Health Insurance Quote - Health Savings Accounts

2013 Health Savings Accounts Predictions

nospam@example.com (Todd Page) — Thu, 23 Feb 2012 10:35:12 -0600

“Mr. HSA” Projects 2013 HSA Numbers
"With last Friday's release of the January inflation figures by the Bureau of Labor Statistics, the inflation-adjusted amounts for health savings accounts (HSAs) for 2013 are coming into view," says “Mr. HSA,” Roy Ramthun . "I can now project the 2013 numbers for HSAs with virtual certainty."

Roy Ramthun, also known as “Mr. HSA,” is now projecting the 2013 amounts for HSAs. "With last Friday's release of the January inflation figures by the Bureau of Labor Statistics (BLS), the inflation-adjusted amounts for health savings accounts (HSAs) for 2013 are coming into view," says Ramthun. "With only two months of data remaining to be collected, we can now project the 2013 numbers for HSAs with virtual certainty."

Because of the enactment of the Tax Relief and Health Care Act of 2006 (P.L. 109-432), the data period for calculating the inflation adjustments runs through March (reported by the BLS in April). The U.S. Treasury Department is required to publish the inflation-adjusted amounts for the upcoming year for HSAs by June 1 each year.

Ramthun predicts that the maximum HSA contribution (not including catch-up contributions) will increase to $3,200 for individuals with self-only coverage and $6,450 for those with family coverage in 2013. The annual catch-up contribution for individuals age 55 or older is set by statute and will remain $1000 per person for 2013.

Ramthun also predicts that changes will be forthcoming for the HSA-qualified insurance plans as well. “For the first time in three years, the minimum deductible for HSA-qualified plans will increase. Health plans that have been using the minimum deductible will need to update their plans for next year” The minimum deductible is projected to rise to $1,250 for individuals with self-only coverage and $2,500 for individuals with family coverage.

“The limits on out-of-pocket expenses will also rise for 2013,” says Ramthun. The new limits are expected to increase to $6,250 for individuals with self-only coverage and $12,500 for individuals with family coverage. “Existing plans with lower limits will not have to change this feature of their plan designs but can if they want to,” says Ramthun.

About Roy Ramthun:

Roy Ramthun led the U.S. Treasury Department’s implementation of the HSA program after they were enacted in 2003. Now a private consultant, Ramthun is a nationally-recognized expert on HSAs and consumer-driven health plans. He is a frequent speaker at conferences and seminars around the country. More information is available here.

Consumer-driven health plans offer savings

nospam@example.com (Brafton) — Fri, 26 Aug 2011 02:00:00 -0500

Consumer-driven health plans are continuing to grow in popularity as businesses seek ways to eliminate the growing cost burden of obtaining health insurance, according to United Benefit Advisors.

While CDHPs saw minimal growth in 2010, they have risen in prominence 13.9 percent in 2011. The consumer-centric plans now make up 22.9 percent of the health insurance marketplace, the source reports.

CDHPs have even become more prevalent than health maintenance organizations, which have been employed in recent years to curb costs when it comes to group health insurance. HMOs currently comprise 11.9 percent of the insurance market, according to the source.

"This year experienced an increase [of CDHPs], albeit less than the average 8.2 percent increase of all plans," explained Bill Stafford of UBA. "As these plans become more prevalent, the percentage of savings has continually declined."

However, as consumers will be able to control costs by using preventative care, the overall cost savings may still continue. Individuals should take advantage of wellness plans that come with their policies, 80.6 percent of which will include a health risk assessment, the source explains.

Consumer-directed health plans may be a 2012 trend

nospam@example.com (Brafton) — Mon, 22 Aug 2011 02:00:00 -0500

Consumer-directed health insurance plans may gain in popularity in the coming months as employers struggle to resolve issues surrounding rising healthcare costs during the impending open enrollment season, according to Employee Benefit News.

Because health insurance benefits are important to many employees and job seekers, CDHPs allow companies to provide the benefits while sharing some of the cost increases with staff. However, some experts feel that companies adopting CDHPs need to educate their employees on health insurance so they understand cost increases and how to use their group health insurance plans in the most cost-effective manner, the source explains.

"If the consumer isn't actively engaged and has some financial stake there is absolutely no hope in controlling health care costs in our country," explained Helen Darling of the National Business Group on Health, according to the source.

CDHPs, which meet the minimum requirements of the Patient Protection and Affordable Care Act, will cover at least 60 percent of an employee's health insurance costs. The remainder is the responsibility of the individual and is paid in the form of monthly premiums and deductibles. The shared costs and lesser premium contributions of these consumer directed plans may help companies and individuals to reduce healthcare spending, according to Business Insurance.

Health savings accounts help consumers cope with rising health insurance costs

nospam@example.com (Brafton) — Wed, 06 Jul 2011 02:00:00 -0500

Health savings accounts (HSAs) may be a good strategy for those battling against high-deductible health insurance plans, according to FoxBusiness.

HSAs were created by a federal law aimed at helping Medicare recipients pay for their prescription drug coverage. According to the U.S. Department of the Treasury, any adult with a high-deductible health insurance plan is eligible to create an HSA and can make tax-deductible contribution to the savings plan throughout their plan year. Employers may also allow their staff to make pre-tax contributions to their HSAs from their paychecks.

While HSA funds must be used for medical services, there is no limit to when they must be used, according to FoxBusiness. Because these funds can be rolled over from year to year, there is less chance that they will go to waste. The versatility of HSAs and their viability in cost cutting in healthcare is making them increasingly popular.

"The plans are seeing growth because it helps manage costs without sacrificing care," Nick Calabrese of CIGNA explained to the source. "If an employee qualifies for a high-deductible plan this vehicle helps offset out of pocket costs."

HSAs Continue Strong Growth, Despite Challenges

nospam@example.com (Todd Page) — Tue, 05 Jul 2011 12:13:25 -0500

By Roy Ramthun, President, HSA Consulting Services, LLC

The big news in the world of consumer-driven health was the long-awaited
release of the 2011 enrollment figures for health plans that make people
eligible to open health savings accounts (HSA) on June 14.

A heartfelt thank you to America's Health Insurance Plans (AHIP) for
continuing to conduct this research each year. It is the "gold standard"
for HSA enrollment data which those of us who follow the industry eagerly
await each year.

It is also possible that the AHIP survey does not count all Americans
covered by HSA-qualified plans. For example, many larger employers are
self-insured and use a third-party administrator (TPA) to manage their
benefit plan. Some of these TPAs may not be included in the AHIP survey. The
AHIP survey does include enrollment data from insurance carriers that are
members of AHIP who administer self-funded companies' benefits just like
TPAs.

For those looking for enrollment figures for all types of "consumer-driven
health plans" (CDHPs), HSA enrollment is only one part of the picture.
Surveys conducted by the American Association of Preferred Provider
Organizations (AAPPO) and the U.S. Centers for Disease Control & Prevention
(CDCP) indicate that more than 20 million people are enrolled in
"consumer-driven health plans." But there are many other health plans with
high deductible that do not qualify people for HSAs. For example, some
people are enrolled in older higher deductible plans that do not meet all
the specific requirements to qualify people for HSAs. Other people are
enrolled in high deductible plans through their jobs that offer similar
plans to HSAs known as "health reimbursement arrangements" (HRA).

