Have you ever heard of an H.S.A. (Health Savings Account) where you can deposit money into a TAX-DEDUCTIBLE account and pay your premiums out of this account?
What is a Health Savings Account ('HSA')?
A Health Savings Account is an revolutionary alternative to traditional health insurance; it is a SAVINGS product that basically offers a different way for consumers to pay for their health care. Health Savings Accounts enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a TAX-FREE basis.
The consumer ows and controls the money in your HSA. The decisions on how to spend the money are made by the consumer without relying on a third party or a health insurer. You will also decide what types of investments to make with the money in the account in order to make it grow. These do not lower the quality of your insurance and you can choose between a PPo or an HMO.
The actual insurance is offered by most of the major insurers and the actual account is setup at your local bank.
The money that you deposit in this account earns interest and carries over to the next year. You have access to the funds anytime by simply withdrawing the money from your account via debit card or check.
Why have I not heard about this kind of this health insurance?
Simply put these accounts are less profitable to your insurance broker as the premiums are less. Many brokers would rather keep you where you are at right now, or they are unfamiliar with the concept as well. I have recently submited my application and very soon I will be enjoying the savings as well. Personally I would recommend an HSA to anyone in the real estate business or anyone who is self employed. My California HSA savings are going to be huge this year and continue on each year.
If you would like a referral to an amazing agent that I know or would like some more information regarding HSA insurance, give me a call at (323) 333-5004 or send me an e-mail.
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