As the healthcare debate lingers on many Americans are becoming increasingly concerned about their health insurance coverage, particularly the cost of coverage. Across the state, as households are fighting to fend off foreclosure or cutting back on spending, families are also considering canceling their health insurance to save money. It is terrible that it has come to this, but know that there are tools to aid you in your search to find more affordable health coverage and lower your premiums so that your family has the security of having health coverage.
There are two great options in terms of keeping your premiums lower. The first is a Health Savings Account (HSA). An HSA is similar to the old MSA (Medical Savings Account), but much more flexible! They combine the pretax treatment of a health flex spending account, the portability and roll-over characteristics of a 401(k) plan, and the tax-free distribution of a Roth IRA. Basically, to put it in plain English you would set up a savings account at a bank of your choice. You can put as little or as much money into that account as you like (up to the IRS yearly limit) and it is completely tax-deductible! This money can be used for all of your office visit fees, to meet your deductible, for eyeglasses, contacts, dental, over the counter (OTC) medications, and so many other options! Whatever you don’t use rolls over to the next year. These will not only help you to save for health expenses such as surgery, but also, it will help more families “get the health care they need at a price they can afford.”
Some health insurance companies, such as Anthem BCBS will also cover your preventive care at 100% if you enroll in an HSA. This includes well-child visits, immunizations, pap smears, mammograms, and colonoscopies. Also, many HSAs have 100% co-insurance, so that means that once your deductible is met the health insurance company covers all remaining expenses in that year at 100%.
The second option available is called a value plan. With these plans the consumer receives a certain number of copay eligible office visits (usually 3 or 4 per person per year) instead of the typical unlimited office visits. By capping the number of these visits the health insurance carriers are able to keep premiums lower, therefore saving you hundreds of dollars a year. These are great options for college students, young couples and healthy individuals who are not running to the doctor every month.
If you are finding it difficult to make ends meet and would like to seek out a more affordable option for you or your family your best bet would be to get an independent agent to assist you. Most agents have access to all of the carriers in the state and they know the plans inside and out as well as who has better rates at any given time. There is no fee to have a broker and they will offer you the exact same rates as if you were to go direct through the carrier. All rates are mandated by the Ohio Department of Insurance. After reviewing your needs with you the agent will ask you a few simple questions regarding your current health. From this information he/she is able to go out to the market and shop the best values and present those to you in the form of a proposal. The agent can then take you through each plan and explain all of the individual benefits to you.
Affordable Health Insurance
