Health N Wellness Blog

Do Not Peruse This Unless You are Making a lot of Money!:

Whether you want to know how you can save up to 47% on your current Health Insurance Coverage peruse on… this is going to be one of the maximum informative messages you will ever peruse. After reading this message you will never going to have words; expensive and health insurance in the same sentence.

As you already know health insurance costs are at highest they have ever been and there is no sign of them slowing down. More and more Americans are forced to cancel their coverage simply fair because they cannot afford it.

Who are the uninsured?

• Approximately 46 million Americans, or 15.7 percent of the population, were without health insurance in 2004 (the latest government data available).

• The number of uninsured rose 800,000 between 2003 and 2004 and has increased by 6 million since 2000.

• The increase in the number of uninsured in 2004 was focused among working age adults. The percentage of working adults (18 to 64) who had no health coverage climbed from 18.6 percent in 2003 to 19.0 percent in 2004. An increase of over 750,000 in 2004.

• Nearly 82 million people – approximately one-third of the population below the age of 65 spent a part of either 2002 or 2003 without health coverage.

• The number of uninsured children in 2004 was 8.3 million – or 11.2 percent of all children in the U.S. (1).

You might say that I have brilliant coverage that I am pleased with… that’s really fine.

For past sever years average rate increase for health insurance was 16.2% and what whether it keeps on going? Whether you are right now paying $500 per month for your health insurance in three years from now you would expect to pay over $780 for the same plot. Wait… we all know that insurance companies consistently reduce their benefits and increase co-pays and deductible. Therefore you will pay more for less coverage. By the way whether you keep same plot for over five years you will pay over $1000 a month fair for your medical coverage. What whether you use your Health Insurance?… Chances are whether it is not for a regular doctor visits or a check ups it would be considered pre-existing condition. That means your chances of changing to a more affordable coverage in the future will be nearly impossible. That is one of the main reasons people cancel their health insurance because they were diagnosed with something or taking a prescription medication and the insurance company kept raising their rate until they could not qualify for any other coverage and could not afford the one they had.

Now you are saying I do not need coverage my spouse works for a company and I have group coverage… Brilliant.

What would happen whether your spouse left that job or the company stopped providing benefits? Probably the maximum obvious things that you can see how much that group coverage is really costing you. Next time check how much is deducted out of the paycheck for health coverage, particularly for dependents. Group plans do cost more money because by law they are what are called “guaranteed issue”. That means you can have serious medical conditions and still get coverage. Insurance companies have to follow the law and they know they have to accept everyone who works for a large company, therefore they do charge more money for coverage. The largest problem is not the cost of group health insurance it is what happens whether some one, while on the group plot, is diagnosed with a condition or starts to take prescriptions medications. We get back to same issues as mentioned before, unable to qualify for health insurance in the future. There are people that want to abandon their job but they cannot because they are going through treatment and cannot to pay for it on their own.

There is another solution… Some might save, so what is the point of even having health insurance. Once you diagnosed with something and insurance company is going to keep raising rates to the point where I am going to have to cancel it besides. Particularly whether something does happen and I have to use my coverage I might not be working and I might not have income. Is my insurance company is still going to keep raising my rates? YES.

Before you reckon approximately cancelling your coverage consider this. Here are some statistics

• A recent study by Harvard University researchers found that the average out-of-pocket medical debt for those who filed for bankruptcy was $12,000. In addition, the study found that 50 percent of all bankruptcy filings were partly the result of medical expenses. Every 30 seconds in the United States someone files for bankruptcy in the aftermath of a serious health problem.

• Illness and medical bills caused half of the 1,458,000 personal bankruptcies in 2001, according to a study published by the journal Health Affairs.

• Average day in the hospital is $7500 per day.

How can you save up to 47% on your health insurance? Simple… You probably already heard of Health Saving Accounts. They are fitting more and more well loved everyday. With the way health insurance prices are moving nowadays Health Saving Accounts are the only way to keep your coverage, save hundreds per month on your health insurance and still have a peace of intellect.

To this day I was not able to hear a excellent definition that everyone can comprehend. I will do everything I can to make it simple to comprehend. The simplest way to comprehend Health Saving Accounts is to reckon of them as Roth IRA or your Company’s 401k plot. Instead of giving your money absent to insurance company you get to keep it more of it for yourself. The way HSA plans work is there health insurance combined with savings account which works in a similar way to your retirement account. There tremendous benefits to have HSA qualified health plot. First all the money that you place in to your HSA account is 100% tax deductible and it is your money that rolls over year after year. At the age of 65 and up whether you have not used up all of your HSA money you can roll it over in to your retirement account. Moment your health insurance costs are going to be cut nearly in half. For example whether you had Health Insurance plot with $2500 deductible now and it is costing you $300 per month the same plans with HSA qualified plot, now will cost you only approximately $160 per month. The reason you save so much money with HSA qualified health plot is because HSA qualified plans do not cover anything until the deductible is met. There are exceptions depending on the Health Insurance Company. Some insurance companies will pay for your once a year physical before you meet your deductible.

Let take an example of how HSA qualified plot could benefit you. Let take some actual numbers from actual health insurance company. In this example I am going to use HSA plans from company called Assurant Health. Assurant Health is leader in Health Saving Accounts and they one of the first companies to implement them. The main reason is that Assurant Health is part of the world’s largest financial company that sets up retirement accounts. In this example I am going to use a family of four, husband 46, wife 42, kids are 12 and 16. On a regular family plot with $2500 deductible, maximum out of pocket of $5500, co-insurance of 80% and doctor visits covered with $35 co-pay, they are going to pay $676.40. Something to keep in intellect that all of the regular PPO plans that are available on the market nowadays have family deductible which is double of individual deductible. That means that whether you have a plot with $2500 deductible and $5500 maximum out of pocket that means that your family deductible is $5000 and your family maximum out of pocket is $11,000. When we are comparing HSA qualified health plans there is only one deductible, once you meet it you are covered at 100% on the maximum plans. There are some companies and plans that you still might be responsible for the percent age of the bill until you reach your maximum out of pocket. Maximum HSA plans do not have maximum out of pocket that meant once you met your deductible you are covered at 100%, it’s that simple. The same plot with $5700 deductible for the entire family with HSA qualified health plans will only be $491.64 per month. For the total monthly savings of 184.76 per month. Too your maximum out of pocket will reduce from $11,000 on a regular plot to $5700 with HSA health plot. That’s annually savings of $2,217.12 and additional savings of $5300 on the maximum out of pocket. (that’s whether you have had to use the plot for emergencies) The main reason for starting HSA health insurance is for Saving Account and being able to place money in to account, at your discretion, tax release. You can place money in to HSA qualified account up to your deductible and you do not have to place any money in to that account whether you do not want to. Health Saving Accounts are as flexible as you would want them to be. TO get more information on HSA accounts and get quotes for HSA qualified health coverage see my bio.