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.

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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.

 Normally, when consumers are considering which Ohio health insurance company to use, the four most common carriers are Anthem, Aetna, UnitedHealthCare and Humana. But there is an additional company that often has very competitive rates.

Meet Medical Mutual of Ohio, one of the country’s oldest and most trusted insurance company. Medical Mutual is more than 70 years old and insures more than 3.9 million customers. With more than $2 billion in annual revenue, this company seems to be financially secure.

Keep in mind that Medical Mutual will not have the most competitive rate in all areas of the state. Generally, in the Northern part of Ohio, Medical Mutual’s rates are very good. In fact, in parts of Southwestern Ohio, their rates are also worth considering. But in may other parts of the state, other companies may be a better choice.

If you need help with finding the best health insurance rate in Ohio, feel free to email service@ohioquotes.com or visit http://ohioquotes.com