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If you are one of the millions of self employed Americans with no health insurance, take advantage of the new affordable health insurance options now available. With a health savings account and a high deductible individual or family policy you can afford to protect your family?s health. And it has tax benefits too.

A Health Savings Account is a new Affordable health insurance option. Health Savings Accounts will change the way millions can save to meet their health care needs. HSAs will help consumers have more choice in meeting their health care needs The account is set up as a savings account, but it allows you to use the funds to pay for your health care expenses. With an HSA you can pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.

You have to be covered by a High Deductible Health Plan (HDHP) to take advantage of HSAs. An HDHP generally costs less than traditional health care coverage, so the money you save on insurance can be put into the Health Savings Account. The national average premium for an individual policy is only $92 per month and $272 per month for a family policy.

Using an HSA can lower your tax bill too. If you make the maximum tax-deductible annual contribution this year, these new health insurance premiums are tax deductible so your after-tax cost will be even less!

These new plans reward you for staying healthy. Because they are based on Read more…

The Health Savings Account (HSA) is becoming well-known as an incredible tool to reduce health insurance premuims and still provide good security for healthcare emergencies.

This article is about submitting your medical bills while you are still under your insurance deductible, and what to consider before doing that.

Generally, submitting your documentation to your insurance company even when you are paying with HSA money is still a good idea.

I say this for two reasons.

First, if you using services from an in-network doctor, or you require prescriptions or any type medical device, submitting your bills through your insurance company will reduce your costs for these services and products.

This is because the insurance company has already pre-negotiated a set of prices with those suppliers (doctors, pharmacies, etc.) and they need to give you those prices whether or not you have reached your deductible.

The difference between the ?average Joe price? and the ?insurance company price? is often dramatic. I?ve personally seen cases where a the price of a CT-Scan went from $1200 for the average Joe down to $275 for the insurance company price. That?s a 77% discount! Take advantage of the prices your insurance company has negotiated, you?ll be happy you did. It won?t apply to everything, but you?ll be surprised how often it helps you out.

Secondly, it makes sense to submit your HSA-funded doctor visits and prescriptions through your health insurance, even though they won?t pay for it because you haven?t reached your deductible amount.

You may notice that, as you continue to submit the seemingly small amounts here and there throughout the year, it may eventually add up to your deductible and your health insurance will kick in automatically. Although those years will be rare when you spend $2,500 or $5,000 on these healthcare services, it still might happen in any particular year. So, for this reason too, it is good to submit those bills into your insurance company.

Your doctor may be willing to fill out the paperwork for you, or you may have to send it in yourself. In particular, the Read more…