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Health Insurance Discounts for Healthy
People
Are you the type of person who never gets sick and is
frustrated with having to pay so much for health insurance
coverage. After all, shouldn't you be eligible for a
discount for taking such good care of yourself?
Insurance companies are just now starting to introduce plans
that give you financial reward for good behavior. Anthem
Blue Cross Blue Shield recently introduced their Lumenos
Health Incentive Account plan which gives you monetary credits
that you can use to get free health services.
However, most people opt to go with an
even less expensive catastrophic plan. These plans basically
allow you to trade off lower premiums in exchange for greater
financial risk, in the form of higher deductibles. However,
don't think that high deductible plans mean second rate
coverage. On the contrary, many of the high deductible
health plans have outstanding coverage after the deductible is met
and some will even pay for 100% of your preventative care costs
before your deductible is met (i.e. free in-network preventative
care).
A more recent development in the world of catastrophic or high
deductible health plans is the advent of Health
Savings Account qualified health plans. Health Savings
Accounts or HSA's, as they are more commonly known, require a
special type of high deductible health plan that meets specific
requirements established by the US Treasury Department.
These special plans are called HSA qualified high deductible
health plans.
While all the HSA qualified high deductible
health plans must meet the same minimum criteria established by
the US Treasury Department, don't think that they are all the
same. Some offer very basic coverage while others offer very
comprehensive coverage after the deductible is met. Some HSA
qualified plans also offer great "first dollar"
preventative care benefits. It definitely pays to shop and
work with a knowledgeable broker to make sure you are getting the
best value for your money.
Getting a HSA qualified high deductible health plan not only
allows you to get a lower cost health insurance plan, but
it also allows you to open a 100% tax deductible Health Savings
Account. The HSA itself is a special type of account
that you can often open up at your local bank. Any money
that you deposit into the HSA is 100% tax deductible so long as
you spend it on HSA qualified medical, dental and vision related
expenses. Some forms of Alternative Medicine and
Chiropractic Care are considered to be HSA qualified expenses by
the IRS.
The money you don't spend rolls over from year to year. Annual contribution limits for 2008 are capped at $2,900 for an individual or
$5,800 for a family. To learn more about Health Savings Accounts
please visit the links below or visit this link to Get
a free instant HSA quote.
LEARN ABOUT HSA's >
HSA OVERVIEW
HSA QUALIFIED HEALTH PLANS
HSA BANKING OPTIONS
HSA MULTIMEDIA TUTORIAL
HSA QUALIFIED EXPENSES
HSA QUESTIONS AND ANSWERS
GET A QUOTE ON AN HSA QUALIFIED HEALTH PLAN
* See IRS Publication 502
for a list of qualifying medical expenses. You may also reference
the IRS
HSA Questions and Answers bulletin and www.irs.gov
for more information on HSA's and IRS rulings and www.ustreas.gov
for Treasury Department rulings. Colorado Health Insurance
Brokers are not engaged in rendering tax, investment or legal
advice. Federal and state regulations are subject to change. If tax,
investment or legal advice is required, seek the services of a
licensed professional. All terms and conditions of
insurance coverage, including benefits and exclusions, are contained
in the Certificate, which shall control in the event of a conflict
with this overview.
*Plans quoted by Colorado Health Insurance Brokers have the guaranteed
best prices available. Tell
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