Posts Tagged ‘Health Insurance’

Originally conceived in December of 2003 and finally implemented in January of 2004, the HSA plan was created to work in conjunction with a traditional high deductible health insurance policy.

With medical costs rising out of control and health insurance premiums following suit, congress needed to do something to enable the average individual and family to continue to afford heath coverage. The HSA, or Health Savings Account was the answer.

A Health Savings Account or HSA is just like having a ordinary bank account, but works with a standard, high-deductible, individual, or family health-care insurance plan. The money put into your HSA can be used to pay for many of your health care expenses, including; money you might need before your actual health insurance coverage begins to make payments (deductible). You can also use it towards paying health care expenses not covered by your existing health care plan.

You will never lose any money left overin your HSA., Whatever balance remains annually is simply rolled over onto the next year. With an HSA, you’ll have control over how to spend your money and how best to put it to work. You can use it for health care expenses including prescription glasses, any extra trips to the pharmacy, or unexpected medication your health insurance plan may not fully cover and many over-the-counter items you not normally considered as legitimate medical expenses.

Since the money in your HSA earns interest the same as a regular bank account, it allows you to plan for your future health care needs through interest earnings.

If you happen to change your job or even health coverage, the money in your HSA account remains and continues to earn interest.. As long as you use the money from your HSA account for eligible expenses as defined by the IRS, this money in your HSA account is tax- free! Your HSA dollars will also earn tax-free interest and there’s no minimum balance amount required.

While the Health Savings Account concept did not solve all of the problems inherent in out health care crisis, the HSA does provide relief and a manageable alternative for millions of Virginia and South Carolina residents.

If you don’t want the burden and stress of paying a lot for health insurance coverage, and want greater financial control than an HSA is definitely something you should consider.

Individual Health Insurance, is medical coverage that a person purchases on his own, as opposed to health insurance coverage provided by an employer or other organization. Any individual can purchase this health insurance protection for himself, a family, a parent (separate policy) or even dependent children (under 26).

Many Americans have group coverage, often health insurance coverage through their employer. Many are covered through a government program like Medicaid, or Medicare. The rest of the population must opt for private, individual health insurance coverage, in line with their own individual, specific needs and budgetary limitations. This allows them to create a policy that will not only cover specific medical needs, but allows them to control premium payments according to their unique needs and budget.

Individual health insurance coverage can be bought through a licensed health insurance sales person known as an agent, or broker (in most states the term in synonymous) Health insurance agents are available to help answer all of your specific insurance related questions, and can provide you with the specific coverage that meets all of your individual needs. You won’t be charged a fee for using their helpful servicesIt would be best to work with an independent agent. An independent agent works for you and not any specific insurance company, but has access to the best policies and rates from a wide variety of companies. He is paid through whichever company you and he choose to go with, so owes loyalty to no particular insurance carrier.

Health insurance is a bit like gambling between you and your insurance company. The health insurance company bets on taking in more of your monthly in premium payments than it will pay out for your medical costs. You are basically paying monthly just in case any medical need arises.

The extent of your coverage depends on the specifics of you policy. Some policies require co-payments, which basically required you to pay a small amount of money out of pocket for things like doctor visits and perscription payments. Your plan may also have a set deductible , which required you to be responsible for a certain amount annually before the insurance company pays dime one. The coverage and restrictions vary in accordance with your monthly payment, or premium.

You need health insurance. People often do not understand that even a single day in a hospital can destroy your life savings. Medical emergencies are responsible for more bankrupcies in America than any other factor. Call your local health insurance agent and get covered.

Understanding Copays and Deductibles

Insurance premiums in South Carolina and Virginia, as in the rest of the country continue to grow, but there are ways that you can minimize your expenditure. While it is very possible to reduce your monthly premiums it is imperative that you understand that there are trade-offs.

Two of the factors that determine the size of your premium are co-pays and deductibles.

A co-pay is the amount of money that you must lay out when you seek medical attention for a physician, for emergency room visits, or through the purchase of prescriptions. These are generally fixed numeric amounts rather than percentages.

A deductible refers to the amount of money for which you are responsible before the insurance company is payments kick in. These are generally expressed in terms of percentages. The higher your deductible to lower your premium. In other words the more responsibility you are willing to shoulder up front will determine your monthly costs.

With rising insurance costs, many people are willing to carry the smaller costs of larger co-pays and greater deductibles, knowing that should they incur large medical bills they would be fundamentally covered.

For each individual the needs are unique and so the choices will vary. Our  insurance agents can help you to assess your needs and determine a proper balance between costs and coverage, thus creating a plan perfectly fitted for your needs and budget.

Call : 843-297-8162 for a free quote and consultation.