I had two interesting questions asked to me the other day by an employer. He simply wanted to know, “Can an employer continue to contribute to a Health Savings Account if they’re on COBRA?” and “Can the employee use their Health Savings Account to pay for their COBRA Benefits.
The Simple Answer… Yes (With some guidelines of course).
To answer the first question.
There are no restrictions to an employee on COBRA that wants to continue contributing to their Health Savings Account. The employer is no longer responsible for their contribution but the employee can continue as they see fit.
http://www.ustreas.gov/offices/public-affairs/hsa/faq_using.shtml
Now to answer the second question.
As per the U.S. Treasury “You can only use your HSA to pay health insurance premiums if you are collecting Federal or State unemployment benefits, or you have COBRA continuation coverage through a former employer.”
Pretty Straight Forward… If you’re on unemployment or COBRA you can use your Health Savings Account to pay your premiums.
So this technically leaves open an opportunity for someone on COBRA to pay there health insurance 100% tax free.
Think about it, if your premium is $300 a month on COBRA.
You could contribute $300 to your Health Savings Account (Get the Tax Deduction) then use the Tax-Free Money to pay for your COBRA Benefits.
Not bad, for most people this is the only opportunity for you to Take Advantage of 100% Tax Free Money. Obviously talk to you accountant first because I am not one. But this poses an interesting option.
If you have any questions you can reach me at (631) 338- 9917.
Related Posts: Hoosiers and Health Savings Accounts
Related Posts: What's a H.R.A & How is it different then an H.S.A?
Related Posts: What's the difference between an H.S.A & a F.S.A?
Related Posts: Should I consider a High Deductible Plan?
Related Posts: What's a Health Savings Account (H.S.A) and why I should consider one
Showing posts with label Health Savings Account. Show all posts
Showing posts with label Health Savings Account. Show all posts
Monday, March 15, 2010
Monday, March 1, 2010
Hoosiers and Health Savings Accounts (WSJ ARTICLE)
Instead of writing an Article this week, I thought I would share with you a great Article Emailed to me that was in the Wall Street Journal written by the governor of Indiana Mitch Daniels.
Hoosiers and Health Savings Accounts
OPINION MARCH 1, 2010, 8:51 A.M. ET
An Indiana experiment that is reducing costs for the state and its employees.
By MITCH DANIELS
As Washington prepares to revisit the subject of health-care reform, perhaps some fresh experience from Middle America would be of value. When I was elected governor of Indiana five years ago, I asked that a consumer-directed health insurance option, or Health Savings Account (HSA), be added to the conventional plans then available to state employees. I thought this additional choice might work well for at least a few of my co-workers, and in the first year some 4% of us signed up for it.
In Indiana's HSA, the state deposits $2,750 per year into an account controlled by the employee, out of which he pays all his health bills. Indiana covers the premium for the plan. The intent is that participants will become more cost-conscious and careful about overpayment or overutilization.
Unused funds in the account—to date some $30 million or about $2,000 per employee and growing fast—are the worker's permanent property. For the very small number of employees (about 6% last year) who use their entire account balance, the state shares further health costs up to an out-of-pocket maximum of $8,000, after which the employee is completely
protected.
The HSA option has proven highly popular. This year, over 70% of our 30,000 Indiana state workers chose it, by far the highest in public-sector America. Due to the rejection of these plans by government unions, the average use of HSAs in the public sector across the country is just 2%.
What we, and independent health-care experts at Mercer Consulting, have found is that individually owned and directed health-care coverage has a startlingly positive effect on costs for both employees and the state. What follows is a summary of our experience:
State employees enrolled in the consumer-driven plan will save more than $8 million in 2010 compared to their coworkers in the old-fashioned preferred provider organization (PPO) alternative. In the second straight year in which we've been forced to skip salary increases, workers switching to the HSA are adding thousands of dollars to their take-home pay. (Even
if an employee had health issues and incurred the maximum out-of-pocket expenses, he would still be hundreds of dollars ahead.) HSA customers seem highly satisfied; only 3% have opted to switch back to the PPO.
The state is saving, too. In a time of severe budgetary stress, Indiana will save at least $20 million in 2010 because of our high HSA enrollment. Mercer calculates the state's total costs are being reduced by 11% solely due to the HSA option.
