66 percent of americans have health insurance that is tied to their employer is that the smart way to insure yourself? The common misconception is that group insurance is cheaper then paying for health insurance on an individual basis. Americans change their jobs at least 3 times in their lifetime in the video below it will teach that there is a better way to insure yourself and your family. When you insure yourself and your family you are not tied to your employer and if develop cancer you still have insurance what if you lost your job you would be without insurance until you found another job you maybe to sick to find another job and know you do not have insurance when you need it most. Please watch the video below.

Typical individual insurance is 1/3 of the cost of employer sponsored health plans.

Watch this video to learn more about how to choose which one and you will quickly learn which one makes more sense. It will open your eyes.

After watch the video get your instant HSA Health Plan Quote

Why Should I Work With A Health Benefits Specialist?

The internet has made shopping for insurance easier. Instead of driving around town to meet with an health insurance agent, you can compare rates, benefits, and apply online. Some insurance companies even let you apply right from their website.

Does it still make sense to have an health insurance agent help you choose a plan? You bet.

Agents are insurance experts. It is their job to help you shop plans from leading carriers so you can be confident you have found the best rates and benefits for you.

4 Reasons To Work With A Health Benefits Specialist

When you consider all the benefits, working with a health benefits specialist just makes good sense.

1. Agents guide you through the process. Buying an insurance policy can be complicated. An agent walks you through each step of the process and helps you make sense of all the insurance speak.
2. Agents offer you choice. Your agent has a portfolio of plans to choose from, often from multiple companies. Your agent will know which policy will protect you the best. They’ll even know which company is most likely to accept your application.
3. Agents troubleshoot mistakes. A mistake on your application can cause a company to raise your rates or even reject your application. Your agent will help you fill out your application correctly so you get the rates you deserve.
4. It’s free. This is the best part about getting insurance through an agent. Agents collect payment from the companies they represent. So you get all the advice you want it is absolutely free.

As professional agents, we are happy to help you find the best plan. You can compare popular plans on our website, too. Get started now with your free online quotes.

In interesting video on a senators view on Health Savings Accounts. Talking about letting american to shop for health insurance in any state, let indivduals deduct health insurance premiums just like business owners can.

Listen to this video which is very interesting.

What Services Will A Health Savings Account (HSA) Cover?

HSA Savings Accounts can help you save on both your monthly health insurance premiums and your taxes! Because the HSA must be paired with a comparatively inexpensive high deductible health plan, you’ll get lower-than average premiums (monthly payments).

There is no other investment that can offer a tax-advantage today alongside tax-deductible withdrawals tomorrow.

How Do I Use the Money in My HSA Account?

The cash in your account will be yours to spend tax free, just as long as it’s spend on qualified medical expenses. This includes the purchase of prescription drugs, paying your deductible and more.
In addition to being free to make tax-free withdrawals to cover these types of expenses, you can also use your HSA to cover costs that would not normally be covered by a health insurance policy.

You Can Use Your HSA Account to Pay for:

• Dental Care: Individuals are usually only able to buy into dental discount plans, or more expensive dental insurance policies that restrict their choice of dentists. Coverage for braces is also usually limited. But with your Health Savings Account you can pay for any of these medically necessary procedures!
• Maternity Expenses
• Long-Term Care Insurance Premiums
• Mental Healthcare or Therapy: This includes the costs of psychologists, psychiatrists, psychoanalysts, or psychotherapists.
• Physical Therapy Needs: This could include hydrotherapy, chiropractic services, or medically required massage therapy.
• Alternative Healthcare Treatments: These could include acupuncture therapy, homeopathy, aromatherapy, Traditional Chinese Medicine, or even nutritional consulting.
• Transportation (ambulance) and lodging (hospitalization) related healthcare expenses.
• Preventative Healthcare Programs: These could include blood tests, vaccines, metabolism tests, other lab tests, and even fees paid to a healthcare institute for vitamin therapy prescribed by a doctor.
• Nonprescription Drugs (ie. over the counter drugs): Includes common remedies such as aspirin or cough syrup.
• Special Needs Health Care Expenses: These include fees incurred by the handicapped, for wheelchairs, dedicated telephone or TV equipment, the cost and care of guide dogs, or special schools.

For a more detailed list of what can be covered on your health savings account please visit the IRS website at this link: IRS Pub 502

What is an HSA Account?

HSAs or health savings accounts are a relatively new way for you pay for major medical procedures. In 2003, Congress passed a law that allows consumers to establish and use the savings accounts known as HSAs tax-free to pay for major medical procedures, save for retirement, and even invest.

