Sen. Baucus Introduces Senate Financial Committee Health Bill
The following announcement was released by the office of Senate Finance Committee Chairman Max Baucus (D,Mont.). Click here to read article and specifics about the proposed bill.
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.
My Health Reform
Humana has put together My Health Reform to provide information and a place for you to make your voice heard. There are some great easy to understand videos and other information on the topic. Check it out!
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.
Why Am I Getting A Rate Increase?
The fact is rates on health insurance policies increase. Even if you have not had any claims the rates on your individual/family insurance policy can increase. Insurance carriers increase rates based on the claims experience of the entire block of policies underwritten at the time your coverage began.
If the block of policies you are a part of has had above average claims over the previous 12 months you will receive an above average rate increase. If the block of policies you are a part of has had average to below average claims over the previous 12 months your increase will be lower than average to no increase at all.
At IQ HSA we assist our clients with the appropriate way of handling the increases they receive and managing their plan from year to year.
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.
Healthcare Blue Book
The Healthcare Blue Book offers a number of free resources to help you learn how to be an informed consumer, and enable you to make good decisions for your health and pocketbook. You may choose to learn more about how to understand and document your medical needs, how to use the Healthcare Blue Book to find a fair price, how to ask your healthcare provider about getting the best possible price or how to understand and use your insurance benefits.
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 Visiting the doctor
When you do have to visit a doctor or other health care professional, make sure you talk with him or her about how to make the most of your HSA and keep these tips in mind:
- Always present your medical plan identification card.
- Be sure to notify the provider’s office that you do not have a co-payment.
- Discuss your plan with your doctor so he or she knows you are making health-wise and cost-conscious choices for your health care.
- If your plan covers preventive care at 100% or a copay, remind the office so they code your visit correctly when submitting the claim.
© 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.
We Work With Top-Rated Insurers
At IQHSA we only work with top-rated insurers, you will not find sub-standard companies on our quote list.
Here’s why:
· Financial strength – these days it is more important than ever before to make sure your insurance company/financial institution is financially stable.
· Smaller companies can either go out of business or decide to no longer operate in a certain state (Lifewise in 2009 decided to no longer operate in AZ). This can leave policyholders suddenly without coverage or forced to make a change they weren’t prepared for.
· Smaller companies have a tendency to have wider rate fluctuations. “Buying business” is a tactic smaller companies use to attract new policyholders only to raise rates substantially at renewal.
Insurance Carriers we work with:
Aetna
Assurant
Blue Cross Blue Shield of Arizona
Cigna
Golden Rule
Healthnet of Arizona
Humana
United Healthcare
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.
When to Expect Premium Rate Adjustments
Whether you are on a group plan sponsored by your employer or own your own health insurance policy, rate increases are a fact of life.
Group plans have rate increases once per year on the anniversary of the plan.
Employers decide whether to:
• Accept the increase and make no adjustments to the plan
• Modify the plan benefits to lessen the impact of the increase
• Change to a new insurance carrier that has more competitive rates for similar coverage.
Individually owned policies typically have an initial rate guaranty period of 12, 24 or even 36 months. After this initial period rates can adjust annually on the anniversary of the policy and at age changes for the members of the family covered throughout the year.
Individuals/Families decide whether to:
• Accept the rate adjustment and continue the coverage without any changes
• Make changes to the plan benefits such as; increasing the deductible or changing to a lesser plan with the same carrier (without additional underwriting)
• Change to a plan with another carrier with more competitive rates (underwriting necessary).
At IQ HSA we assist our clients with the appropriate way of handling the increases they receive and managing their plan from year to year.
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.
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.