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Ohio Health Savings Accounts (HSAs) Plans For 2012

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Ohio Health Savings Accounts (HSAs) are one of the most popular policy options that will reduce your health insurance rates in 2012. We can help you compare the top HSA plans that are available to individuals, families and any Ohioan who is self-employed. Preventive benefits are always provided with no deductible, coinsurance or waiting period. And “Network repricing” can substantially reduce your  out-of-pocket costs on items that are subject to a deductible.

In 2012, the minimum allowed deductible is $1,200 (individual) and $2,400 (family). The highest allowed contribution is $3,100 for an individual and $6,250 for a family. Of course, you can always make lower contributions into your account or simply make no deposits at all. There are cost-of living adjustments and also a special “catch-up” contribution of $1,000 provided if you have reached age 55.

What Our Website Does

This website specializes in providing Ohio Health Savings Account rates and coverage information. We allow you to easily view and compare all of the  plans from the top carriers. But more importantly, with 30 years of experience, we’ll research all of your options and present you with the choices that are best for you. We’re local experts on these types of policies, located here in Ohio,  and we closely research any changes or trends that may affect you.

A Health Savings Account is a combination of a high-deductible insurance policy with a tax-favored savings plan. Deposits into the savings portion can be accumulated and used to pay the deductible (when needed) and other qualified medical, dental and vision expenses. Contributions are tax-deductible and withdraws for qualified expenses are not subject to taxes. All money that accumulates in the account can be withdrawn at any time, and unused funds at the end of the year will not be lost. For example, unused contributions in 2012 can be used for 2013.

Not everyone needs an HSA, and  rates will vary greatly, depending on which part of the state you reside. But, typically, the most competitive policies are offered by Medical Mutual, UnitedHealthOne and Anthem Blue Cross. Humana, Aetna, Celtic and Assurant are reputable companies, but generally feature higher rates. Our free comparisons will help you find the best choice, including the most cost-effective deductible and coinsurance combination.

Embedded Deductible

Medical Mutual and Aetna have an “embedded deductible,” which is a deductible on each person (usually capped at two). UnitedHealthCare and Anthem have an “aggregate deductible, which is a large family deductible that must be met before most benefits are paid. Each type of deductible has its own merits and we review the differences, and what effect they will have on your specific situation. Once you reach age 65, you can still utilize your accumulated money for long-term care, Medicare Part B premiums and other medical expenses.

For additional information on the 2012 Ohio HSA plans, please call us at (888) 513 6446. Or, to get started before you call, and view your options, use the “Get Instant Quote” button at the top of the page. We’ll be happy to help review your options.

Ohio Health Savings Accounts (HSA) 2010 Contribution Limits

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Ohio Health Savings Accounts have a new contribution limit for 2010. The annual contribution limits have been increased to $3,050 for individual HSA coverage and $6,150 for family  coverage. The 2010 minimum annual deductible is $1,200 for individual HSA coverage and $2,500 for family  coverage.

 

 

 

Guidelines and Changes from 2009 to 2010

Type of Coverage

Rule

2009

2010

Individual

Maximum contribution

$3000

$3050

 

Minimum deductible

$1150

$1200

 

Out-of-Packet maximum

$5800

$5950

Family

Maximum contribution

$5950

$6150

 

Minimum deductible

$2300

$2400

 

Out-of-Pocket Maximum

$11,600

$11,900

 

 

A Health Savings Account (HSA) is an affordable option to traditional medical coverage that offers Ohio residents an alternative method to pay for their health care. HSAs enable you to pay for current medical, dental, and vision expenses, and save for future qualified medical expenses on a tax-free basis. Most major companies offer them. The most competitive rates are offered by Anthem Blue Cross, Medical Mutual, Aetna, UnitedHealthOne and Humana. Several smaller carriers offer policies, although their prices are not as competitive.

You must be covered under a High Deductible Health Plan (HDHP) to qualify to make a contribution. An HDHP is an inexpensive  policy that costs substantially less than a traditional plan, and offers you the opportunity to deposit the money you save into the HSA. You can choose the level of risk (if any) you would like to take, or simply deposit funds in a “fixed interest” account.

We research all Group and private plan options for consumers. Regardless where you live or your what medical conditions exist, our shopping helps you find lower premiums. Only the highest-quality plans are considered with “qualified” policies offering preventive coverage that is not subject to a deductible. The quoted rates are the lowest allowable by the state, since premiums are mandated. That ultimately protects the consumer.

To instantly view, compare or apply for an Ohio HSA, please click on the “Get Instant Quote” button at the top of this page.

Anthem Ohio BCBS Health Savings Accounts – High-Deductible Plans

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The Anthem Blue Cross Blue Shield Health Savings Account (HSA) is an affordable Ohio medical insurance plan that can reduce your costs and provide comprehensive benefits for yourself and your family. The current available policies are  innovative options that help you manage your expenses, reduce your taxes, take advantage of network repricing, and take control of your health care.

When compared with other comprehensive plans, it offers flexibility, competitive rates and lower out-of-pocket costs that make it an Ohio policy that should always be considered. The  “high deductible health plan” (HDHP) is the insurance portion of the policy, while the savings account allows you to pay for current expenses, and deposit funds for future qualified medical expenses on a tax-free basis. 