Why would I want to establish an HSA Account?

The freedom to make tax-free investments and use the proceeds for major medical expenses makes the Health Savings Account very attractive. HSA Accounts typically carry a higher than average deductible, but a lower monthly payment – two things that can come in handy.

What counts as a qualified medical expense?

Qualified medical expenses are defined as: healthcare insurance premiums, co-payments or co-insurance rates, long term care costs, dental health costs, vision care costs, prescriptions medications and psychiatric care.

How should I go about finding an HSA eligible high deductible health plan?

HSA eligible insurance plans require higher than average deductibles. In order for a health plan to be HSA eligible, it must have at least a $1100.00 individual deductible and a $2200.00 family deductible.

How much will I be free to contribute to my HSA Account each year?

Each year if you have an individual plan, you’ll be allowed to contribute either $2900.00 or the amount of your insurance plan’s deductible amount, whichever is lower. If you have a family plan, you’ll be allowed to contribute $5800.00

What Investment options will I have with my HSA Account?

You’ll have four basic choices if you decide to buy into an HSA plan: 1) a CD type account, 2) a Money Market Account, 3) a Mutual funds account or 4) an Interest bearing account.

How safe will my money be in an HSA?

The funds you contribute to your HSA plan will be held in trust and administrated by your bank or your insurance company—according to which of the four investment options, mentioned above, you’ve selected.

How will I be able to use my HSA Account’s funds?

Generally speaking when you open a Health Savings Account, you’ll receive either a debit card or checkbook from your HSA Plan administrator. When you need cash to pay for your medical expenses, you can use either. You won’t be required to get authorization for these services beforehand.

What fees can I expect from my HSA?

The answer to this will largely depend on who’s administrating your HSA Plan. There may be a sign-up fee, a fee on checks, a monthly fee or a fee on transactions for withdrawals from your HSA.

A Health Savings Account (HSA) is a great way to make your healthcare budget work harder for you and your family. HSA’s are individually owned, tax-advantaged personal savings or investment accounts that may be established in combination with and HSA-eligible high -deductible health plan (HDHP). These accounts are portable and may be accumulated over the years and distributed on a tax-free basis to pay, or reimburse, qualified medical expenses.

According to congressional analysts over 40 million HSA (Health Savings Accounts) will be established in the next 10 years. First available January 1, 2004 Health Savings Accounts were made available thanks to an innovative, permanent federal law designed to make healthcare affordable and allow for the accumulation of tax-free money in the process. The HSA (Health Saving Account) is combined with a qualifing high deductible health insurance plan to provide major medical protection and at the same time help you realize a savings on your health insurance premiums.

Health Savings Accounts (HSAs) are a new way for consumers to pay for medical expenses. Almost anyone with a qualified high-deductible health plan can also have a Health Savings Account. HSAs can save you money on your medical care now as well as provide a good way to save for future medical expenses. HSA funds can pay for expenses before you meet your deductible as well as helps pay for services not covered by your health plan, COBRA coverage during periods of unemployment, medical expenses after retirement and long-term care expenses.

Your high-deductible health plan can be one you get through your employer or a policy you buy on your own. Even if you get your high-deductible health plan or even your HSA account through your employer, you own your account. You decide how much to contribute, how much of the account to use for medical expenses, and which medical expenses you will pay from your account. You also choose whether to pay for medical expenses from the account or save it for future use. Even if you change jobs, your Health Savings Account is still yours.

You can keep the account even if you move to another state, and you can continue to keep it as you grow older. Regardless of where you get your health insurance plan, whether on your own (individual plan) or through your employer, your Health Savings Account funds are yours. Unlike some other types of accounts, you don’t lose HSA funds at the end of the year. Unspent balances remain in your account earning interest until you spend them on medical care. This provides a strong incentive for you to spend wisely on your medical care, just like you do on other items you purchase. The incentive to shop around for the best value for your health care dollars is yours.

“The Main Benefit Of An HSA Plan”

“I was frustrated by lack of knowledge of insurance agents in the past. Marc Hart did a great job explaining and advising me on the different plans. He was a pleasure to work with and followed up to answer any questions that we had. The main benefit of an HSA – Qualified plan is a high deductible, low premium, and tax savings.”