Strong Growth but Small Employer Enrollment Declines

Let's take a closer look at the enrollment figures. My first reaction was,
11.4 million - is that all? To be sure, enrollment grew only 14 percent
from 2010 to 2011. Putting things in broader perspective, enrollment in HSA
plans has grown 87 percent since 2008. Growth in the individual market grew
15 percent from 2010 to 2011. The group market (large and small employers)
grew 14 percent year over year. Ten percent of all new insurance purchases
were HSA-qualified plans.

So why did enrollment grow slower this year? Taking a closer look at the
group market, we see that growth in the large employer group market actually
grew by 26 percent over 2010. Enrollment in large companies now represents
55 percent of the total HSA enrollment. However, coverage in the small
employer group market actually dropped 6.5 percent from 2010 to 2011 - from
just under 3 million to slightly less than 2.8 million. The small group
market's share of enrollment also dropped from 30 percent to 24 percent.
Had the small group market grown by 26 percent like the large group market
did, an additional 1 million people would have been covered by HSAs (12.4
million total) in 2011.

There is no doubt that the economic challenges facing the country recently
had some impact, particularly for small businesses. That HSA enrollment grew
at all is probably quite an accomplishment during the recent recession. For
those small businesses that did not drop coverage or go out of business, HSA
plans represented 13.5 percent of all new enrollment in the small group
market. Without this growth, the decline would have been much greater.

One also has to wonder what impact the health reform law had on the small
group market for HSAs. Concerns about the new minimum medical loss ratio
requirements and the impact on agent/broker commissions are well documented.
Agents and brokers frequently tell me that consumer-driven plans have lost
some of the price advantage in the small group market as well. Hopefully,
that is not an indication of what will happen as the marketplace evolves
into insurance exchanges. If it is, enrollment in commercial plans that will
be the future "Silver" and "Bronze" plans will not be as affordable as
projected, thus raising the cost of income-based subsidies provided by the
federal government and increasing the likelihood of people choosing to pay
the penalty instead of complying with the individual mandate. Neither are
what the law's supporters intended.

Some States Get It, Some States Don't

Looking at the enrollment figures state by state, one can see that a lot of
"blue" states are well represented by high enrollment and/or high
penetration in the private market by HSA-qualified plans. California,
Illinois, and Vermont particularly come to mind. With 11.4 percent adoption,
one has to wonder why Vermont just voted to become implement a state-run
"single payer" system. Vermonters with HSAs, do you want to keep your HSA?

Three states - Alabama, California, and New Jersey - still haven't conformed
their state income tax code to provide the same tax benefits as federal law.
With almost 1.1 million enrollees, the time is now for California to make
this change, but I suspect budget problems will prevent that from happening
this year. I look forward to Gov. [Chris] Christie to lead efforts to change
the law in New Jersey. Alabama doesn't strike me as a "blue" state so I'm
not sure what the reasons are there. But if Wisconsin can change its law, so
can you!

Other Items of Interest

The AHIP census included some other items worth mentioning. First, the
number of insurance carriers with enrollment of more than 100,000 lives
increased from 21 to 24. Second, the demographics of enrollees indicate
strongly support the appeal of these plans to families with children, as
well as older couples approaching retirement. Other data from the Employee
Benefit Research Institute (EBRI) shows that the income gap has narrowed
significantly and has a strong correlation with education levels. Third, 85
percent of HSA plans offered tools to support their enrollees. How useful
the tools are is probably the subject for another study, but it is good to
see that tools are being offered.

What Is Needed for Sustainable Growth?

It is clear that HSAs are part of the mainstream in health insurance options
today. More than half of large employers are offering these plans, according
to most surveys, and the percentage of larger employers which these types of
plans are the only option offered appears to be around 20 percent and
growing.

However, that does not mean they will continue to grow unless provisions in
the health reform law that could harm HSA users are eliminated, such as:
Individuals now cannot use HSA funds for over-the-counter medications
without first obtaining a doctor's prescription.

The Wall Street Journal

previously noted how this provision is causing paperwork headaches for
patients and physicians alike.

HSA users with chronic conditions and/or high medical expenses who withdraw
funds for non-health purposes are subject to higher penalties (20 percent)
compared to IRAs and 401(k) programs.

Minimum medical loss ratio requirements do not count medical claims below
the deductible because the claims are not paid by the insurance carrier.
This may make it harder for high deductible plans to meet the minimum
standard.

Other provisions of the new law have yet to be defined. For example, the
law's essential health benefits package could contain new restrictions on
deductibles and cost-sharing that will prevent at least some current HSA
plans from being offered. Worst of all, many more individuals could lose
their HSA plan, depending on how "insurance" is defined.

Fortunately, Senator Orrin Hatch (R-Utah) and Rep. Eric Paulsen have
introduced legislation (S.1098 / H.R.2010) that would expand HSAs and
eliminate many of these barriers to growth. Contact your elected
representatives today and ask them to support these bills and HSAs.

Source: WSJ Source

AHIP Says 11.4 million Americans Covered by HSAs

nospam@example.com (Todd Page) — Tue, 14 Jun 2011 11:40:20 -0500

AHIP has released the latest update of its annual census of the market for health savings accounts (HSAs). As of January 2011, more than 11.4 million Americans were covered by HSA-eligible high deductible health plans (HDHPs), an increase of more than 14 percent from the prior year. A copy of the 2011 Census is attached.

Other key findings of the census include the following:

Between January 2010 and January 2011, the fastest growing market for HSA plans was for large-group coverage, which rose by 26 percent, followed by individual market coverage, which grew by 15 percent.

In the individual market, 2.4 million covered lives are enrolled in HSA plans, while approximately 2.8 million lives were enrolled in HSA/HDHP coverage in the small-group market and over 6.3 million lives were covered in the large-group market.

Forty-nine (49) percent of all HAS/HDHP enrollees in the individual market (including dependents) were age 40 or over; 51 percent were under age 40.

States with the highest levels of HSA/HDHP enrollment were California (1,073,319 enrollees), Texas (844,832 enrollees), Ohio (728,868 enrollees), Illinois (690,509 enrollees), Florida (656,243 enrollees) and Minnesota (507,307 enrollees).

For an instant online quote for an HSA compatible health insurance plan click here HSA Quote

2012 Health Savings Accounts (HSA) Contribution Amounts

nospam@example.com (Todd Page) — Fri, 10 Jun 2011 11:37:03 -0500

The IRS has just recently released the contribution limits for HSA's for 2012. There will be a slight increase from the 2011 maximums.

2012 Contribution Limits for HSA's:
Self-only Max - $3,100
Family Max - $6,250

New Limits for Definition of a "High Deductible Health Plan"
Not less than $1,200 (no change from 2011) for self-only coverage and $2,400 (no change) for family coverage.
Maximum out-of-pocket not to exceed $6,050 for self-only coverage and $12,100 for family coverage.

