Health Savings Accounts (HSA) explained…

Original post from: Ohio Health Insurance Quotes

Health Savings Accounts (HSAs) were created by the Medicare bill signed by President Bush on December 8, 2003 and are designed to help individuals save for future qualified medical and retiree health expenses on a tax-free basis.

Here in Ohio, most major health carriers offer HSAs. Rates can vary, so it is a good idea to shop around for the best rate/coverage in your area.

What is a Health Savings Account (“HSA”)?
A Health Savings Account is an alternative to traditional health insurance; it is a savings product that offers a different way for consumers to pay for their health care. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.

You must be covered by a High Deductible Health Plan (HDHP) to be able to take advantage of HSAs. An HDHP generally costs less than what traditional health care coverage costs, so the money that you save on insurance can therefore be put into the Health Savings Account.

You own and you control the money in your HSA. Decisions on how to spend the money are made by  you without relying on a third party or a health insurer. You will also decide what types of investments to make with the money in the account in order to make it grow.

How much does an HSA cost?
An HSA is not something you purchase; it’s a savings account into which you can deposit money on a tax-preferred basis.  The only product you purchase with an HSA is a High Deductible Health Plan, an inexpensive plan that will cover you should your medical expenses exceed the funds you have in your HSA.

What Is a “High Deductible Health Plan” (HDHP)?
You must have an HDHP if you want to open an HSA. Sometimes referred to as a “catastrophic” health insurance plan, an HDHP is an inexpensive health insurance plan that generally doesn’t pay for the first several thousand dollars of health care expenses  (i.e., your “deductible”) but will generally cover you after that .  Of course, your HSA is available to help you pay for the expenses your plan does not cover.

Ohioquotes.com is the state”s leading authority for Ohio HSA plans. Instantly, you can view, compare or apply online for Ohio Health Savings Accounts.

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Ohio Health Insurance Companies

Original post from: Ohio Health Insurance Quotes

The five major Ohio health insurance companies are Anthem Blue Cross, UnitedHealthcare, Humana, Medical Mutual and Aetna. Each company offers policies that are distinctly different and quite competitive in most situations. Medical Mutual and Anthem usually offer the lowest Health Savings Account (HSA) rates in Ohio, while Humana offers low cost temporary health care plans. UnitedHealthcare and Aetna offer a wide range of comprehensive and catastrophic policies that give Ohio residents a large choice of options.

Ohio health insurance rates are extremely affordable compared to rates from other states. In-state premiums are expected to remain fairly low until 2014 when many of the national health care reform changes begin. Although rates are likely to substantially increase, tax credits could reduce the premiums for those that qualify.

Ohio health insurance companies offer policies to individuals and families. Whether you are unemployed, self-employed, without coverage or on Cobra, there are many policies that will fit within your budget and provide the coverage you need. Most policies are medically underwritten although physicals are rarely required. We”ll be happy to review your options. We never consider any type of “discount plan.”

To instantly review affordable Ohio health care rates, simply click on the “Get Instant Quote” button at the top of the page. Or, to speak to a live person, please call us at (888) 513 6446.

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