medical expenses funds from a HSA are tax-free. Any unused funds in a HSA continue to grow in your account. As your account grows, additional self-directed options such as CD’s and mutual funds are available.
Secondary Retirement Account
After age 65 the 10% penalty for non-medical withdraws goes away so the remaining funds can be used to supplement your retirement. Money left in the account after age 65 continues to accrue tax-deferred and can still be used tax free for eligible expenses.
You choose
Pre-tax HSA dollars can be used to pay for services not covered by traditional health plans. Some examples are laser eye surgery, dental, eyeglasses, chiropractic, acupuncture, kids’ braces, long term care premiums, and more. For a more extensive list of covered items see HSA eligible expenses.
Get quotes for individual/family health insurance in Arizona here. Contact us today at 602-510-7507 to find out how an HSA can benefit you.
Third party to manage your purchases at the grocery store!
Third party- noun - One other than the principals involved in a transaction: example: I pay rent to a third party, not directly to the landlord.
In America we do not have third party participation in any other purchases of major services or products… why do we want it in our healthcare decisions?
Actually it is not just a third party, we actually have…
Third party - Employer deciding on plan benefits and premium offered.
Fourth party - Provider network setting the price doctors and hospitals charge.
Fifth party - Medicare federal government setting the price doctors and hospitals charge medicare patients.
Is it any wonder costs are skyrocketing with all of the decisions being made for the consumer rather than by the consumer?
Let’s look at some examples of other purchases we make on a daily basis without help!
Grocery store:
STORE OWNER decides what to stock on the shelves and at what price.
YOU decide what to buy and how much you are willing to pay.
Gas station:
STORE OWNER decides how much gas to make available for sale and at what price.
YOU decide which station has the best price and how much you will buy.
Auto insurance:
INSURANCE COMPANY sets price and terms for their policy and has to make sure they are competitive with other companies offerings.
YOU decide which features and benefits you want and who has the best price. You then deal direct with service providers for your day to day maintenance.
Healthcare is the only major area of the US economy that does not have the consumer directly involved in a free market. This is why the healthcare system is caving in on itself, with ever increasing cost and reductions in benefits.
We need a healthcare system that is consumer driven!
Get quotes for individual/family health insurance in Arizona here. Contact us today at 602-510-7507 to find out how an HSA can benefit you.