Most important, we are seeing significant changes in behavior, and consequently lower total costs. In 2009, for example, state workers with the HSA visited emergency rooms and physicians 67% less frequently than co-workers with traditional health care. They were much more likely to use generic drugs than those enrolled in the conventional plan, resulting in an
average lower cost per prescription of $18. They were admitted to hospitals less than half as frequently as their colleagues. Differences in health status between the groups account for part of this disparity, but consumer decision-making is, we've found, also a major factor.
Overall, participants in our new plan ran up only $65 in cost for every $100 incurred by their associates under the old coverage. Are HSA participants denying themselves needed care in order to save money? The answer, as far as the state of Indiana and Mercer Consulting can find, is no. There is no evidence HSA members are more likely to defer needed care or common-sense preventive measures such as routine physicals or mammograms.
It turns out that, when someone is spending his own money alone for routine expenses, he is far more likely to ask the questions he would ask if purchasing any other good or service: "Is there a generic version of that drug?" "Didn't I take that same test just recently?" "Where can I get the colonoscopy at the best price?"
By contrast, the prevalent model of health plans in this country in effect signals individuals they can buy health care on someone else's credit card. A fast-food meal costs most Americans more out of pocket than a visit to the doctor. What seems free will always be overconsumed, compared to the choices a normal consumer would make. Hence our plan's immense savings.
The Indiana experience confirms what common sense already tells us: A system built on "cost-plus" reimbursement (i.e., the more a physician does, the more he or she gets paid) coupled with "free" to the purchaser consumption, is a machine perfectly designed to overconsume and overspend. It will never be controlled by top-down balloon-squeezing by insurance companies or the government. There will be no meaningful cost control until we are all cost controllers in our own right.
Americans can make sound, thrifty decisions about their own health. If national policy trusted and encouraged them to do so, our skyrocketing health-care costs would decelerate.
Mr. Daniels, a Republican, is governor of Indiana.
For more Wall Street Journal Articles please visit www.WSJ.com
Its an interesting take on an idea that unfortunately the rest of the country has been slow to realize.
For more information you can contact me at 631-338-9917.
Related Posts: What's a H.R.A & How is it different then an H.S.A?
Related Posts: What's the difference between an H.S.A & a F.S.A?
Related Posts: Should I consider a High Deductible Plan?
Related Posts: What's a Health Savings Account (H.S.A) and why I should consider one
Related Posts: Using a Health Savings Account to pay for Cobra
Hoosiers and Health Savings Accounts
OPINION MARCH 1, 2010, 8:51 A.M. ET
An Indiana experiment that is reducing costs for the state and its employees.
By MITCH DANIELS
As Washington prepares to revisit the subject of health-care reform, perhaps some fresh experience from Middle America would be of value. When I was elected governor of Indiana five years ago, I asked that a consumer-directed health insurance option, or Health Savings Account (HSA), be added to the conventional plans then available to state employees. I thought this additional choice might work well for at least a few of my co-workers, and in the first year some 4% of us signed up for it.
In Indiana's HSA, the state deposits $2,750 per year into an account controlled by the employee, out of which he pays all his health bills. Indiana covers the premium for the plan. The intent is that participants will become more cost-conscious and careful about overpayment or overutilization.
Unused funds in the account—to date some $30 million or about $2,000 per employee and growing fast—are the worker's permanent property. For the very small number of employees (about 6% last year) who use their entire account balance, the state shares further health costs up to an out-of-pocket maximum of $8,000, after which the employee is completely
protected.
The HSA option has proven highly popular. This year, over 70% of our 30,000 Indiana state workers chose it, by far the highest in public-sector America. Due to the rejection of these plans by government unions, the average use of HSAs in the public sector across the country is just 2%.
What we, and independent health-care experts at Mercer Consulting, have found is that individually owned and directed health-care coverage has a startlingly positive effect on costs for both employees and the state. What follows is a summary of our experience:
State employees enrolled in the consumer-driven plan will save more than $8 million in 2010 compared to their coworkers in the old-fashioned preferred provider organization (PPO) alternative. In the second straight year in which we've been forced to skip salary increases, workers switching to the HSA are adding thousands of dollars to their take-home pay. (Even
if an employee had health issues and incurred the maximum out-of-pocket expenses, he would still be hundreds of dollars ahead.) HSA customers seem highly satisfied; only 3% have opted to switch back to the PPO.
The state is saving, too. In a time of severe budgetary stress, Indiana will save at least $20 million in 2010 because of our high HSA enrollment. Mercer calculates the state's total costs are being reduced by 11% solely due to the HSA option.
