A health savings account (“HSA”) is a bank account that is designed to be used in conjunction with a high deductible health insurance plan. The competitive rates on a high deductible plan make it one of the best options for affordable health insurance. HSA coverage plans are ideal for people who are looking for major medical protection.

How Does an HSA Work?
An HSA insurance plan is suitable for people who don’t require frequent office visits, but are mainly concerned about not having to pay thousands of dollars in the event of a catastrophic situation. Under most HSA plans, the policy benefits don’t apply until you satisfy the deductible. An exception would be preventive care services. Those are free. Should a major medical incident arise, you would first pay the deductible amount, then you would either be fully covered or pay an additional discounted fee, depending on the plan you are on.

Opening a health saving account at a bank is optional. Monies in the account are designated for medical and dental expenses. If the fund is used for something other than qualified expenses, taxes and penalties would apply. Also, you could earn interest or dividends on the HSA fund, without it being subject to federal taxes.
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Posted: January 17th, 2011 under Deductible Plans.
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The Health Reform Law was passed with hopes of making quality healthcare more affordable and accessible. The plan was to implement iniatives over a four-year process. With 2010 and the first phase of Health Reform behind us, it’s a great time to revisit the subject to see if more Americans are able to get health insurance. For information on getting Kaiser Permanente now, click Affordable Medical Insurance.

2010 Health Reform Highlights
In 2010, the President Obama Health Reform mandated that children could no longer be denied health insurance due to pre-existing medical conditions; however, many insurers opted to discontinue offering private coverage to children, due to the high costs typically associated with treating children. In effect, children could not get private health insurance year-round, though in some states open enrollment periods were instituted.

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Posted: January 12th, 2011 under Health Care Reform.
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