For an instant rate on a HSA compliant health insurance plan visit HSA Quote

Time running out to use flexible savings accounts on over-the-counter medications

nospam@example.com (Brafton) — Thu, 30 Dec 2010 02:00:00 -0600

Those with flexible savings accounts better hurry up and run to the store if funds are still available.

Effective January 1, consumers can no longer use funds from the accounts to purchase over-the-counter medications as a result of healthcare reform. The accounts can, however, be used to pay for prescription medications.

Flexible savings accounts have become quite popular with some employers and employees. The plans allow people to set aside funds tax-free, resulting in the potential for a sizable amount of savings.

There will be more changes underway for the accounts in the upcoming years. Current limits allow employees to stash away $5,000 annually in the accounts, but the amount will be slashed in half in 2013.

Obtaining affordable health insurance quotes along with using flexible spending accounts have helped people save a substantial amount on medical care.

While shortly people will no longer be able to use flexible spending account funds on over-the-counter medications, there are still ways people can save money. By 2014, each state will be required to have a health insurance exchange in operation. The program is designed to offer competitively priced policies.

Governor proposes tax-exempt HSAs

nospam@example.com (Brafton) — Thu, 16 Dec 2010 02:00:00 -0600

Wisconsin residents looking for affordable health insurance quotes and flexible savings accounts just got some good news. Governor Scott Walker has a plan to help people save money.

Walker is proposing to end state taxes on health savings accounts. The measure is designed to help small business and could be presented to the legislature as early as January.

"Employees and small businesses need to have the flexibility provided by HSAs, and there's no reason they should be taxed," says Walker. "This will make health care more affordable for folks who use HSAs."

Walker says consumers as a whole can save as much as $8 million a year with their HSA if it is tax-exempt.

Another way people can save money on their health insurance is by choosing a high-deductible plan. With such plans, monthly premiums are lower than a traditional policy, but more out-of-pocket expenses must be paid before coverage kicks in.

High-deductible plans may be a good option for those who are young and in good health. Those with children, however, who find themselves frequently making doctors' visits may not realize savings.

High-deductible plans gain popularity

nospam@example.com (Brafton) — Fri, 03 Dec 2010 02:00:00 -0600

More people are opting for consumer-driven or high-deductible health plans, according to research from the Employee Benefit Research Institute. The number of people being insured through such plans has hit the 22 million.

Some people opt for such plans because they offer lower monthly premiums. Those who are young, single and healthy can save money if they don't become ill. However, some research has indicated that some people delay getting healthcare because of the high out-of-pocket expenses that much be paid before insurance kicks in.

EBRI health research and education program director Paul Fronstin says the plans are a way for employers to save money.

"The number of people who are enrolled in so-called 'consumer-driven' private health care plans is slowly growing," says Fronstin. "And as employers continue to look for ways to manage health care cost increases, they are turning to these account-based plans. EBRI will continue to track their impact on cost, quality, and access to health care."

Healthcare costs have grown year after year, far out-pacing inflation. That, along with legislative reform, has many employers scrambling to cover expenses.

Group calls for review of HSA law

nospam@example.com (Brafton) — Thu, 02 Dec 2010 02:00:00 -0600

New regulations are changing the way health savings accounts work. Previously, people could use money in the accounts to pay for over-the-counter medications along with prescription drugs. However, people will no longer be able to use funds from the accounts to pay for such goods as of next year.

Wageworks, a company that provides consumer-directed benefits, wants Congress to reconsider the new regulation. Among other things, the change will result in increased expenses for consumers. People save money with a HSA because they are allowed to contribute funds tax-free.

Wageworks CEO Joe Jackson says the new law will hurt consumers who are already struggling.

"Congress must act now to either repeal a policy that will result in costly, time-consuming and potentially harmful results, or act to delay it for up to two years to allow for an implementation that is more accommodating to the needs of consumers, pharmacies and drug stores, and less likely to incur unnecessary costs to the health care system," says Jackson.

For consumers looking for other ways to save money, they can search for affordable health insurance quotes online. Individual health insurance premiums can vary depending on the specific plan and condition of person being insured.

CDHP offers savings

nospam@example.com (Brafton) — Mon, 22 Nov 2010 02:00:00 -0600

Some employers offer their staff health savings accounts or high deductible health plans as a way to mitigate rising expenses. According to change:healthcare, a company that looks at healthcare cost transparency, 60 percent of employers plan to offer a CHDP next year.

Such plans offer some areas for increased savings. Prescription drug plans, for example, is an area where consumers stand to substantially save, according to change:healthcare.

Despite the cost savings, some employers experience obstacles getting employees to switch over to CHDP. Associate professor of healthcare management R. Lawrence Van Horn says with CDHP's, consumers are more likely to take control of their own health.

"The main challenge that employers have with moving to CDHP is educating employees and changing their mentality around the accountability - employees have to actually care about the healthcare costs they're generating, and make sound and wise purchases."

Consumers can also save when they purchase individual health insurance plans by ensuring they eat a good diet and get plenty of exercise. Those who are in overall good condition tend to require less medical attention.

Survey finds those with high-deductible plans more leery of reform

nospam@example.com (Brafton) — Thu, 18 Nov 2010 02:00:00 -0600

While most Americans have heard of healthcare reform, few say they know how it will affect them. A study conducted by the Employee Benefit Research Institute indicates that anticipated concerns over the new law vary depending on several factors, including political party.

According to the survey, less than 5 percent of respondents say they are extremely knowledgeable about the new laws. However, those who have a consumer-driven or a high-deductible health plan are more likely to say reform will make things more difficult for them financially.

EBRI Health Research and Education Program director Paul Fronstin says plan type plays a strong role in one's perspective.

"There is a strong difference between individuals who have traditional and consumer-driven health plans in terms of how they think the new health care legislation will affect them," says Fronstin.

High-deductible health insurance plans are popular with some people as the plan allows for lower monthly premiums in exchange for higher out-of-pocket expenses before coverage kicks in. People can also research affordable health insurance quotes online, and in the future, get policies through government exchanges.

Weight loss program accepts payments with FSA funds

nospam@example.com (Brafton) — Wed, 17 Nov 2010 02:00:00 -0600

The Birmingham YMCA has teamed up with the Lakeshore Foundation and the Levite Jewish Community Center to offer a weight loss program called Exercise is Medicine. With a doctor's prescription for a weight loss program, people can use funds from their health savings account for payment.

Birmingham YMCA director of community health initiatives says aims to improve fitness and communication between patients and doctors.

"Groundbreaking research has proven that exercise, at the correct intensity and duration, not only improves the quality of life," says Bundy. "It decreases the incidence of chronic conditions that surround inactivity such as obesity, hypertension, high cholesterol, type 2 diabetes and even some cancers."

Flexible spending accounts can help people save on medical expenses. The program works by allowing people to set aside money tax-free and apply the funds towards certain healthcare expenses. Some of the most common uses for the accounts are co-pays for doctor visits and prescription medications.

