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It could happen to anyone at anytime and with more cars on the road than ever before an auto accident can be both devastating and cause unnecessary stress to all involved. One of the last things you want at that time is a problem with your medical insurance coverage.

Anyone could be involved in a car accident at any time, driving safely is no guarantee as an accident is just as likely to be the other drivers fault. Even if you were not responsible for an accident the medical bills are likely to be enormous and the more serious the accident the higher your medical costs are likely to be. Trying to pay them without the protection offered by insurance would be difficult for most people and one that with a little forward planning can be avoided.

It can be difficult to determine just what is covered by your policy and to be honest for most people they are more interested in securing the policy than the finer details.One option to consider is an auto insurance policy with inclusive medical coverage because if your auto insurance policy has medical coverage included this ensures that you are covered for any injury that results from a car accident.

An additional benefit of Affordable Auto Insurance policies with inclusive medical coverage is that they may also cover injuries sustained from accidents affecting you as a pedestrian. It is also common practice that auto insurance policies would include including medical protection for any passengers in your vehicle at the time of an accident. Just think of the possible medical expenses if your car is involved in accident, even more so if there are 3 passengers with you at the time, it is comforting to know that your medical expenses plus those of your passengers will be covered by your auto insurance policy.

Blame doesn’t come into it because regardless of who is at fault if you are involved in any type of accident where you have medical expenses due to the accident, those expenses will be covered. Medical expenses can be considerable as they may include everything from ambulance transportation, x-rays, surgery and extended hospital stays. Regardless of your injuries you can rest assured that you will not have to worry about them at the time of the accident.

It should also be remembered that medical care and the costs involved may well carry on after being discharged from hospital, you may require long term medical care and your insurance cover can help with the 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…

If you are in good health, you may rarely think about the money you spend on doctors and medicine throughout the year. But if you keep track and add it all up, you?ll notice that you are spending more than you thought. You may be eligible for a tax-favored savings plan to help with paying for qualified medical expenses.

In 2003, the Health Savings Account (HSA) program was created for those who are covered by high-deductible health insurance policies and do not qualify for Medicare. High-deductible plans are those with an annual deductible of $1,000 or more and $2,000 or more for family coverage. You must also only have one health insurance provider.

The HSA is an account through a bank or health insurance company that you can make contributions to every year. The funds can be used to pay for health expenses for you, your spouse and dependents. HSAs can be used to cover certain medical expenses that are not covered by your insurance company. These include: doctor visits, prescription drugs, over-the-counter drugs and long term care insurance. You can even use the funds to pay for your health insurance deductible and COBRA benefits. If you find yourself unemployed, you can use the account to pay for your insurance premiums.

There are many tax benefits that equal savings for you through HSAs. All of the money you contribute to your HSA is tax-deductible up to the amount of the policy deductible. You don?t even have to itemize your expenses. All interest and investment earnings on the account are not taxable. Money that you have in your HSA is growing tax-free. By using your HSA funds to pay for qualified medical expenses, you are using money that will not be taxed on your income.

You are allowed to deposit yearly the amount equal to your health insurance deductible. For example, if you have a deductible of $1,000, you can deposit $1,000 in your account. There is a limit to how much you can write-off on your taxes. The amount cannot exceed $2,600 for individuals and $5,150 for families. The money you deposit in your HSA must only come from cash, not from stocks or IRAs.

The funds in your HSA can be used any time, there is no time limit. The unused balance at the year?s end is simply carried over, accruing tax-free investment earnings. Your money belongs to you, Read more…