Most important, we are seeing significant changes in behavior, and consequently lower total costs. In 2009, for example, state workers with the HSA visited emergency rooms and physicians 67% less frequently than co-workers with traditional health care. They were much more likely to use generic drugs than those enrolled in the conventional plan, resulting in an
average lower cost per prescription of $18. They were admitted to hospitals less than half as frequently as their colleagues. Differences in health status between the groups account for part of this disparity, but consumer decision-making is, we've found, also a major factor.
Overall, participants in our new plan ran up only $65 in cost for every $100 incurred by their associates under the old coverage. Are HSA participants denying themselves needed care in order to save money? The answer, as far as the state of Indiana and Mercer Consulting can find, is no. There is no evidence HSA members are more likely to defer needed care or common-sense preventive measures such as routine physicals or mammograms.
It turns out that, when someone is spending his own money alone for routine expenses, he is far more likely to ask the questions he would ask if purchasing any other good or service: "Is there a generic version of that drug?" "Didn't I take that same test just recently?" "Where can I get the colonoscopy at the best price?"
By contrast, the prevalent model of health plans in this country in effect signals individuals they can buy health care on someone else's credit card. A fast-food meal costs most Americans more out of pocket than a visit to the doctor. What seems free will always be overconsumed, compared to the choices a normal consumer would make. Hence our plan's immense savings.
The Indiana experience confirms what common sense already tells us: A system built on "cost-plus" reimbursement (i.e., the more a physician does, the more he or she gets paid) coupled with "free" to the purchaser consumption, is a machine perfectly designed to overconsume and overspend. It will never be controlled by top-down balloon-squeezing by insurance companies or the government. There will be no meaningful cost control until we are all cost controllers in our own right.
Americans can make sound, thrifty decisions about their own health. If national policy trusted and encouraged them to do so, our skyrocketing health-care costs would decelerate.
Mr. Daniels, a Republican, is governor of Indiana.
For more Wall Street Journal Articles please visit www.WSJ.com
Its an interesting take on an idea that unfortunately the rest of the country has been slow to realize.
For more information you can contact me at 631-338-9917.
Related Posts: What's a H.R.A & How is it different then an H.S.A?
Related Posts: What's the difference between an H.S.A & a F.S.A?
Related Posts: Should I consider a High Deductible Plan?
Related Posts: What's a Health Savings Account (H.S.A) and why I should consider one
Related Posts: Using a Health Savings Account to pay for Cobra
Wednesday, February 3, 2010
What is a Health Reimbursement Account (H.R.A), and how is it different then a Health Savings Account (H.S.A.)?
A few of my clients recently asked me, “What’s a Health Reimbursement Account?” and “Should I have one?”
At this point you’re probably starting to get sick of all these acronyms, H.S.A, F.S.A, H.R.A etc…
A Health Reimbursement Account is an account maintained by an employer that reimburses employees for qualified medical expenses.
Your probably saying to yourself, “Isn’t that what an Health Savings Account does?”.
Yes & No
There are some actual differences between the two, the first being how their funded.
Health Reimbursement Accounts don’t need to be funded in advance, but Health Savings Accounts do. An employer can set a maximum amount they will reimburse their employees every year (Maximum for families is $6,150, & Individuals is $3,050 as of 2010) and pay the benefits as they come in (So there not forced to put aside funds in advance). Eligible reimbursements for example would be co-pays, co-insurance, deductibles, etc.
So in the case of a Health Reimbursement Account, the business gets the deduction and the employee gets the benefit. Where as in a Health Savings Account the employee has to make the contribution but they get the deduction.
The next difference is ownership; since the accounts don’t need to be pre-funded they are not owned by the employee. So, if an employee leaves a company he will no longer have access to their H.R.A account. This should not pose a problem because the account is not funded anyway. Where as in a Health Savings Account, the employee has set aside their own money pretax, so they own the account and they can take it with them wherever they go.
So, when comparing the two there is significant upside to both accounts:
H.R.A’s offer more Contribution Flexibility, Tax Deductions to the Business, and they allow the employee to not have to make any contributions.
H.S.A’s offer a Tax Deduction to the employee, Portability (They can take it with them if they leave their employer) but they must be funded by the employee.
Either way, both accounts help employees to pay for some of the expenses they’ll incur that are not covered by their medical plan. It simply depends on what option the employer decides to offer there employees and how its structured.