Many wellness advocates recommend getting regular exercise to improve and maintain good health.

Consumers reminded of changes coming to health savings accounts

nospam@example.com (Brafton) — Mon, 15 Nov 2010 02:00:00 -0600

With the economy still in a poor condition and healthcare costs growing faster than inflation, many Americans are looking for ways to save money. In addition to looking for affordable health insurance quotes, consumers may also want to consider health savings accounts.

The program allows people to put money aside tax-free for medical expenses. While the accounts have been around for several years, there are changes taking place. Healthcare supplier Perrigo is reminding consumers that most over-the-counter medications will no longer be eligible to be paid for with funds from the accounts. Such medicines will only be reimbursed if a prescription from a doctor is written.

To save money, the company is advising consumers to purchase healthcare necessities now. People have until the end of the year to purchase over-the-counter medical items and still be eligible for reimbursement.

There are other ways consumers can realize savings. Purchasing generic or store-brand items, using coupons and watching for sales are a few ways people can avoid paying full-price for some medical supplies.

Survey finds high-deductible and health savings plans part of employers' toolkits to handle medical costs

nospam@example.com (Brafton) — Wed, 10 Nov 2010 02:00:00 -0600

Everyone wants to get affordable health insurance quotes, but costs keep increasing. A survey by the Rochester Business Alliance finds employers in the area are doing what they can to still offer health benefits while keeping costs at bay.

According to the survey, high-deductible health insurance plans and health savings accounts are catching the eyes of more companies. The number of survey respondents saying they would offer that type of policy doubled to 30 percent since last year.

With a high-deductible plan, people pay less in terms of monthly premiums, but expenses must reach a higher dollar amount before coverage kicks in. Health savings accounts offer savings to people by allowing participants to deposit money tax-free for medical expenses.

Rochester Business Alliance president and CEO Sandy Parker says keeping healthcare expenses down is difficult for businesses.

"So while we applaud them for their efforts, we end up back to the same point we make every year: If our economy is to move ahead and grow, our community simply must find a way to lower health care costs," says Parker.

While the survey by the Rochester Business Alliance focuses on a section of New York, businesses nationwide are grappling with how to best handle rising healthcare costs.

Lowering costs may encourage people to seek care when they need it

nospam@example.com (Brafton) — Tue, 02 Nov 2010 02:00:00 -0500

It's important for people to take care of themselves. Not adhering to prescription medication schedules and doctors' orders can result in people becoming even more ill.

A study sponsored by the Commonwealth Fund reveals that when cost-sharing for medication is eliminated, people are more likely to take the prescription as instructed. The research highlights the value of plans that promote using services with large benefits compared to their cost.

Similarly, research from the UCLA Center for Health Policy Research found that those who had high-deductible plans were less likely to get care primarily because of the associated expense. Those researchers said that some deductibles are as high as $5,000.

Commonwealth Fund president Karen Davis says the research is significant in that it shows the positive outcomes for value-based plans.

"The Affordable Care Act has rightfully focused attention on innovations like these designed to improve health and reduce the rate of growth in medical costs over time," says Davis. "Investigating and spreading innovative solutions like value-based insurance design are exactly the kinds of improvements the nation should be working toward."

People can research individual health insurance plans to find coverage which best meets their needs.

High-deductible plans have many avoiding care

nospam@example.com (Brafton) — Fri, 29 Oct 2010 02:00:00 -0500

When consumers are searching for affordable health insurance quotes, they may end up selecting a policy with a high deductible. Such coverage tends to be less expensive in terms of monthly premiums because the deductible is high.

According to a report from the UCLA Center for Health Policy Research, Californians on such plans are more likely to delay care. In some cases, a deductible can be as high as $5,000. However, when the health insurance exchanges are in place, a cap of $2,000 for individual plans and $4,000 will apply to family insurance plans.

Health Policy Research Center scientist Dylan Roby says in some cases, a plan that requires higher monthly payments may yield savings in the long-run.

"Many Californians can't afford higher-premium plans, especially in the current economic climate," says Roby. "But the alternative - high-deductible plans - may cost less initially, but can cost thousands of dollars when you need health care. When that much money is on the line, a health emergency can also become a financial emergency."

Another way consumers can save on medical expenses is with a health savings account. The program allows consumers to deposit funds without a tax penalty.

Changes coming for flexible savings accounts

nospam@example.com (Brafton) — Mon, 25 Oct 2010 02:00:00 -0500

Flexible spending accounts have received a deal of attention recently. While the plans are not new, a number of employers are beginning to offer them as part of their overall benefits package.

The flexible spending accounts have been a money-saving vehicle for many families who struggle to find affordable health insurance quotes and ways to cover medical expenses. The program allows people to deposit funds tax-free and then apply the money towards medical care.

In addition to using the money to cover co-pays from doctor's visits or services not otherwise covered by insurance, it is also commonplace for people to use the allocated money towards over-the-counter medications.

However, people will soon lose their ability to use their flexible spending accounts on over-the-counter medications unless they have a prescription for the drug.

Some people have refrained from setting aside money in such accounts because of their "use it or lose it" nature. However, they can offer significant savings if one is planning on having a procedure or knows he or she will need new glasses, for example. It may be wise for consumers to experiment with a small amount of money to adjust to using the account.

Use of health savings accounts increasing

nospam@example.com (Brafton) — Mon, 18 Oct 2010 02:00:00 -0500

More people are using health savings account programs. Data from the Consumer Driven Healthcare Institute shows that individual and family health savings account programs are gaining momentum.

Between the first and second quarters of this year, individual health savings account and family health savings account programs each increased 4 percent. CDHCI academic advisor board chair Steve Parente says that the rapid growth of such plans is a way for people to save money.

"As healthcare deductibles continue to rise and consumers become increasingly responsible for out-of-pocket healthcare costs, we believe this trend will continue with consumers seeking ways to maximize their pre-tax dollars for use in current and future health-related spending and investment," says Parente.

Health savings accounts have been around since the end of 2003 and help reduce medical costs by allowing people to fund accounts tax-free. Furthermore, funds in such accounts can be used to pay for future healthcare expenses as well. A health savings account can be signed up for at some banks and credit unions in addition to being offered by some employer benefits packages.

Survey finds many don't understand benefits of flexible spending accounts

nospam@example.com (Brafton) — Wed, 06 Oct 2010 02:00:00 -0500

For those struggling to find affordable health insurance quotes, it's important to find ways to save on insurance. One way people can do this is through a flexible spending account.

Such accounts allow consumers to put pre-tax dollars towards their healthcare costs. The money can be used to help cover co-payments as well as other long-term care expenses. Despite these cost-saving benefits, a recent survey found that 86 percent of respondents don't fully understand how the accounts work.

WageWorks CEO Joe Jackson says people should get informed on flexible spending accounts as a way save money.

"At a time when Americans are looking for ways to cut their health care costs, it's important that employees take advantage of all the benefits available to them," says Jackson. "Flexible spending accounts are designed to help Americans save up to 40 percent on the health care they need and already pay for out of their own pockets."

