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Group Health Health Insurance Insurance Plan Articles

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The New Way To Lower The Cost Of Health Insurance

by Bruce Jugan

It seems that every day there is an article about the rising cost of health insurance, the high number of people with no health insurance, and our system of financing medical care which is broken and needs repair or replacement.

What goes unreported is that since January 1, 2004 there is a new way to finance medical expenses which drastically reduces the cost of medical insurance when compared to traditional forms of health insurance. The name of this radical new approach to financing health care is: Health Savings Accounts, or HSAs.

Health Savings Accounts combine a health insurance plan that will pay medical expenses after a patient has paid a few thousand dollars for medical care. A unique feature of these high up-front (a “high deductible” in insurance-speak) medical insurance plans is that a patient can open up an IRA-like tax favored savings account to fund the deductible. When sick the patient can withdraw money from the Health Savings Account without any tax penalty.

Like a rainy day fund, a person on an HSA puts money aside in his/her own savings account in addition to paying a health insurance premium for insurance that will pay when a catastrophe happens. The HSA-compatible medical insurance plans are less expensive than most other health insurance because they only begin to pay for treatment after a patient has incurred several thousand dollars worth of medical bills.

The combined cost of the low cost medical insurance plan and the HSA savings component are likely the same or less than the cost of a traditional health insurance plan which begins paying medical bills immediately. The big savings in HSA plans are threefold:

1) The money invested in the HSA savings vehicle stays in the pocket of the insured person until used to pay qualified medical expenses;

2) The money deposited into the HSA savings account is a deductible expense from Federal income taxes – also many states allow income tax deductibility for HSA contributions; and,

3) An insured person pays less for health insurance to an insurance company.

Most people only care about the cost of health insurance when they have to pay the premium (i.e., monthly payment for the insurance.) This applies to individuals and families who purchase their own policies and also companies which purchase health insurance on behalf of employees and their families. HSAs make the most sense for these people – since every dollar they save on premium stays in their pocket.

HSAs offer a unique feature to employers: they can partially or fully fund the HSA savings account for employees covered by a compatible health insurance plan. Employees can also make tax deductible contributions to their own HSA account – up to the maximum allowed by the IRS.

So, an employer who may save $150-$200 per month per employee could contribute $75-$100 pre month to an employees HSA account, get a tax deduction and still spend less money in total for health insurance than they would spend on a traditional health insurance plan for their employees.

The employees like this arrangement because any money deposited into their HSA account become theirs immediately (i.e., the vest immediately.) The immediate full vesting for the employees also helps those companies with no retirement accounts (e.g., 401k plan.)

Money in the HSA accounts can be used for non-medical expenses at age 65 with no tax penalty. Many employees see this as an opportunity to accumulate a lot of money for their retirement – assuming they stay healthy. If they become sick the money is there to pay for medical expenses.

HSAs – the new way to reduce the cost of financing medical care.

About the author:
Bruce Jugan is president Professional Benefits and Insurance Services, and is a licensed insurance agent specializing in assisting individuals and families find the right California health insurance coverage via web site. More information about Health Savings Accounts can be found at:

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Yahoo! News Search Results for Group Health Health Insurance Insurance Plan
Yahoo! News Search Results for Group Health Health Insurance Insurance Plan

New Plan Would Provide Health Insurance For Almost All Americans; Could Reduc...
14 May 2008 at 9:10am
In an article in today's Health Affairs and an accompanying issue brief, Commonwealth Fund researchers lay out a plan that would insure 44 million of the estimated 48 million uninsured Americans in 20...
The 411 on Health Insurance (Richfield Reaper)
14 May 2008 at 8:48pm
(ARA) - You've heard it before; accidents happen. There's a great deal of truth in this oft-quoted statement. It's one reason why you should always have good health insurance, because without it, you ...
Beat the High Cost of Health Insurance (Carteret County News-Times)
14 May 2008 at 3:07pm
(ARA) - If you've shopped for or are currently paying for health insurance, you know that consumers are paying more than ever before for their policies. But the numbers are staggering.
Foundation offers plan to widen health coverage (Reuters via Yahoo! News)
13 May 2008 at 4:17am
A requirement that all companies help fund health insurance in the United States and a new public plan option are keys to a plan proposed on Tuesday to dramatically shrink the rolls of the uninsured.
Fight brewing over children's health insurance program in N.J. (Daily Record)
13 May 2008 at 8:20am
TRENTON -- New Jersey officials will resume their fight Thursday to maintain the state's children's health insurance program at its current levels and defy new limits pushed by the Bush administration...
Prof touts health plan savings (Billings Gazette)
15 May 2008 at 6:50am
A ballot initiative that would expand health insurance coverage to 30,000 Montana children also would save the state $35 million a year, according to a fiscal analysis of the proposal.
HealthInsuranceFinders.com Updates Popular Family Health Insurance Guide (PRWeb)
12 May 2008 at 7:30am
One of the health insurance website's most popular resources gets a makeover and adds additional information about family health insurance in response to consumers' questions and comments. (PRWeb May ...
HealthInsuranceFinders.com Updates Popular Family Health Insurance Guide (PRW...
12 May 2008 at 7:00am
One of the health insurance website's most popular resources gets a makeover and adds additional information about family health insurance in response to consumers' questions and comments.

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Technorati Search for: Group Health Health Insurance Insurance Plan
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