If you have any questions you can reach me at 631-338-9917.
Related Posts: Hoosiers and Health Savings Accounts
Related Posts: What's the difference between an H.S.A & a F.S.A?
Related Posts: Should I consider a High Deductible Plan?
Related Posts: What's a Health Savings Account (H.S.A) and why I should consider one
Related Posts: Using a Health Savings Account to pay for Cobra
Wednesday, January 20, 2010
What’s the difference between a Health Savings Account (HSA) and a Flexible Spending Account (FSA)?
This question actually came up this morning at a Networking Function I attended and most of the attendees were surprised with the answer.
For those of you that read my prior postings, you would know that a Health Savings Account is money that you can set aside “Pre Tax” to pay for medical expenses on a tax favored basis!
Sounds pretty good huh? You get to pay for Drugs, exams and hospitalization Pre Tax!
Here’s an example:
You have a $3000 Deductible on your Health Insurance Plan. If you pay for that with after tax funds and you’re in the 25% tax bracket, you would have had to make $4,000 before taxes, paid taxes of $1,000, and then used the remaining $3,000 to pay for your medical bills.
If you used a Health Savings Account, you would have set aside $3,000 Pre Tax and it would have all went toward your medical benefits. So, the other $1,000 you would have had to set aside originally, you would pay taxes on ($250) and you would have pocketed the remaining $750.
So, if you in the 25% Tax Bracket you would save roughly $250 per $1000 by using Tax Advantaged funds.
After looking at these numbers, you clearly make out much better using a Health Savings Account.
Then you may ask, “What’s a Flexible Spending Account?”
Well, simply put they are almost identical to Health Savings Accounts with one major drawback.
In a Flexible Spending Account you CAN NOT carry over remaining balances at the end of the year!
This is considered a use it or lose it benefit. This is why it becomes so difficult to use them. Insured’s don’t want to save too much, because if you don’t use it for health care by the end of the year, you lose the balance, but if you save too little you don’t maximize your benefit! This creates a major budgeting issue!
So, why would I use a Flexible Spending Account?
Health Savings Accounts MUST be paired with a High Deductible Health Insurance Plan. So, if you have a traditional plan a Flexible Spending Account is your only option.
So, in conclusion Health Savings Accounts have a better benefit (The balances carries over year after year) because there’s greater exposure that you have to meet a high deductible at some point.
Flexible Spending Accounts offer a similar benefit (Without the carry over) to people who have a traditional health insurance plan.
So what should I do?
If you have an Health Savings Account:
Try to save Pre Tax your Deductible every year. Its Pre Tax and forced savings, it’ll benefit you in the long run.
If you have an Flexible Spending Account on a Traditional Plan:
Look at how much you spent on medical expenses the year prior, and set only that amount aside for the up and coming year. This way you’ll still take advantage of the benefit without the threat of over contribution. You should also spend the remaining balance by the end of the year (ie. Buy prescriptions, checkups etc. before the year ends).
If you have any questions you can always reach me at 631-338-9917.
Related Posts: Hoosiers and Health Savings Accounts
Related Posts: What's a H.R.A & How is it different then an H.S.A?
Related Posts: Should I consider a High Deductible Plan?
Related Posts: What's a Health Savings Account (H.S.A) and why I should consider one
Related Posts: Using a Health Savings Account to pay for Cobra
For those of you that read my prior postings, you would know that a Health Savings Account is money that you can set aside “Pre Tax” to pay for medical expenses on a tax favored basis!
Sounds pretty good huh? You get to pay for Drugs, exams and hospitalization Pre Tax!
Here’s an example:
You have a $3000 Deductible on your Health Insurance Plan. If you pay for that with after tax funds and you’re in the 25% tax bracket, you would have had to make $4,000 before taxes, paid taxes of $1,000, and then used the remaining $3,000 to pay for your medical bills.
If you used a Health Savings Account, you would have set aside $3,000 Pre Tax and it would have all went toward your medical benefits. So, the other $1,000 you would have had to set aside originally, you would pay taxes on ($250) and you would have pocketed the remaining $750.
So, if you in the 25% Tax Bracket you would save roughly $250 per $1000 by using Tax Advantaged funds.
After looking at these numbers, you clearly make out much better using a Health Savings Account.
Then you may ask, “What’s a Flexible Spending Account?”
Well, simply put they are almost identical to Health Savings Accounts with one major drawback.
