Health Savings Account Plans for Individuals and Families

HSA plans are here to stay! Not only have they survived healthcare reform, HSA plans actually are the baseline plans under the reform system. Because they will be the lowest priced "Government approved" plans starting in 2014, there is little question that they will become even more popular in the years to come. In fact, we think more and more people will be "forced" into high deductible plans as Obamacare's dramatic impact on premiums becomes more and more apparent.

Your choice is simple: Start a new health saving plan now or keep waiting; the sooner you start, the more you'll save.

If you are in "insurable health" today, you only lose by waiting because premiums never will be lower than they are today. Unfortunately, one of the unintended consequences of the "reform" legislation will be dramatically higher premiums - we are already seeing carriers planning to raise premiums by substantial amounts before the end of this year. Once guaranteed acceptance kicks in (in 2014), it will get even worse - rates will go through the roof (although you may be eligible for a subsidy if you are below 400% of the poverty line).

Update: Most insurers have announced their intention to raise premiums substantially after Sept. 23, which is the 6-month anniversary of Obamacare, and the first deadline by which insurers must provide numerous new benefits.

Starting your new HSA pla now is your best chance to keep rates as low possible for as long as possible. If you develop a new "pre-existing" condition, it will be much more expensive to get coverage after that condition has manifested itself. It's life. Things happen. And not always to "someone else."

Huge premium savings with high deductible plans. As outlined in the links to the right, the first step in establishing a health savings account is to obtain coverage under a high deductible health plan (or "HDHP"). Huge premium savings are often realized by switching from a high priced plan (with low deductibles and co-pays) to a low cost HSA insurance plan with a high deductible. Special tax advantages are an added bonus. Premium savings combined with tax savings add up to create an unbeatable solution to the high cost of healthcare. Truly, in the long run, it is impossible to beat the cost-effectiveness of a health savings account.

How our agency can help. Our insurance agency has specialized in high deductible plans since 1980. We've marketed health savings account plans continually since 1999 (when they were known as medical savings accounts). We are an independent insurance brokerage. We work for you. If you aren't happy, we don't make money.

We would appreciate the opportunity to see how much money we can help you save with a high deductible plan, with or without the savings account component. (Hint: If you pay taxes, you'll definitely want to consider an HSA plan!)

Here's a great example of how an HSA plan really works, taken direct from our case files. Bob and Carol live with their 2 children in the greater Nashville area. They have a typical life in the 'burbs, even to the extent of replacing their gas guzzler with a hybrid. When their prior medical plan jumped from $680/month to $850/month, they called us for help.

First, we analyzed their situation. Immediately, we realized that they were ideal candidates for a health savings account plan for several reasons, including:

A) they pay 100% of their own health plan premiums (so every dollar paid on insurance was important);
B) they utilize minimal Dr's visits and Rx drugs every year; and
C) they never seem to meet their individual deductibles.

Next, we recommended an HSA-qualified high deductible plan that pays 100% of covered expenses after the deductible (features vary from plan-to-plan). Because they have two children, they opted to add a benefit that reduces their deductible to only $100 for accidents. Even with the added cost of the accident deductible buy-down, Bob and Carol still realized over $7,000 in savings. If your family sounds like Bob and Carol's, then the health savings plan option may make sense for you.

You can click here to see a graphic display of the before and after cost-analysis utilized by Bob & Carol in selecting their new HSA plan (new browser will open). This graphic display is a well-defined "short-cut" to understanding the HSA insurance plan concept. Of course, the actual numbers will vary on a case-by-case basis.

Knowing your actual HSA plan premium is a key factor in determining whether a medical savings account plan makes sense for your family. In other words, all of the research in the world is irrelevant if your actual premiums are going to be too high to justify adoption of the plan, or if an acceptable offer of coverage will not be available due to health history, etc.. So, if the concept makes sense, then getting quotes for the high deductible insurance policy that is required for a health savings account plan is the next logical step. Just click the orange "GO" button toward the top of this page to get started.

I finally joined the blogging world. Check the blog link on the top of the page. If nothing else, you'll always know where I stand on insurance "reform" issues.

The other thing that's unique here is the growing collection of my White Paper Reports. These reports represent a collection of some of the insider secrets I've accumulated in my career as a benefits advisor, dating back to 1980. Just click the appropriate link in the right column menu bar to see the complete list of reports. Some of the topics include:

• How to Buy a Health Insurance Plan (general topic, not HSA-specific)
• The Magic of High Deductibles (applies to any kind of insurance)
• How Much Does a $20 co-pay Really Cost? (our most popular topic, for some reason)

C. Dean Richard, JD, MSBA, "the HSA king"
Marketing high deductible health insurance plans since 1980

p.s. Yes, this site is owned by a real live insurance agent/broker who has been in business over 30 years. Most of our clients do business with us over the internet - we've been online since 1999. We hope you will consider doing the same. It's tremendously easy and saves a ton of time. Plus, you'll have instant access to me and all of the insider secrets I've amassed in my 30+ years of experience. If I can't help you, nobody can. And do you really want to have an agent handling your health insurance who may have been selling used cars just a few months ago? (That's a stab at the numerous "call center" agents that do business on the internet - quite unfortunately so, in my opinion.)