In addition to participating in such programs during open enrollment period employees should also make sure they are selecting a plan that best meets their needs. Those who don't frequently need medical care can save money by going with a plan that has a higher deductible.

Health savings accounts can be a good bet for some people

nospam@example.com (Brafton) — Mon, 27 Sep 2010 02:00:00 -0500

A number of employers are rolling out benefit plan options this fall. With all the new healthcare rules and regulations beginning to take affect, some employees may not know how to best take advantage of all the options available to them.

Health savings accounts aren't new, but many more employers are beginning to offer this option. While a health savings account may seem like a good idea for some people, people need to carefully look over the plan in detail.

CNN Money notes that while a person may realize lower premiums than with a traditional individual or family health insurance plan, the deductible is higher. Furthermore, they note that young, healthy people tend to benefit from health savings accounts the most since they don't requite much medical care.

As with any major financial decision and insurance plan, consumers should take their own personal situations into account. As mentioned, insurance needs are different if one has dependents or is single. Coverage needs do change over time so it's always important to revisit plan options during open enrollment period at work.

Consumer-driven health plans continue to grow

nospam@example.com (Brafton) — Tue, 24 Aug 2010 02:00:00 -0500

As health insurance costs continue to rise, many employers have been creating ways to keep expenses under control. One way many companies are reducing health care costs is through consumer-driven health plans. Recent research indicates that the number of CDHPs will likely continue to increase.

Survey results released by United Benefit Advisers reveals that the number of CDHPs grew more than 18 percent in the past year.

UBA member services vice president Bill Stafford says even with health care reform, little has been done to mitigate health insurance costs.

"The trend toward employee empowerment and participation continues in 2010 when it comes to health care," said Stafford. "Employees are taking more control over health care expenditures by increasing participation in CDHPs, and they are also realizing that there are financial benefits – in addition to health benefits – of participating in wellness programs."

People who are in better health tend to get lower health insurance quotes. Programs such as CDHPs may help those who are healthy save money on health care costs as they typically don't require expensive procedures.

More employees take advantage of Health Savings Accounts

nospam@example.com (Brafton) — Tue, 25 May 2010 02:00:00 -0500

Employee contributions to Health Savings Accounts grew last year, according to research by J.P. Morgan Treasury Services.

The study revealed that the percentage of HSAs with balances consisting of more than $2,000 increased to 31 percent in 2009, up from 20 percent in 2008. Nearly 70 percent of employees contributing to an HSA put more money in than they needed for health care expenses.

Even though most transactions with an HSA account took place at drugstores, the most expensive uses went toward payments for medical and dental fees, according to the study.

HSAs are accounts that are funded by employees with pre-tax dollars through their employer to help cover medical costs. Typically HSA plans are "use it or lose it," meaning that contributors do not get back unused money.

Contributing to an HSA can result in large savings. The study found that in 2009, the average employee contributed $1,653.24 to an HSA, saving $462.92.

The data was gathered from over 500,000 HSAs held through J.P. Morgan.

According to the government, the maximum contribution employees can make will be $2,500 to an HSA starting in 2013.

HSA plans grow in popularity

nospam@example.com (Brafton) — Thu, 20 May 2010 02:00:00 -0500

Consumers hoping to cut back on their medical costs may make tax-deferred contributions to health savings accounts.

These HSAs may be paired with a high-deductible health insurance plan, which increases consumers' out-of-pocket costs in exchange for lower premiums. The number of Americans combing such healthcare options reached 10 million in January, according to the America's Health Insurance Plans, representing a 25 percent increase over last year's figures.

Half the consumers covered with HSA plans did so through large-group coverage, a market that grew by 33 percent from January 2009 through January 2010. Small-group coverage attracted 30 percent of HSA customers, and increased by 22 percent. HSA plans were most popular in California, Ohio, Florida and Texas.

"HSA plans continue to be an important coverage option for families and small businesses across the country," Karen Ignagni, president and CEO of AHIP, said.

Health-savings accounts were first introduced in 2004 under the George W. Bush administration. Deductibles on these plans must be at least $1,200 for an individual or $2,400 for families. Recent healthcare reform will soon prevent consumers from using HSAs toward purchasing over-the-counter medications.

2011 Health Savings Account (HSA) Contribution Limits

nospam@example.com (Todd Page) — Thu, 15 Apr 2010 13:50:38 -0500

We have been given the unofficial word that the HSA contribution limits for 2011 will have no NO COLA adjustment in 2011.

As far as we know right now maximum HSA contributions will remain the same as 2010.

Maximum single contribution: $3,050.00

Maximum Family contribution: $6,150.00

New health care laws and impact on HSA's, FSA's, and HRA's

nospam@example.com (Todd Page) — Tue, 30 Mar 2010 10:30:03 -0500

Health Reform Provisions that Could Impact
Consumer-Driven Health Plans

The health care reform legislation approved by the 111th Congress (H.R.3590, now Public Law 111-148, as amended by the budget reconciliation bill, H.R.4872, now P.L. 111-152) will likely have a modest impact on consumer-driven health plans and their associated health care accounts (i.e., FSAs, HRAs, and HSAs). Earlier proposals that would have eliminated some of these options (particularly FSAs and HRAs) did not survive the legislative process. Below is a description of the provisions that were included in the final legislation.

Changes Impacting All Health Care Accounts (FSAs, HRAs, HSAs, and Archer MSAs)

P.L. 111-148 includes a change in the definition of a “qualified medical expense” that impacts reimbursements and withdrawals under all types of health care accounts (i.e., FSAs, HRAs, HSAs, and Archer MSAs). Beginning with 2011, expenses incurred for over-the-counter (OTC) medications will no longer be eligible for payment or reimbursement from any of the health care accounts. However, the law would still allow OTC medicines obtained with a prescription and insulin to be reimbursed or paid tax-free from these accounts.

The new law imposes an excise tax of 40 percent on employer-sponsored coverage that has a benefit value in excess of $10,200 for single coverage and $27,500 for family coverage (indexed annually). The benefit value of employer-sponsored coverage would include the value of the group health plan and contributions to employees’ FSAs, HRAs, and HSAs. This tax would be imposed on insurance companies, including self-insured plans and plans sold in the group market, and plan administrators. However, this provision does not go into effect until 2018.

Changes Impacting Only Flexible Spending Arrangements (FSAs)

H.R.3590 imposes a new annual limit on contributions made by employees to flexible spending arrangements (FSAs) for health care. The legislation limits contributions to no more than $2,500 annually. The limit is indexed to inflation for future years. H.R.4872 delayed the effective date of this provision to 2013.

Changes Impacting Only Health Savings Accounts (HSAs)

The only provision directly impacting HSAs (in addition to the change in the definition of a qualified medical expense described above) is that the tax penalty on HSA withdrawals that are not used for qualified medical expenses will be increased from the current 10 percent to 20 percent. The legislation also increases the penalty for non-qualified withdrawals from Archer MSAs. These provisions will go into effect in 2011.
However, the changes proposed to all health insurance policies could have potentially adverse affects on high deductible health plans (HDHPs) that currently make people eligible to contribute to HSAs. Some of the impact may not be known until regulations implementing the final provisions are written.