In a Flexible Spending Account you CAN NOT carry over remaining balances at the end of the year!
This is considered a use it or lose it benefit. This is why it becomes so difficult to use them. Insured’s don’t want to save too much, because if you don’t use it for health care by the end of the year, you lose the balance, but if you save too little you don’t maximize your benefit! This creates a major budgeting issue!
So, why would I use a Flexible Spending Account?
Health Savings Accounts MUST be paired with a High Deductible Health Insurance Plan. So, if you have a traditional plan a Flexible Spending Account is your only option.
So, in conclusion Health Savings Accounts have a better benefit (The balances carries over year after year) because there’s greater exposure that you have to meet a high deductible at some point.
Flexible Spending Accounts offer a similar benefit (Without the carry over) to people who have a traditional health insurance plan.
So what should I do?
If you have an Health Savings Account:
Try to save Pre Tax your Deductible every year. Its Pre Tax and forced savings, it’ll benefit you in the long run.
If you have an Flexible Spending Account on a Traditional Plan:
Look at how much you spent on medical expenses the year prior, and set only that amount aside for the up and coming year. This way you’ll still take advantage of the benefit without the threat of over contribution. You should also spend the remaining balance by the end of the year (ie. Buy prescriptions, checkups etc. before the year ends).
If you have any questions you can always reach me at 631-338-9917.
Related Posts: Hoosiers and Health Savings Accounts
Related Posts: What's a H.R.A & How is it different then an H.S.A?
Related Posts: Should I consider a High Deductible Plan?
Related Posts: What's a Health Savings Account (H.S.A) and why I should consider one
Related Posts: Using a Health Savings Account to pay for Cobra
Monday, December 21, 2009
What’s a Health Saving Account and why should I consider one?
Most business owners that have offered their employees High Deductible Health Insurance Plans also offer their employees “Health Saving Accounts”. Unfortunately, the majority of employees don’t utilize this potion of their health insurance plan. This has to do with a lack of information on what a “Health Savings Account” is and how it works.
A Health Savings Account is an account that allows you to save money to put toward future Medical Expenses. Think of it as saving for a rainy day to cover medical bills, and costly expenses (Braces, Laser Eye Vision etc). An employee or an employer can put aside money into an account which gives the employee a tax deduction and savings to put toward qualified medical expenses. The plan allows for money to be carried over year after year helping employees meet large expenses or cover routine exams etc.
What makes the plan so interesting is it can allow you to take a portion of what you would have normally paid in premium and save the difference. Almost giving yourself a “Bonus” for keeping yourself healthy.
Let me give you an example:
Option 1:
“Traditional” Individual Plan
Monthly Cost-$400.00
Total Cost- $400.00
Option 2:
“High Deductible Plan $2,500 Deductible w/ HSA account” Individual Plan
Monthly Cost-$200.00
Saving the difference $200.00 in an HSA account
Total Cost- $400.00
After a year the person with Option 2 has set aside $2400 (Not counting interest) and can now use that account to meet his medical expenses. If the situation arises that he had a quiet year medically, his account balance would carry over to the next year.
So in both situations, the monthly expense is the same $400.00 but with an HSA account you have the opportunity to have money set aside for future medical expenses.
Any time you can set aside money for your benefit, and get a tax deduction in the process, you should jump at the chance. Force yourself to save for the future and you’ll be better off in the long run.
If you have any questions you can always reach me at 631-338-9917.
Related Posts: Hoosiers and Health Savings Accounts
Related Posts: What's a H.R.A & How is it different then an H.S.A?
Related Posts: What's the difference between an H.S.A & a F.S.A?
Related Posts: Should I consider a High Deductible Plan?
Related Posts: Using a Health Savings Account to pay for Cobra
A Health Savings Account is an account that allows you to save money to put toward future Medical Expenses. Think of it as saving for a rainy day to cover medical bills, and costly expenses (Braces, Laser Eye Vision etc). An employee or an employer can put aside money into an account which gives the employee a tax deduction and savings to put toward qualified medical expenses. The plan allows for money to be carried over year after year helping employees meet large expenses or cover routine exams etc.
What makes the plan so interesting is it can allow you to take a portion of what you would have normally paid in premium and save the difference. Almost giving yourself a “Bonus” for keeping yourself healthy.
