Ohio Health Insurance Plans (Health Savings Accounts)
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 alternative 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.
Don
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.
Many Ohio insurance companies offer HSAs. Anthem and UnitedHealthCare may be the best options while Medical Mutual and Aetna are also companies to consider.
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 pay for the expenses your plan does not cover. A wide range of deductibles is available…generally between $1500 and $10,000.
How can I get a Health Savings Account?
Ohio residents can visit http://www.ohioquotes.com for an instant free quote. Out-of-state residents can visit http://www.majormedicalhealth.com. These are two of the most comprehensive health insurance websites available to the public. And yes…I am a bit biased!
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. The two websites listed in the prior paragraph will provide you with immediate rates.
November 2011 Update- HSAs are still popular. Medical Mutual, Anthem and UnitedHealthCare are still the best options here in Ohio.
No related posts.
I like the Anthem plan you mentioned since it has just one family deductible. The Aetna plan has two deductibles.