H.R.3590 sets new requirements for all insurance policies, including HDHPs. For example, all insurance policies will be required to provide first dollar coverage for preventive care services. In addition, the preventive services must be covered without any cost-sharing (e.g., copayments) or application of any deductibles. While HDHPs are currently allowed to provide first dollar coverage of preventive care services, and most do, in the future all HDHPs will be required to do so. These provisions will go into effect in 2010.

The U.S. Preventive Services Task Force (and the Secretary of HHS) will define the scope of preventive care services in the future. This could create a potential challenge for HDHPs to the extent that the preventive services prescribed by the USPSTF conflict with current IRS guidance on what constitutes “preventive care” for HSA purposes.

Another new requirement for all insurance policies is that they provide a minimum actuarial value for the benefits covered. The minimum actuarial value must be at least 60 percent. However, it is important to look more closely at how “actuarial value” is defined. The new law uses a different definition than the American Academy of Actuaries in that a plan’s actuarial value would be measured only by comparing the percentage of covered benefits paid by the insurance plan relative to an identical plan with zero cost-sharing (i.e., no deductibles, copays, or coinsurance). Conversations with congressional staff also suggest that a plan’s actuarial value would be determined assuming that an average or “standard” population would enroll in the plan, not taking into account any self-selection that may occur due to plan design features like deductibles, etc.

It is also not clear whether a plan’s actuarial value would include employer or individual contributions made to the individual’s HSA. The final legislation requires the Secretary of HHS to issue regulations on this matter. Based on an analysis by the Congressional Budget Office, it would appear that the Secretary should conclude that HSA contributions must be included.
Including the contributions in the calculation of a plans actuarial value would make it easier for more HDHPs to meet the minimum actuarial value requirement. If contributions are not included, HDHPs, many of which have actuarial values below 60 percent (or whatever the final standard becomes) based on the insurance coverage alone, could no longer be sold. Including contributions in the actuarial value calculation can increase a plan’s value by 10-20 percentage points (or more), depending on the size of contributions.

The new law requires all insurance plans to include limits on out-of-pocket expenses using the current law limits for HSAs (i.e., $5,950 for individuals with self-only coverage and $11,900 for individuals with family coverage in 2010) and adjusted annually for inflation. The out-of-pocket limits will go into effect in 2014.

The legislation includes a provision that would prevent small employers from offering plans with deductibles greater than $2,000 for singles and $4,000 for families. The limits on deductibles are indexed to the percentage increase in average per capita premiums. Employers may offer plans with deductibles higher then $2,000 / $4,000 if the employer offers a flexible spending arrangement (FSA) that reimburses the difference between the higher deductible and $2,000 / $4,000. This provision will go into effect in 2014.

The new law imposes a “medical loss ratio” requirement that may create challenges for HDHPs. For example, the new law will impose a lower standard of 80 percent on small employer and individual insurance policies, and a higher standard of 85 percent on large employer policies. Although some of the details on how this provision will work will not be known until the Secretary of HHS issues regulations, it is clear that the high medical loss ratio requirements are not appropriate for plans with high deductibles. It is hard to imagine most high deductible plans paying such a high percentage of premium revenues on medical claims.

The law creates a new “young invincible policy” that provides first dollar coverage for three primary care visits but no other coverage until the individual reaches current law HSA cost-sharing limits. These policies would be limited to those 30 years or younger and individuals exempt from the individual mandate due to affordability or hardship. These policies would provide an additional coverage option for younger individuals desiring to comply with the individual mandate under the law. However, it does not appear that these individuals would be eligible to contribute to HSAs.

For more information contact:

Roy Ramthun, "Mr. HSA"
HSA Consulting Services, LLC
202-747-4467
roy@hsaconsultingservices.com
www.hsaconsultingservices.com

Health care bill may force employers to reform insurance offerings

nospam@example.com (Brafton) — Mon, 22 Mar 2010 02:00:00 -0500

The health care reform bill will not lead to lower health insurance quotes for many employers, according to a recent column by Kiplinger's associate editor Martha Lynn-Craver. Rather, it might force them to re-evaluate their offerings.

Higher costs may be transferred to their workers in the form of increased deductibles, surcharges and copayments, according to Lynn-Craver. Unhealthy habits, like smoking, can lead to higher health care costs for many insurers. Some companies will take action to help employees cut back on this behavior by offering health improvement programs.

"To avoid running afoul of federal antidiscrimination laws, businesses can't base penalties or rewards on results, but they can discount rates for participation," the column said.

Those who refuse to adjust their unhealthy behaviors may for forced to pay higher premiums or purchase a health insurance plans with less benefits. Employers may use some of their own cost-cutting measures, like lower deductible or copayments, to encourage consumers toward healthier habits.

Another popular payment option may also help companies trying to cut back on costs. Health-savings accounts are safe from taxation and can be paired with high-deductible health insurance plans. Introduced under the George W. Bush Administration, these plans are expected to increase in popularity as employers try to cut costs, according to the column.

Status of HSA's, FSA's, HRA's and MSA's in Health Care Reform

nospam@example.com (Todd Page) — Thu, 07 Jan 2010 08:05:00 -0600

First and foremost, neither the House nor Senate health reform bills repeal HSAs. Earlier proposals that would have eliminated some of these options (particularly FSAs and HRAs) did not survive the legislative process. Below is a description of the remaining provisions that could be included in the final health reform legislation.

Changes Impacting All Health Care Accounts (FSAs, HRAs, HSAs, and Archer MSAs)

Both the House and Senate bills include a change in the definition of a “qualified medical expense” that impacts reimbursements and withdrawals under all types of health care accounts (i.e., FSAs, HRAs, HSAs, and Archer MSAs). As of 2011, expenses incurred for over-the-counter (OTC) medications and products will no longer be eligible for payment or reimbursement from any of the health care accounts. The House bill definition appears to apply to all OTC medications. However, the Senate bill would still allow OTC medicines obtained with a prescription and insulin to be reimbursed or paid tax-free from the health care accounts.

The Senate bill would impose an excise tax of 40 percent on employer-sponsored coverage that has a benefit value in excess of $8,500 for single coverage and $23,000 for family coverage (indexed annually). The benefit value of employer-sponsored coverage would include the value of the group health plan and contributions to employees’ FSAs, HRAs, and HSAs. This tax would be imposed on insurance companies, including self-insured plans and plans sold in the group market, and plan administrators. The House bill does not include a similar provision

The Senate bill would also expand the definition of a “beneficiary” to include domestic partners and same-sex spouses. This would make these individuals eligible for tax-free reimbursement of qualified medical expenses under FSAs, HRAs, and HSAs. The provision would be effective beginning in 2010.

