Considering a High Deductible Health Plan?

You want to have health coverage for your family, but you looking to control your monthly premiums because you and your family never get sick.  When reviewing your Affordable Healthcare health plan options, the Bronze High Deductible Health plan (HDHP) could make sense.  Please be aware that this means that should you or your family have a major health episode you could be responsible for thousands of dollars BEFORE the ACA health insurance carriers pays anything.

With a High Deductible Health Plan, you can set up a Health Savings Account (HSA) to set aside funds to pay for many of the medical expenses that can arise should you get sick or have an accident.  By setting up a specific HSA plan, you can reduce your tax liability for the current year as every dollar you contribute to an HSA reduces your gross earnings for the year.  If you don’t need to spend these funds for medical claims during the year, the HSA grows similar to an IRA.  You can use these funds for over 5000 eligible medical expenses including medical, dental, prescription drugs, etc.  Over the counter medications are not eligible.  There are penalties if you decide to take the funds out for not qualified expenses.
Click here for additional guidelines as to how much you can contribute to a HSA on an annual year basis.

We recommend that once you buy a HDHP, you immediatey set up an Health Savings Account, EVEN if your not going to fund it.  Why?  Because when you pay your claims, you can still pay the bills through the HSA and reduce your tax liablity for the current year.  Confused, call Leslie and she'll explain it.  

Setting up an HSA - We recommend Health Equity.  We are not compensated by this company.  All they do is manage HSA accounts and they can answer your questions 24/7.  Their administration fees are very reasonable. Check them out.

LSM Insurance recommends that if you are going to enroll in any health plan and especially a High Deductible Health plan, you evaluate whether a Personal Accident Protection coverage would be useful.  When you are enrolled, If you suffer an accident and access health coverage within 72 hours, the Accident Protection plan can be used to pay your medical bills. This is extremely useful especially if you’re not funding a Health Savings Account.