Health care costs are increasing each year. By enrolling in your own self-directed Health Savings Account (HSA), you can manage your expenses, and also save some tax dollars. HSAs are offered by most major Ohio health insurance companies, and we'll help you compare the different plans that are offered in your area. In most situations, Anthem Blue Cross or Medical Mutual will be the best options.

The first step is having a qualified high deductible health insurance plan (HDHP), sometimes referred to as a “catastrophic” health insurance plan. Because of the higher deductibles, rates on these types of plans are substantially less than a traditional copay plan. However, medical expenses are still discounted prior to the deductible after "negotiated Network discounts" are applied to your bill.

 Some common Ohio health insurance policies that qualify as HDHP plans are:

Anthem’s Lumenos HSA plans

Aetna’s PPO High Deductible plan

UnitedHealthOne's HSA 100 and HSA Saver plans

Humana’s Autograph Total plan

Medical Mutual’s SuperMed One HSA plan

Once you have enrolled in an HDHP, you may sign up for the HSA with selected banks, credit unions, insurance companies and other approved companies. The HSA is not a policy that you purchase, it’s a savings account that allows you to deposit money on a tax-deferred basis. And often, first dollar coverage (no deductible) is provided for preventative care including routine physicals, OBGYN visits and mammograms. I use Chase Bank, but may other banks offer this type of account.