Changes Impacting Only Flexible Spending Arrangements (FSAs)

The most significant change likely to be enacted is an annual limit on contributions made by employees to flexible spending arrangements (FSAs) for health care. Both the House and Senate versions of health reform legislation would limit contributions to no more than $2,500 annually. The limit would be indexed to inflation for future years. Under the House bill, these changes would not take effect until 2013. In the Senate bill, these changes would take effect in 2011.

Changes Impacting Only Health Savings Accounts (HSAs)

The changes to health savings accounts (HSAs) proposed by the House and Senate bills are relatively minor. The only provision directly impacting HSAs (in addition to the change in the definition of a qualified medical expense described above) is that both the House and Senate bills would increase the tax penalty on HSA withdrawals that are not used for qualified medical expenses from the current 10 percent to 20 percent. The Senate bill also increases the penalty for non-qualified withdrawals from Archer MSAs. These provisions would go into effect in 2011.

However, the changes proposed to all health insurance policies could have potentially adverse affects on high deductible health plans (HDHPs) that currently make people eligible to contribute to HSAs. Some of the impact may not be known until regulations implementing the final provisions are written.

Both the House and Senate bills set new requirements for all insurance policies, including HDHPs. For example, all insurance policies will be required to provide first dollar coverage for preventive care services. In addition, the preventive services must be covered without any cost-sharing (e.g., copayments) or application of any deductibles. While HDHPs are currently allowed to provide first dollar coverage of preventive care services, and most do, in the future all HDHPs will be required to do so. These provisions would go into effect in 2013 in the House bill and 2014 in the Senate bill.

However, the U.S. Preventive Services Task Force (and the Secretary of HHS) will prescribe the scope of preventive care services in the future. This could create a potential challenge for HDHPs to the extent that the preventive services prescribed conflict with IRS guidance on what constitutes “preventive care” for HSA purposes. The IRS may need to revise its guidance on preventive care depending on the outcome of this provision.

Another new requirement for all insurance policies is that they provide a minimum actuarial value for the benefits covered. Under the House bill, the minimum actuarial value must be at least 70 percent. Under the Senate bill, the minimum actuarial value must be at least 60 percent. Given the higher deductibles that most HDHPs have (compared to traditional HMO and PPO plans), the lower minimum actuarial value requirement in the Senate bill would make it easier for more HDHPs to meet the standard.

However, it is important to look more closely at how “actuarial value” is defined in these bills. Both bills use a different definition than the American Academy of Actuaries in that the bills would measure a plan’s actuarial value by comparing the percentage of covered benefits paid by the insurance plan relative to an identical plan with zero cost-sharing (i.e., no deductibles, copays, or coinsurance). Conversations with House and Senate staff also suggest that a plan’s actuarial value would be determined assuming that an average or “standard” population would enroll in the plan, not taking into account any self-selection that may occur to do plan design features like deductibles, etc.

It is also not clear whether a plan’s actuarial value would include employer or individual contributions made to the individual’s HSA. The House bill is completely silent on this matter which would leave it up to the Secretary of HHS to define in regulations. The Senate bill requires the Secretary of HHS to issue regulations on this matter. Including the contributions in the calculation of a plans actuarial value would make it easier for more HDHPs to meet the minimum actuarial value requirement. If contributions are not included, HDHPs, many of which have actuarial values below 60 percent (or whatever the final standard becomes) based on the insurance coverage alone, could no longer be sold. Including contributions in the actuarial value calculation can increase a plan’s value by 10-20 percentage points (or more), depending on the size of contributions.

Another potential conflict could arise for HDHPs if the current House bill’s limits on out-of-pocket expenses for all health insurance plans are included in the final health reform legislation. The House bill sets limits on annual out-of-pocket expenses at levels lower than current limits for HSAs -- $5,000 for individuals and $10,000 for families – and adjusted annually for inflation. The lower limits would also likely impact the actuarial value of insurance plans. The Senate bill also requires all insurance plans to include out-of-pocket limits but uses the current limits for HSAs (currently $5,950 for individuals with self-only coverage and $11,900 for individuals with family coverage in 2010) and adjusted annually for inflation. The out-of-pocket limits would go into effect in 2013 under the House bill and 2014 under the Senate bill.

The Senate bill includes a provision that would prevent small employers from offering plans with deductibles greater than $2,000 for singles and $4,000 for families. The limits on deductibles are indexed to the percentage increase in average per capita premiums. Employers may offer plans with higher deductibles if the employer offers a flexible spending arrangement (FSA) that reimburses the difference between the higher deductible and $2,000 / $4,000.

The House and Senate bills both impose “medical loss ratio” requirements that may create challenges for HDHPs. For example, the House bill requires health insurance carriers to provide rebates to enrollees if the carrier does not spend at least 85 percent of premium revenues on medical claims. The Senate bill would impose a lower standard of 80 percent on small employer and individual insurance policies. Although some of the details on how this provision will work will not be clear until the Secretary of HHS issues regulations, the high medical loss ratio requirements may not be appropriate for plans with high deductibles.

Other Provisions

The Senate bill would create a new “young invincible policy” that provides first dollar coverage for three primary care visits but no other coverage until the individual reaches current law HSA cost-sharing limits. These policies would be limited to those 30 years or younger and individuals exempt from the individual mandate due to affordability or hardship.

2010 HSA contribution limits set by IRS

nospam@example.com (Todd Page) — Fri, 01 Jan 2010 09:21:00 -0600

HSA contribution limits for 2010 are:

Single:$3,050 maximum (up from $3,000 in 2009)
Family:$6,150 maximum (up from $5,950 in 2009)

Over 55 catch up provision: an extra $1,000

US Treasury website

Consider an HSA or HRA when trying to buy health insurance for employees

nospam@example.com (Todd Page) — Tue, 13 Oct 2009 09:29:55 -0500

More and more employers are turning to HSA and HRA qualified plans.

Why?
Affordability.
Plans offer coverage at a high level to keep employees from bankruptcy.
Attractive to younger employees who generally are the hardest to convince they need affordable health insurance.

To read more on this subject click here: HSA's the way to go for some employers

What is a health savings account (HSA)?

nospam@example.com (Todd Page) — Fri, 18 Sep 2009 11:11:00 -0500

HSA' are very popular plans and are getting more and more enrollment each day.

To read more about HSA's click here:HSA's

To get a free, no obligation, affordable health insurance quote for an health savings account qualified plan click here:Free HSA quote

Some common questions about health savings accounts.

nospam@example.com (Todd Page) — Thu, 17 Sep 2009 11:07:00 -0500

For those of you that have questions concerning health savings accounts (HSA's) here is the US Treasury website with helpful information.

Click here:HSA Q&A

To get a free, no obligation, affordable health insurance quote for an health savings account qualified plan click here: HSA free quote

What will happen to Health Savings Accounts?

nospam@example.com (Todd Page) — Wed, 16 Sep 2009 12:40:34 -0500

As a very large en roller of HSA plans (over 72% of our customer base) we are very concerned with the fact HSA's have not been mentioned in the current health insurance bills on the table.

To read more about HSA's click here: HSA's going to still be around?