Let me give you an example:
Option 1:
“Traditional” Individual Plan
Monthly Cost-$400.00
Total Cost- $400.00
Option 2:
“High Deductible Plan $2,500 Deductible w/ HSA account” Individual Plan
Monthly Cost-$200.00
Saving the difference $200.00 in an HSA account
Total Cost- $400.00
After a year the person with Option 2 has set aside $2400 (Not counting interest) and can now use that account to meet his medical expenses. If the situation arises that he had a quiet year medically, his account balance would carry over to the next year.
So in both situations, the monthly expense is the same $400.00 but with an HSA account you have the opportunity to have money set aside for future medical expenses.
Any time you can set aside money for your benefit, and get a tax deduction in the process, you should jump at the chance. Force yourself to save for the future and you’ll be better off in the long run.
If you have any questions you can always reach me at 631-338-9917.
Related Posts: Hoosiers and Health Savings Accounts
Related Posts: What's a H.R.A & How is it different then an H.S.A?
Related Posts: What's the difference between an H.S.A & a F.S.A?
Related Posts: Should I consider a High Deductible Plan?
Related Posts: Using a Health Savings Account to pay for Cobra
Tuesday, December 8, 2009
Should I consider a high deductible health plan as an option?
More often that not, employers want to offer “Comprehensive” medical benefits. What that usually means to employers is a “traditional” plan where everything is covered with low deductibles. Unfortunately, a traditional plan might not make sense to both the insured and the employer.
WHY?
Because people want insurance to protect the “WHAT IF” but they rarely go to the doctor. Last time I checked it was something like 92% of all health insurance claims come from 8% of the insureds.
WOW. I mean do the math, that means the reverse must be true. 92% of Insured’s only account for roughly 8% of claims.
Usually large deductible plans scare employees and employers because it’s different, its not what their used to. But overall it can work out better for both parties given how often they see doctors.
Here’s a quick example:
Option 1: A Traditional Plan
Monthly cost $1100/ Doctor Co Pays $30
The cost per year is $13,200 Without Co-Pays
Option 2: A High Deductible Plan
Monthly Cost $900/ Family Deductible $5000
The MAX cost for insurance is $10,800 + the deductible of $5000 for a TOTAL of $15,800.
So with a high deductible plan you would pay less a month but be responsible for the first $5000. It becomes a matter of preference, and how often you go to the doctor.
You can end up paying a higher amount upfront with a high deductible plan when you count the deductible but it could benefit you in the long run if you see the doctor very often. You should always meet with someone before you make a change because considering all options can help make you a better educated consumer.
REMEMBER KNOWLEDGE IS POWER!
If you have any questions you can always reach me at 631-338-9917.
Related Posts: Hoosiers and Health Savings Accounts
Related Posts: What's a H.R.A & How is it different then an H.S.A?
Related Posts: What's the difference between an H.S.A & a F.S.A?
Related Posts: What's a Health Savings Account (H.S.A) and why I should consider one
Related Posts: Using a Health Savings Account to pay for Cobra
WHY?
Because people want insurance to protect the “WHAT IF” but they rarely go to the doctor. Last time I checked it was something like 92% of all health insurance claims come from 8% of the insureds.
WOW. I mean do the math, that means the reverse must be true. 92% of Insured’s only account for roughly 8% of claims.
Usually large deductible plans scare employees and employers because it’s different, its not what their used to. But overall it can work out better for both parties given how often they see doctors.
Here’s a quick example:
Option 1: A Traditional Plan
Monthly cost $1100/ Doctor Co Pays $30
The cost per year is $13,200 Without Co-Pays
Option 2: A High Deductible Plan
Monthly Cost $900/ Family Deductible $5000
The MAX cost for insurance is $10,800 + the deductible of $5000 for a TOTAL of $15,800.
So with a high deductible plan you would pay less a month but be responsible for the first $5000. It becomes a matter of preference, and how often you go to the doctor.
You can end up paying a higher amount upfront with a high deductible plan when you count the deductible but it could benefit you in the long run if you see the doctor very often. You should always meet with someone before you make a change because considering all options can help make you a better educated consumer.
REMEMBER KNOWLEDGE IS POWER!
If you have any questions you can always reach me at 631-338-9917.
Related Posts: Hoosiers and Health Savings Accounts
Related Posts: What's a H.R.A & How is it different then an H.S.A?
Related Posts: What's the difference between an H.S.A & a F.S.A?
Related Posts: What's a Health Savings Account (H.S.A) and why I should consider one
Related Posts: Using a Health Savings Account to pay for Cobra
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