Compare Health Insurance Rates – Using Health Savings Account
People look at all the options available to them as the try to find affordable health insurance plans. Any option that is considered would have it’s good and bad part. The truth however is that quality health care costs a lot of money and any medical plan that can handle this cost would likely cost a lot too. You can go for a comprehensive health plan, choose a very high deductible which will in turn make your rates come very low and then get a Health Savings Account (HSA). Read on for more information.
This HS account is basically for meeting your deductible needs. The HSA always works with a High Deductible Health Plan. Let’s look at the way it operates.
The congress came up with this system to help people have an account where they would save tax free money towards meeting medical expenses. This means it is not just for paying deductibles. This is important to understand. Running this account involves regular yearly deposits of a set amount. Your deposits earn you tax free interest.
As you accumulate funds in this account, you can over time comfortably afford very high deductibles. What does having a high deductible mean?
The more you have to pay as deductible, the lower your monthly rates would be. This means that really raising your deductible would earn you much lower premium. Many people look at this option but don’t go with it because if they happen not to be able to pay their deductible, their insurance company would not honor their claims. A HSA solves this problem in two ways:
1, With the HSA, you save for the high deductible.
2, You can pay for some over the counter prescriptions and doctors visit from your HSA without referring to your insurance (this means you do not need to got to your insurer always).
The interesting thing about your HSA is that the money you save their would always be yours. This is unlike your health insurance premium which would never return to you whether you were sick and made a claim or not. Even if you do not get to use this funds for a while, it would still be there earning tax free interest for you. Remember this is totally tax free.
A good way of finding the right insurer for you is by getting and comparing affordable health insurance quotes online. How do you go about this? Go to quotes comparison sites and get free affordable health insurance quotes. These quotes are sent from different insurers giving you a good idea of what they all offer. When you compare health insurance rates from these quotes, you are sure of getting the most affordable health insurance policy.
How Do I Start Getting Quotes? Start from these links Affordable health Insurance Quotes and Compare health insurance rates Chimerenka Odimba is the publisher of several finance based sites.