Mark Barraza, Tucson, AZ

Hi I’m Marc Hart , I am a health benefits specialist and my business is helping individuals, families, small business owners like yourself realize the tremendous tax and premium savings that HSA-qualified health insurance plans offer.  Millions of people are discovering how they can greatly reduce their healthcare costs by switching to an HSA plan. I represent all the major health insurance carriers in the states of Arizona, California, Michigan, Ohio and Utah and they all have competetive HSA Health Insurance Plans.

Health savings account plans can lower your premium, reduce your income taxes, and allow you to save money for future medical expenses tax-free. For these reasons, Health Savings Account (HSA) plans have become the most popular plan for our customers.

• An HSA offers Lower Premiums - HSAs can save you 50% off your health insurance premiums each month compared to a typical low deductible health insurance plan.
• Tax-Deductible Contributions - Contributions to an HSA are tax-deductible.
• Pre-tax medical expenses - Withdrawals are tax-free and penalty-free when made for HSA qualified expenses.
• Tax-deferred growth - Unused funds grow in your account tax-deferred, and can be withdrawn penalty-free at age 65.

GET YOUR INSTANT HSA COMPATIBLE HEALTH INSURANCE PLAN QUOTE

I Am Licensed in Arizona (AZ), California (CA), Michigan (MI), Ohio (OH), Utah, (UT)

“The Main Benefit Of An HSA Plan” 

 “I was frustrated by lack of knowledge of insurance agents in the past. Marc did a great job explaining and advising me on the different plans. He was a pleasure to work with and followed up to answer any questions that we had. The main benefit of an HSA – Qualified plan is a high deductible, low premium, and tax savings.”
 
Mark Barraza, Tucson, AZ

Banks Could Give Insurers a Run for Their HSA Money by Selling Health Coverage

Reprinted from INSIDE CONSUMER-DIRECTED CARE, a biweekly newsletter with timely news and insightful analysis of benefit design, contracts, market strategies and financial results.

By Steve Davis, Managing Editor, (sdavis@aispub.com)

Several of the nation’s largest health insurers operate banks that administer health accounts opened by their enrollees. But continued growth of health savings accounts (HSAs) could prompt banks to launch their own health insurance companies, some industry observers predict.

Getting into the insurance business could be a way for banks to increase their deposits and capture billions of dollars previously paid to health plans in the form of premiums, says James Knight, M.D., chairman of 1st Pacific Bank of California and CEO of Consumer Directed Health Care, Inc., a consumer-directed health (CDH) consulting firm.

UnitedHealth Group (OptumHealth Bank), the Blue Cross and Blue Shield Association (Blue Healthcare Bank) and WellPoint, Inc. (ARCUS Financial Bank) have subsidiaries to house HSAs, health reimbursement arrangements (HRAs) and flexible spending accounts (FSAs). As of Feb. 29, OptumHealth held more than $560 million in HSA deposits.

In 2007, according to Knight, health plans collectively took in about $700 billion in premium revenue for their commercial insurance products. In theory, switching consumers to high-deductible plans should reduce that premium revenue by about $300 billion, he says. Some of that savings could be redirected to consumer-owned HSAs. However, premiums charged for some HSA-qualified plans are far too high given the large deductibles enrollees are asked to meet before coverage begins, he contends.

“The insurance product ought to be very inexpensive compared to low-deductible (copayment-based) policies,” Knight asserts. “But the incumbent insurers aren’t interested in reducing their premium revenue.”

However, UnitedHealth Group, the nation’s largest seller of HSA-qualified plans, says its plans (sold through its Golden Rule subsidiary) typically cost 45% to 55% less than its more traditional coverage options, according to spokesperson Ian Stanton. As of Jan. 1, more than 1.3 million lives were covered by one of United’s HSA-based plans.

Banks May Offer Plans for Less

According to Knight, premiums for an insurance policy that carries a $6,000 annual deductible should be half the price of a policy that has a $500 deductible because the enrollee assumes far more financial risk. He cites the Rand Health Insurance Experiment, which determined that moving to high-deductible coverage should reduce insured payouts by at least 43%. Knight adds that average per-capita spending for people under age 65 is probably between $2,700 and $3,000 per year. But premiums often don’t reflect the savings that health plans reap. And that means there is less money for consumers to invest in HSAs.

“Banks are waiting for the bouquet, but when it arrives, it’s just a couple of flowers,” he quips.

Low-cost coverage would free up more money for customers to place into their HSAs, Knight suggests. An increase in core deposits, he says, “is platinum to banks right now.” Renewable deposits, Knight adds, could make the cost of running a health insurance business akin to a marketing expense.