2010 Health Savings Account (HSA) Contributions Released by IRS.

nospam@example.com (Todd Page) — Wed, 19 Aug 2009 09:50:16 -0500

The IRS/US Treasury Department has released the maximum 2010 HSA contribution limits.

They are as follows:

Single: $3,050
Family: $6,150

Over 55 "catch up provision:Up to an additional $1,000

Affordable Health Insurance is avaiable now....through an HSA.

nospam@example.com (Todd Page) — Mon, 03 Aug 2009 10:02:00 -0500

While we are all waiting on the government to overhaul our current health insurance system why not see how affordable health insurance can be through a health savings account type plan.

To get an instant online quote for affordable health insurance click here: Free health insurance quote

Free Instant Health Insurance Quote from JLBG Health

nospam@example.com (Todd Page) — Fri, 10 Jul 2009 07:16:00 -0500

Health insurance coverage available through JLBG Health in over 45 states Nationwide.

Endorsed by National Federation of Independent Business (NFIB), American Bar Insurance Services (ABA members), The National Small Business Association (NSBA), as well as 300 other National Associations.

For a free health insurance quote click here: Free instant health insurance quote

HSA health insurance enrollment on the rise due to a simple math equation.

nospam@example.com (Todd Page) — Tue, 09 Jun 2009 09:15:49 -0500

HSA compatible health insurance plans are on the rise once again.

Read about it here

Now that HSA's (Health Savings Accounts) are no longer new and many now understand them. Here is the simple math to help you along the way. It's as easy as 1-2-3.

1) First calculate your total exposure (maximum out of pocket) and premium on your current plan.
Example: You now have a $1,500 deductible with 80/20 to the first $5,000 ($1,000 additional out of pocket)
with a $20 DR's office co-pay and a 15/30/50 RX co-pay.
On this plan your maximum exposure would be $2,500 PLUS all your co-pays you pay throughout the year.
The premium for your current plan is $214.00 per month or $2,568 per year.

2) Determine the HSA compatible health plans maximum exposure and premium.

Example: The HSA plan has a $3,000 deductible with 100% coverage thereafter and the premium is $134.00 per month or $1,608 per year.

3) Take the difference in both premiums:$2,568 minus $1,608 which is a $960.00 savings per year. You can now take the $960.00 you saved per year and place it in a tax free account (HSA) and use it to pay down your deductible, leaving you a net maximum exposure of $2,040 or $460 less than your current plan. And if you do not use the money in the HSA it rolls over to next year. Continue paying a higher premium, have no claims, and you will not get a refund.

HSA's really are just simple math. Find out how much you can save by getting a HSA health insurance quote now.

IRS Releases 2010 HSA - Health Savings Account Limits

nospam@example.com (JLBG Health) — Fri, 15 May 2009 07:46:00 -0500

The IRS has released the calendar year 2010 inflation adjusted amounts for health savings accounts. If you are covered under a high deductible health insurance plan (HDHP), as defined by § 223(b)(2)(A), please take note of the limits below.

Annual Contribution Limits:
The 2010 annual limitation on tax deductions is $3050 for self-only coverage and $6,150 for family coverage.

Minimum Deductible:
The 2010 minimum annual deductible under a high deductible health insurance plan (HDHP) is $1,200 for self-only coverage or $2,400 for family coverage.

Out-of-Pocket expenses:
The 2010 annual out-of-pocket expenses (deductibles, co-payments, and other amounts) for a high deductible health insurance plan (HDHP) cannot exceed $5,950 for self-only coverage or $11,900 for family coverage.

Get an instant health insurance quote for a qualified HDHP.

Suze Orman endorses HSA's - Health Savings Accounts and Assurant Health

nospam@example.com (JLBG Health) — Fri, 30 Jan 2009 14:11:01 -0600

Get an instant HSA health insurance quote from Assurant Health.

IRS Releases 2009 HSA - Health Savings Account Limits

nospam@example.com (JLBG Health) — Fri, 16 May 2008 07:24:00 -0500

The IRS has released the calendar year 2009 inflation adjusted amounts for health savings accounts. If you are covered under a high deductible health insurance plan (HDHP), as defined by § 223(b)(2)(A), please take note of the limits below.

Annual Contribution Limits:
The 2009 annual limitation on tax deductions is $3000 for self-only coverage and $5,950 for family coverage.

Minimum Deductible:
The 2009 minimum annual deductible under a high deductible health insurance plan (HDHP) is $1,150 for self-only coverage or $2,300 for family coverage.

Out-of-Pocket expenses:
The 2009 annual out-of-pocket expenses (deductibles, co-payments, and other amounts) for a high deductible health insurance plan (HDHP) cannot exceed $5,800 for self-only coverage or $11,600 for family coverage.

Get an instant health insurance quote for a qualified HDHP.

Health Savings Account

nospam@example.com (JLBG Health) — Mon, 17 Dec 2007 09:26:00 -0600

JLBG Health understands the importance of having access to an affordable health savings account, and through this understanding, JLBG Health is able to offer a range of options that are able to suit various individuals, families, and groups. A health savings account is no longer considered a luxury, with the cost of health on the increase, families and individuals require access to a health savings account that can be utilized when needed most. Families that fail to gain sufficient health insurance coverage leave themselves vulnerable, and face tremendous financial risk. It is thus vital that a sufficient health savings account be secured to make certain that their health issues are cared for and they are not left vulnerable to financial risk. In addition, unexpected and unplanned medical emergencies can lead to huge medical expenses and, in many cases, the necessary funds are not on hand to cover these costs. Studies have shown that medical expenses are one of the leading contributory factors that cause people to file for bankruptcy, and for reasons such as these, an adequate health savings account is of paramount importance to offer protection against unplanned and unexpected medical expenses.

Through the assistance of JLBG Health, individuals, families, and groups are able to gain access to the best health savings account options, which offers a high level of both flexible and portable coverage. Through health savings accounts, you can choose to purchase the benefits that you and your family are most likely to use. Many schemes require you to pay for premiums that cover maternity coverage and for many, maternity coverage is not required. If you should decide to change jobs, you can still make use of the health savings account by continuing to pay the premium; thus, the health savings account is a portable health insurance policy. At JLBG Health, we realize that health insurance coverage is often complex and individuals often do not possess the knowledge to make a sound decision concerning a health saving accounts. For this very reason, JLBG Health is available to offer you a health savings account that is able to meet your requirements and offer sufficient coverage during times of need.

Health care costs in the United States are among the highest in the world, and costs are not predicted to decrease in the foreseeable future. This fact makes it more important for individuals to secure and source a health savings plan that is able to protect them from financial risk and, ultimately, from financial ruin. Life is not predictable and neither are medical emergencies and, thus, it is senseless to leave health insurance planning to chance. When you partner with JLBG Health, you gain access to the best coverage at the most affordable rates that will allow you to provide for your family and make certain that their medical needs are adequately met. JLBG Health is underwritten by the leaders in health insurance coverage, and, as such, is able to offer you access to the best health savings account at the best possible rates. View www.jlbghealth.com, to find out more information relating to our range of health insurance coverage and benefits.