We show you how to pay Ohio health insurance premiums with pre-tax dollars. Medical costs are increasing each year. By enrolling in your own self-directed Health Savings Account (HSA), you can manage your expenses, and also reduce your federal taxes.
HSAs are offered by most major companies, and we help you compare the different plans that are offered in your area. In most situations, Anthem Blue Cross, HealthSpan, Humana, Aetna, Medical Mutual or UnitedHealthcare are the best options.
Must Have An HDHP
The first step is having a qualified high deductible health insurance plan (HDHP), sometimes referred to as a “catastrophic” insurance plan. Because of the higher deductibles, rates on these types of plans are substantially less than a traditional copay plan. Currently, $6,550 is the highest allowed deductible, while $1,300 is the lowest. However, medical expenses are still discounted prior to the deductible after "negotiated network discounts" are applied to your bill.
The biggest reductions apply to larger amounts, such as big hospital bills. However, smaller expenses, such as office visits, lab fees, x-rays and prescriptions are typically discounted. Depending on the type of procedure, the reduction can be as much as 50%. Specialist visits also receive substantial repricing.
MRIs receive some of the steepest discounts. Instead of paying a retail price of about $2,000-$3,000 in a hospital, you can often get an MRI at a specialized facility (approved by your carrier) for approximately $400-$1,000.
Popular low-cost policies that qualify as HDHP plans include:
Aetna Bronze Deductible Only
HealthSpan Select Bronze 4500-70
HealthSpan Select Bronze 6000
UnitedHealthcare Bronze Compass HSA 5500
InHealth Bronze 2
Medical Mutual Market HMO 6000
Anthem Bronze Pathway X PPO 0 For HSA
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, but rather a savings account that allows you to deposit money on a tax-deferred basis. Typically, opening up an account does not require a personal visit. It can easily be accomplished online, and you are never required to make any deposits.
Preventative Expenses Fully Covered
First dollar coverage (no deductible) is provided for preventative care including routine physicals, OBGYN visits, Pap tests, and mammograms. Also, no waiting period or coinsurance will apply. However, if an undetected medical condition is discovered while performing a preventative procedure, it is possible that additional treatment will not be covered at 100%.
Chase Bank is a popular option for the "side account," but may other banks offer similar and approved options. If you have an existing checking account or savings account with a financial institution, they may offer you several perks for setting up the account, and possibly waive the $2-$4 monthly fee that sometimes is charged.
Cost Of Ohio HSA Plans
The cost of purchasing an HSA will not be the same for all persons. Your zip code, smoking status and age impact your rate. Your projected household income is also a factor since a federal subsidy may be available if you fall within the Federal Poverty Level guidelines. Additional HSA information is found on the government website, although most of the details are very generic.
We carefully review all of the plans in your area and help you determine which policy is best for your specific needs. Medical Mutual and Humana offer low rates in the Cincinnati area. Anthem and HealthSpan have very attractive rates in the Dayton and Columbus areas. In the Toledo and Akron areas, once again, Medical Mutual has a slight edge, depending on your age and county of residence.
For a personalized Ohio HSA plan quote, you can easily enter your zip code at the top of the page. If this type of coverage is not the best choice for you, your spouse or dependents, we will discuss the types of policies that give you the most benefits at the least expensive price.