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.

November 2011 Update- HSAs are still popular. Medical Mutual, Anthem and UnitedHealthCare are still the best options here in Ohio.

From the Cleveland Plain Dealer:

“The survey of state-level enforcement found Ohio doesn”t require insurers to sell coverage to everyone who applies for it or prohibit higher premiums based on health status, like states including New York, Massachusetts and Vermont.

However, Ohio regulators review some rate and premium increases before insurers can charge them, and the state has an external review program where consumers can appeal denials, the study said.

A spokesman for the Ohio Department of Insurance said Thursday that no one was available to discuss the study”s findings.
A December 2007 study on individual health insurance by the trade-industry group America”s Health Insurance Plans, found that 89 percent of applicants are offered coverage, and that Ohio”s average premium is $2,498 for an individual and $5,303 for a family.

My take: It”s not such a bad thing that Ohio”s health insurers can charge higher rates to those applicants that are in poor health. Otherwise, rates would dramatically increase for EVERYONE…especially those in good health. Remember…Ohio has an “Open Enrollment” for persons that may not qualify for individual coverage.
From The Dayton Daily News:

“When Ohioans don”t buy their health insurance through employers or other groups, they usually don”t have very good insurance.

Body Mass Index (BMI) is a number calculated from a person’s weight and height. BMI is a reliable indicator of body fatness for people. BMI does not measure body fat directly, but research has shown that it correlates to direct measures of body fat. BMI can also be considered an alternative for direct measures of body fat. Additionally, BMI is an inexpensive and easy-to-perform method of screening for weight categories that could possibly lead to health problems.

Of course, the BMI can be very subjective, and in fact, each health insurance company interprets the figures in a different way. Some Ohio health insurance carriers tend to be a bit more “forgiving” than others. And of course, a few companies hvae very strict guidelines, especially if you are taking multiple medications.

For example, a 5-9 male weighing 201 pounds is considered a “preferred” risk with Anthem. Yet, according to the BMI Index, this same person is just two pounds away from being considered “obese.” Yet, UnitedHealthcare will assign a “standard” risk classification to the same person. Most Ohio health insurance companies have multiple levels of establishing the rate, and of course, weight is not the only criteria used.

As an Ohio broker, part of my job is to take into consideration the BMI of the applicant (along with other factors), and determine which carrier can offer the best coverage at the most competitive price. Whether it””s catastrophic, comprehensive or HSA coverage, each situation is different, and I try to take ample time to research which plan(s) are the best choice.

To determine BMI, there are many online sites that will allow you to perform the simple calculation.

One such site is http://www.nhlbisupport.com/bmi/

For additional information on Ohio health insurance plans or obtaining an Ohio health insurance quote, please click on the “Get Instant Quote” button at the top of the page. Or…feel free to speak to a live person by calling (888) 513 6446. We won”t bite and we also never share your information with any other person or company.

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.