You may also leave funds in the account to be used at a later date.  Many approved financial institutions (Banks are the most popular) can set up the “savings account” portion. Interest is typically paid on the “fixed” portion of the money. Additional equity options are sometimes offered, although additional financial risk is taken. Additional HSA information can be found here.

An Ohio Anthem HSA Will Save You Money

Unlike most Ohio medical plans, the Lumenos features just one family deductible, regardless of how many family members are on the policy. Once the deductible is met, 100% of all covered medical expenses are paid without any co-insurance. The lifetime maximum has been eliminated so you will never run out of coverage.

Just about anybody can set up this type of plan, although you can not be eligible for Medicare or listed as a dependent on another policy. We’ll help you understand the benefits, apply for coverage and set up the “savings” portion (although that is optional).

Also covered is adult and child preventive care coverage that is not subject to the deductible or waiting period. Routine office visits (subject to the deductible) receive “Network Repricing” which reduces out-of-pocket expenses by approximately 10%-25%. Lab test and X-ray costs are often discounted by as much as 50%-80%. Even MRIs receive discounts that are often more than $1,000.  Staying inside the network is important since you’ll pay much less you might expect.

Additional included coverages, that are sometimes not found in other plans, include home health care, skilled nursing and physical, occupational and speech therapy. A 24/7 NurseLine and members-only discounts on healthy lifestyle services are also provided for all Ohio Anthem policyholders. An additional benefit is that the network extends to other states so you can continue to utilize coverage. We can provide specific information regarding availability of physicians, specialists and hospitals. Or, you can request a list of providers, which we will forward to you.

We proudly represent Anthem and provide the lowest published rates they offer. Please keep in mind that rates from each company (such as Medical Mutual and UnitedHealthcare) are different in all areas of the state. So it is possible that we may recommend additional companies that have more competitive offers in your area. We’ll always give you a fair an unbiased opinion that is best suited for your circumstances.

Get Best HSA Rates In Ohio

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Get the best HSA rates in Ohio and save money on your health insurance premiums. We help you choose the lowest available prices for Health Savings Accounts from the most recognized and respected companies in the Buckeye state. Along with lower costs, you’ll be able to tax-deduct qualified deposits and allow unused money to accumulate without risk of loss.

A Health Savings Account is a tax-favored savings contract that is combined with a high-deductible health insurance plan. HSAs  pay for existing medical expenses and save money for future qualified expenses without any tax liability (assuming no early withdraws of previously tax-deducted money). Since the late 1990s, they have become very popular with consumers that typically don’t incur a lot of medical expenses but still want to maintain quality benefits.

They also will continue to be available when Ohio Health Exchange plans are offered through Open Enrollment (View prices on our website). Although there will be a few changes, (such as the mandatory inclusion of maternity and other benefits) a portion of your premium may be eligible to be paid by the federal government. The lower your income, the more likely you are to qualify.

Ohio Health Savings Accounts Online

Ohio HSA Plans Save You Money

The first step is establishing a high-deductible health insurance plan (HDHP). These plans are available through most Ohio health insurance companies, including UnitedHealthCare, Aetna, Anthem Blue Cross and Medical Mutual. The HDHP is an inexpensive catastrophic health insurance plan that generally does not pay for the first few thousand dollars of health care (the “deductible.”). However, after the deductible, expenses are covered at 80% or 100%, depending on the plan. We recommend the 100% option, even though it is a bit more expensive.

You have complete control over the deposits in your policy. You also decide the types of investments and how much risk to take (if any) to make with the money in the account in order to make it grow. Some of the funds in your HSA can come from the money you save on your insurance, since an HDHP usually costs less than a regular medical policy. We recommend the safest option which is a fixed-interest account. While it’s true your rate of return will be lower, it will be substantially safer.

Once the HDHP is in place, the HSA can be set up through banks, credit unions and other institutions. There are many very good Ohio Health Insurance Accounts. For specific details on rates and coverage, please request a free quote at the top of the page.

Oh…by the way…I have an HSA. And I have been very happy with its performance.

Ohio HSA Account Information Before Obamacare

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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. As long as you have a “High-Deductible-Health-Plan” (HDHP), you are eligible to enroll in an HSA. The Affordable Care Act legislation and its Marketplaces that were implemented in 2014, did not remove these types of policies.

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. It’s equally important to understand the ramification that Obamacare subsidies have on your current plan. For instance, if your current income level allows you to take advantage of a Silver-tier cost-sharing plan, the substantial reduction in the deductible and maximum out-of-pocket costs may impact the tax-status.

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 can enroll in a plan through the Marketplace or purchase separately “off-Exchange.”

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 healthcare coverage costs, so the money that you save on insurance can therefore be put into the Health Savings Account. Deductibles are high, typically between $4,000 and $6,600 per person.

Health Savings Account Options In Ohio

An HSA Will Save You Money And Reduce Your Taxes

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. However, with interest rates quite low, typically the “fixed” options pay significantly less than 1%. Equity options are risky and potential returns are not guaranteed.

 

How much does an HSA cost?

 

Prior to the passage of the Obamacare legislation, prices were very low compared to other types of plans. With federal subsidies now offered, although premiums remain fairly low, other subsidized options may provide lower out-of-pocket costs at the same or lower cost.

You can easily compare Ohio HSA rates on our website. Since maximum contributions, cost of coverage, and interest rates change every year, we update the list of eligible policies and their cost each month.

 

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.

UPDATES:

July 2015 – These types of plans are still available. 2016 rates will be published within the next few months.