Some banks already own property and casualty insurance companies. And banks that sell insurance tend to be more profitable than those that don’t, according to data released this month by Mamaroneck, N.Y.-based Bank Insurance Market Research Group. According to the report, banks that had some insurance activity in 2007 reported 44% higher (median) net income than banks that didn’t have such side businesses.

Large banks, which tend to be more profitable anyway, are more likely to operate an insurance businesses than are smaller firms, and the higher net income was apparent in all asset-size groups, according to the study. The smallest banks (less than $250 million in assets) that had some insurance activity had 40% higher median net income than that of similar-sized firms that didn’t offer insurance.

1999 Law Allows Competition

Under the Gramm-Leach-Bliley Act of 1999 (GLBA), financial service companies, large banks, or syndicates of midsized banks would be allowed to sell HSA-qualified insurance plans. The law repealed Glass-Steagall, a series of laws enacted beginning in 1933 that prohibited banks from offering investment and insurance services. GLBA allowed financial-service firms to offer investment, commercial banking and insurance services under one corporate roof.

So far, the insurance companies are the only ones taking advantage of the structure allowed under GLBA, primarily “as a defensive measure against the loss of premium revenue into HSA deposits,” says Knight. “Hopefully, well-capitalized banks will soon see the wisdom and market advantage of this structure.”

But launching an insurance company could be tricky. GLBA confirms that banks can sell certain insurance products, and underwrite certain other insurance products (e.g., credit life insurance). Broader underwriting authority is available if the bank contracts with an insurance affiliate of its holding company. Such an affiliate would not be limited in the range of insurance products it could underwrite, according to Joseph Yesutis, a banking and financial services attorney with Alston & Bird in Washington, D.C. Once the holding company has made the determination to add an insurance-underwriting subsidiary, the question becomes build or buy, he explains.

Regulations May Be Obstacle to Banks

The biggest obstacle to creating an insurance affiliate would be the various state Department of Insurance (DOI) requirements such as rate approvals and reserve and registration requirements, concurs John Hickman, partner and head of the Health Benefits Practice at Alston & Bird. “This DOI infrastructure can take years to develop,” he says. “Thus, there likely would be a significant advantage for the holding company to acquire an insurer as opposed to starting from scratch.”

And some banks would rather partner with health plans than compete with them. “We see more of an opportunity to partner” with health plans, says Jill Kelly, senior vice president at The Bancorp Bank. “That allows each industry to do what they are good at.” Kelly adds that potential synergies might exist between insurers and banks to improve claims-processing efficiencies.

Could Banks Offer Lower Premiums?

A group of midsized banks, according to Knight, could contribute about $15 million to purchase a dormant insurance company that can sell HSA-qualified health plans. “Of course they would have to abide by the same rules that govern other health insurers, but with the right structure, there’s nothing that would prohibit a bank from doing this,” he says.

The premiums for HSA-based health coverage seem to vary by region. In some states, such as California and Texas, HDHPs are a bargain compared to more traditional insurance products. “But there are other states where agents say they aren’t very competitive,” says Tim Morales, president of HSA Trustee Services in Lake Geneva, Wis.

Knight says the idea of bank-owned insurance companies could be permanently shelved if the Democrats win the White House and retain both houses of Congress in 2009. The HSA substantiation bill, which died in Congress last month, is likely to surface again in the next Congress if there is a better chance of passing it, according to industry observers. And a law that requires substantiation of HSA expenses would “kill the market penetration” of HSAs, according to Knight. Banks, he adds, tend to be conservative and probably won’t invest in such a strategy if the next presidential administration doesn’t support the growth of HSAs.

HSA Fundamentals Choosing a HSA Trustee

You’ve made the decision to participate in the new HSA opportunity…Now What? A critical piece of a high deductible health insurance plan (HDHP) is the Health Savings Account (HSA). Without this you’ve only lowered your premiums…you have not protected yourself or your family against future medical bills below your deductible.

A Health Savings Account (HSA) is a supercharged IRA with special powers. It is tax-sheltered money used to pay medical expenses.

Your next step is to set up your Health Savings Account with a qualified HSA Administrator or HSA Trustee. There are many choices out there so take a few moments and familiarize yourself with the basics below.

How much does it cost to set up and maintain an HSA Trustee account?

Each HSA Trustee will have its own fee structure based on what different kinds of services they offer. This is a case where cheapest does not necessarily mean best. Generally $0 - $120 per year depending on the level of service that best fits your situation. There is usually a “one time” start up fee as well as a monthly service charge. This monthly charge is many times waived if a certain amount is maintained in your HSA. Keep in mind this is an investment account. You will want to ask the HSA Trustee how specifically they will assist you as an individual in managing your HSA. You are in control of your HSA so don’t let anyone tell you differently. It’s your choice where your HSA resides.

