Posted: Fri Nov 07, 2008 5:10 am Post subject: HSA plan has higher premiums!?!
I am recently self employed and shopping for family health insurance for myself (38 yo), my wife (35 yo), and my daughter (6 yo), all healthy. We live in the fine State of Oregon.
I have read Paul Zane Pilzer's book: "The New Health Insurance Solution" and was very interested in his discussion and endorsement of Health Savings Account High-Deductible health insurance plans.
However, in researching different types of plans (including HSA plans) on ehealthinsurance.com, many of the estimated premium quotes I am getting on HSA qualified plans are $50-106 more expensive than a comparable non-HSA plan with a roughly equivalent deductible.
Please see this link below for my quote details (it was too involved to place in this post):
tinyurl.com/6la83j
The only reason I can see is perhaps the difference in the annual deductibles. Although they all tout deductibles in the $2200-$2500 range, the non-HSA plans seem to be indicating that is 'per-person' whereas the HSA plans are 'total family' deductibles.
Am I analyzing this correctly? If so, are HSA's still a good 'value'?
I’m not an expert of health insurance, hence, don’t want to misguide you. Hope an expert community member will soon drop into this thread to help you clear the confusion.
The HSA plans are much less expensive that the traditional health plans, especially when you equate the risks. Its said that policy holders may use their copay health plans more casually than HSA plans, since they want to receive full value of the money. The co-pay plans premium may increase by 30% to 35% in latter years, because of the misuse of the benefits, whereas, the price for the HSA plan may increase only by 4% to 7% depending upon your age and type of plan. _________________ Register Now to have your Insurance queries solved.
Posted: Wed Nov 12, 2008 1:24 am Post subject: HSA
The HSA has a per-family deductible. I wouldn't pay more for it than a standard 80/20 plan even with the advantage of putting away money pretax for small medical costs.
You need an independent agent in your area to help you discern the plans.
Posted: Tue Nov 25, 2008 8:57 pm Post subject: HDHP vs. HSA plan
I have seen this metnioned before and simply do not understand why. There really is no such thing as a HSA Plan. HSA or Health Savings Account is basically a limited use bank account. It is an independant bank account that allows you to take pre tax income and place it in an account that can only be used for qualified medical expenses, Cobra premiums, Long Term Care Insurance, health insurance premiums (only if individual is receiving unemployment comp) or retiree health insurance premiums (medicare). It has nothing to do with Health Insurance in general. Being in a QHDHP or a Qualified High Deductible Health Plan allows you to start a Health Savings Account. You cannot contribute or begin a Health Savings Account without being enrolled in a QHDHP. According to the Internal Revenue Code, in order to qualify to open an HSA, a QHDHP minimum deductible must be at least $1,000 (self-only coverage) or $2,000 (family coverage). The annual out-of-pocket (including deductibles and copays) cannot exceed $5,100 (self-only coverage) or $10,200 (family coverage). QHDHPs can have first dollar coverage (no deductible) for preventive care and apply higher out-of-pocket limits (and copays & coinsurance) for non-network services. These are often referred to as Consumer Driven Plans as the case in Mr. Pilzer's book. And yes, the premiums for such plans are usually much less as the policyholder is reponsible for paying all costs (except preventive care on most plans) until they reach their deductible. Sorry for the long response but I have heard this metnioned several times. _________________ Register Now to have your Insurance queries solved.
Keep in mind, that when people mentions HSAs, they are actually referring to the entire contract, not just the side account. Just human nature. _________________ Affordable Ohio Health Insurance
Posted: Mon Dec 01, 2008 4:22 pm Post subject: "Entire Contract"
Contract? There is no contract to hold an HSA with a HDHP. I can enroll in an HDHP without holding a Health Savings Account. In fact, there are many circumstances in which I cannot hold an HSA while enrolled in a HDHP(If I am enrolled in a secondary coverage HMO for isntance). Hence my point. They may refer to it as a HSA plan, but they are using incorrect terminology. _________________ Register Now to have your Insurance queries solved.