What will an HSA Trustee provide for me?
Each HSA Truste e will have its own rules and regulations. You will receive a packet from the HSA Administrator which should include detailed information on how to use your account. Typically you will also receive a book of checks and a debit card that you can use to pay qualified expenses with. Some HSA Trustees even have programs that will help you manage your receipts and make sure you never pay more than what an insurance company does for health care services. This is an example of extra se rvices that some HSA Trustees don’t provide and hence may seem to cost less up front. Ask your HSA Trustee these questions and make sure you completely understand the services provided before signing on the dotted line.

What are my investment options with these funds?

HSA Trustees will typically offer an interest rate based on the amount you keep in your HSA fund. Some but not all HSA Trustees also offer qualified mutual funds, stocks and bonds. This is an important consideration when choosing your HSA Trustee. Use this fund as part of your strategy to lowe r long-term, after tax, health costs. It can double as one of your retirement accounts and is 100% tax free for anything you want after age 65.

What happens to my HSA bank account if I never withdraw funds or if I no longer have an HSA eligible health plan?

Your HSA account belongs to you. The less money you spend on medical expenses, the more will remain in your HSA account earning interest. Your account grows with you towards retirement and is treated as a typical IRA with all the IRS guidelines applying. At age 65 funds can be withdrawn in their entirety, without tax penalty, for any reason. That’s why HSAs are often referred to as “supercharged IRAs”. They are funded with tax-free dollars and your withdrawals for qualifying health care ex penses are tax-free. They are again tax-free for any purpose after age 65. They are considered part of your estate and are treated as such in the event you should die.

Insurance Provider HSA vs. Independent HSA Trustee?

Many insurance carrier HSA’s hide Trustee fees in the cost of the premium. Both are the same in regards to administration of the HSA account. Each will have its own fee structure based on different services provided. The main difference is an independent HSA trustee does not care who your insuran ce carrier is and will administer your HSA regardless of who you have insurance with. This leaves you wit h more options to pick and choose other insurance providers if a better deal comes along without having to deal with the hassles of changing your HSA Trustee.

Can you recommend a reputable HSA Trustee?

Yes.

There are several HSA Trustees who have a strong reputation in the industry. We recommend HSA Bank. However it is always up to you to look at and compare which one is best for you and your family’s situation.

You may want to ask your Health Benefits Specialist this question. He/She may have other recommendations that are better suited for you and your situation.

How to Save Money on Lab Work

One smart strategy to manage the funds in your Health Savings Account is to order your own diagnostic lab work. By ordering your own lab tests directly from the lab, you can dramatically lower your costs, keep your medical records private, and proactively manage your own health care.

Manage Your Health We all have responsibility for our own health. We cannot count on our doctors, our insurance companies, or our government to keep us well. The more people understand that, the better off we all are. The growth of the consumer-driven healthcare movement has now enabled the consumer to order lab tests directly, bypassing any middleman.

There are several lab testing companies that market directly to the public. They likely use the exact same local labs that your doctor would use, but the costs are almost always lower, and often by a good bit. In most cases you can go to the lab without an appointment, have your blood drawn, and be out in no time.

Marc Hart Insurance Services recommends My Med Lab to make their lowest pricing available to our clients and visitors of our site. After joining (there is no cost to do so), you may order lab tests, x-rays, and even CT scans or MRIs.  Like with most healthcare expenditures, the patient typically does little-to-no price shopping before ordering lab work. There is also often a markup by the doctor on tests he or she may order. So prices are way higher than they should be. Instead of participating in this messed-up system, many HSA owners are opting out by ordering their own tests. It is not uncommon to save 70% or more on the cost of your tests. You can even use these testing services when your own doctor is ordering tests.

Just explain that you are paying for the tests from your HSA, and as an involved consumer you wish to minimize your out-of-pocket expenses. If your doctor has a problem with this, you may want to hire a new doctor. That’s a lot of people controlling their own healthcare expenses, and the market will respond. One thing you can do to help is be a smart consumer.

As more people start shopping their healthcare, the market will respond with lower prices, more convenience, higher quality, and greater transparency in price. These are things that will help everyone, whether they have an HSA or not.

If you do not already have an HSA, get your Instant HSA Quote here If you would like assistance in choosing the best plan, please call 866-654-3644.